Legal Review on Foreign Virtual Asset Business-Based on Specific Financial Information Act, Capital

It has become a matter of importance whether domestic regulations that were legislated to safely provide the domestic users the virtual asset services also apply to foreign virtual asset businesses.

In this regard, Cha & Kwon examined whether virtual asset businesses that have overseas head office are also required to report as VASP under the Specific Financial Information Act. We also examined the process related to ISMS verification, and have written a legal review.

As a law office with abundant experience on legal issues related to virtual asset businesses, we are conducting legal reviews and writing legal opinions on whether virtual asset services are considered derivatives under the Capital Market Act, and whether they violate the opening of gambling under the Criminal Law.