As cryptocurrency exchanges are growing in number and transactions are active, the number of Over-The-Counter (hereafter “OTC”) service providers has increased. However, because OTC services require the participation of 3rd parties in the transaction, a detailed legal examination is mandatory.

To minimize legal risks in such cases, contracts of OTC service providers need to include specific information on 1) bill payment 2) the type of cryptocurrency expected to be transacted 3) wallet type and 4) specific belonging of the cryptocurrency as a result of service performance. By writing

With bountiful knowledge on virtual asset OTC, Cha & Kwon writes OTC contracts that aim to prevent disputes and ensure safe transactions.