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[Executive Summary] The Financial Supervisory Service has announced guidelines to include cryptocurrencies and stablecoins under the footnote disclosure requirement. According to such requirements, companies holding cryptocurrencies must disclose specific information in the footnotes of their financial statements. However, non-fungible tokens…
[Executive Summary] Busan City launched a promotion committee for the establishment of “Busan Digital Asset Exchange (Busan Exchange).” The city plans to initiate the Busan Exchange’s services by the end of this year. According to the committee, the exchange will…
[Executive Summary] According to industry sources, Binance has recently completed due diligence procedures and is taking the final steps for the acquisition of Gopax. Gopax is one of the five major exchanges in Korea, which has linked real-name accounts with…
A legal evaluation of a virtual asset sales agency agreement was done by Cha & Kwon Law Offices. Before purchasing virtual assets issued by foreign companies in Korea, it is crucial to thoroughly evaluate and establish the dynamics between the…
Security tokens, which are securities based on blockchain technology, will be fully permitted in Korea. As the first step in institutionalizing the virtual asset market, fractional investment in real estate and art will become available. At the 6th Financial Regulatory…
In accordance with the Act on Reporting and Using Specified Financial Transaction Information (“the Act”), Cha & Kwon Law Offices has provided a legal opinion on whether a business specializing in blockchain technology would be categorized as a virtual asset…
The entry of securities tokens (STO) into the system is expected to be initiated this month. The securities industry is also preparing to expand its business operations accordingly. According to the financial authorities and the financial investment industry on the…
The acquisition of a virtual asset operator required legal evaluation and counsel from Cha & Kwon Law Offices. Legal due diligence is a crucial step when buying a firm to look for legal issues that have already occurred or are…
The National Assembly of Korea held a plenary session on the night of the 23rd and passed an amendment to the Income Tax Act, which included the postponement of virtual asset taxation by two years. According to the current law,…
[Executive Summary] When it was revealed that some small and medium-sized coin market exchanges have listed and traded “self-issued coins,” the financial authorities launched a full investigation. The Financial Intelligence Unit (“FIU”) under the Financial Services Commission (“FSC”) sent a…