Drafting an OTC contract to cash out virtual assets

The client is a company that develops a platform using virtual assets and sells goods on the platform with virtual assets. The client needs to cash out the virtual assets received in the course of its business, but as a corporation, it cannot use domestic virtual asset exchanges, so the client requested us to review the options and prepare an OTC contract. An OTC contract protects the parties from violating relevant laws and, in the case of a corporation, requires clear documentation of business procedures so that the transaction of virtual assets is not mistaken for embezzlement or malpractice.

Cha & Kwon Law Offices’ expertise in the field of crypto-assets was utilized to prepare the OTC contract.