Cha & Kwon Law Offices reviewed legal issues that may arise in the process of changing terms of service (“TOS”) by a company operating a virtual asset exchange.

Even after a company has prepared the TOS and notified its users to check, as the company's operating policy may change from time to time, its TOS also needs to be amended accordingly.

When changing the TOS that have already been notified to users, especially if the changes are unfavorable to users, a series of procedures must be taken into consideration, including the Act on the Regulation of Terms and Conditions and the Fair Trade Commission's corrective measures.

A thorough legal review is required for there is a possibility that the revised TOS will be invalidated, and the existing terms and conditions will be applied if the TOS are arbitrarily amended without going through the correct procedures.

Consult with Cha & Kwon Law Offices to thoroughly review the entire process of revising your company’s terms of service.