Address
5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
Cryptocurrency scammers utilizing AI-powered deepfake videos increased their activity in the second quarter of 2024, according to a new report. Software firm Zen Digital has tracked a group of crypto scammers called “CryptoCore,” who are exploiting official videos of renowned…
Kim So-young, vice chair of the Financial Services Commission, and Mark Uyeda, senior commissioner of the U.S. Securities and Exchange Commission (SEC), met to discuss the impact of the proposed regulation of non-bank financial institutions and trends in virtual asset…
South Korea’s banking industry is taking a more positive stance on working with crypto exchanges. This is evident in concrete moves such as Bithumb, one of the largest cryptocurrency exchanges in South Korea, entering into an agreement with KB Kookmin…
The cryptocurrency industry has been thrown into turmoil. The Financial Supervisory Service (FSS) said that closing a business does not mean a loss of business status and that exchanges must fulfill their obligations to protect their users. Under the Virtual…
South Korea’s National Pension Service (NPS) is increasing its exposure to cryptocurrencies through indirect investments, as highlighted in a recent report. According to a Securities and Exchange Commission (SEC) filing, the NPS purchased approximately $34 million worth of MicroStrategy shares…
South Korean cryptocurrency exchanges are facing a new annual supervision fee of approximately 6 billion won starting next year, following the implementation of the Virtual Asset User Protection Act. The Financial Supervisory Service (FSS) has set the fee rate at…
With the implementation of the Virtual Asset User Protection Act, cryptocurrency providers like Upbit, Bithumb, and Coinone must pay supervision fees based on operating revenue. This change follows amendments to the ‘Enforcement Decree of the Act on the Establishment of…
The “2024 Busan Blockchain Regulatory Free Zone Conference” was held to discuss the future development of the local blockchain industry and special zones through invited lectures by blockchain experts. Partner Attorney, Ohoon Kwon participated in a lecture on blockchain technology…
In a case where a client was sentenced to imprisonment for illegal recruitment of virtual assets, Cha & Kwon Law Offices obtained a stay of execution through a reasonable response. Recently, there has been a trend of harsher sentences for…
The implementation of the Virtual Asset User Protection Act (VAUPA) in South Korea on November 19 has led to a competitive race among virtual asset exchanges for deposit interest rates. On November 20, the five major South Korean cryptocurrency exchanges—Upbit,…