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The South Korean coin scandal involving lawmaker Kim Nam-kook is now impacting cryptocurrency exchanges. During the transfer of Kim’s Wimix coins from Bithumb to Upbit, Upbit reported a suspicious transaction to the Financial Intelligence Unit (FIU) under the Financial Services…
Cha & Kwon Law Offices provided legal consultation to a company seeking to review the regulatory system for overseas virtual asset service providers. Governments and financial regulators around the world are gradually implementing regulations on virtual asset-related businesses, such as…
The possession of billions of won worth of virtual assets by Democratic Party of Korea lawmaker Kim Nam-kook has revealed flaws in the property reporting system for public officials, prompting both ruling and opposition parties to quickly revise the Public…
The Bank of Korea has confirmed the success of its Central Bank Digital Currency (CBDC) linkage experiment in a real-world environment, which involved conducting a research project with 14 banks and financial payment centers to test the operating environment of…
Cha & Kwon Law offices reviewed the terms of use and operating policies of games that serve domestic and foreign users. The game includes blockchain-related content such as virtual assets and NFTs, and users can introduce and use NFTs in…
The Seoul Southern District Court has made a ruling that cryptocurrency ‘Luna’ is not a security. This ruling has stopped the prosecution’s investigation into the alleged violation of the Capital Market Act by the co-founder of Terraform Labs, initial investors,…
Representative Yoon Chang-hyun of the Nationalist Party of Korea stated that the fourth industrial revolution, including digital finance, could help overcome the global economic crisis and face new opportunities with the stamina and strategy to respond to rapid changes. Yoon…
The ‘Virtual Asset User Protection Act’ passed the National Assembly’s Political Affairs Committee. The bill consolidates and adjusts 19 bills related to virtual assets and defines them as electronic certificates with economic value that can be traded or transferred electronically,…
In South Korea, cryptocurrency exchange Bithumb announced this Tuesday that it launches a ” investor protection education program” in order to bridge the digital divide between generations. It,therefore, ensures a safe financial life for all age groups. In fact, according…
Cha & Kwon law offices reviewed structure of establishing overseas subsidiaries and shareholding percentage required to maintain control over subsidiaries. Establishing an overseas corporation related to virtual asset and blockchain business requires law offices to select an optimal country based…