Cha & Kwon Law Offices has provided a written legal opinion on whether a company specializing in blockchain technology may be categorized as a virtual asset service provider (“VASP”) or wallet service provider in accordance with the Act on Reporting and Using Specified Financial Transaction Information (“the Act”).

As regulations on virtual assets are becoming more specified, a thorough review of how various laws are applied in the industry in practice is necessary. VASP is a field in which interpretation for categorization can be different depending on a business’ technical characteristics and structure. Accordingly, it is necessary to review various virtual asset and finance-related laws such as the Electronic Financial Transaction Act, in addition to the Act.

Our firm is closely following and continuously analyzing virtual asset laws and blockchain business structures, building on our understanding of blockchain technology and expansive experience in consulting relevant businesses.

Consult with Cha & Kwon Law Offices to have your business or business plan reviewed by leading experts with numerous practical experiences in the field to ensure whether it needs to be registered as a VASP.