Tokens are widely utilized on swapping platforms to participate in various services such as swapping methods or staking. However, whether virtual assets fall under the purview of 'securities' differ depending on the economy in which they are used. Thus, prior to issuing and listing tokens or publishing the white paper, a detailed examination is necessary. This is especially important because recent VASPs require legal opinions that argue virtual assets are not categorized as securities before listing their virtual assets. 

A swapping platform inquired about the securities of their token. Cha & Kwon reviewed the application scope of the Financial Investment Services and Capital Markets Act and the characteristics that constitute the notion of 'financial investment products.' With careful examination and extensive legal advisory experience, Cha & Kwon assessed the client's white paper on the trading economy, provided clear legal opinions and precautions.