Cha & Kwon law office conducted a review to determine whether the application utilizing virtual assets falls under the category of virtual asset custody business or wallet service business.

Given the diverse uses and methods of virtual assets, the classification as a Virtual Asset Service Provider(VASP) can vary depending on the technical specifications and structures implemented in the actual application.

In particular, if the virtual assets are used exclusively within the application and linked to wallets operated by external blockchain nodes, it is unlikely to be considered as storing or entrusting virtual assets.

Regulations related to virtual assets are subject to interpretation, as they heavily rely on the technical characteristics and structures involved. This requires considerable expertise and experience. With our deep understanding of blockchain technology, the Cha & Kwon Law Office continues to study virtual asset laws and blockchain business structures.

If you are developing or preparing application services that involve virtual assets, we recommend seeking legal advice from our law firm, as we possess practical knowledge in related industries and fields.