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[Executive Summary] The Bank of Korea has diagnosed that it is necessary to introduce an initial exchange offering (“IEO”) system for crypto assets in Korea and to review the application of foreign exchange transaction regulations for stablecoins. In the report…
[Executive Summary] Recent concerns regarding the taxation on virtual assets are accumulating, as the National Assembly of Korea has been stagnant for a while due to disputes between the opposing political parties, and the promise by the government of pushing…
Legal analysis of the requirement for foreign corporations to withhold tax on revenue from virtual asset was conducted by Cha & Kwon Law Offices. The client asked for a review of practical issues such laws and rules that foreign firms…
Executive Summary DAXA (Digital Assets eXchange Alliance), which is the joint consultative group consisting of the 5 major exchanges in Korea that operate KRW market (Upbit, Bithumb, Coinone, Korbit, and Gopax), decided to delist Wemix, the native token of gaming…
What other issues are there regarding NFT? Although an NFT stored on a blockchain is unlikely to be hacked or corrupted, that may not be the case for the associated artwork file. To elaborate, NFTs that represent digital art generally…
What does NFT stand for and what is it? NFT stands for a Non-fungible Token. At a basic level, an NFT is a digital asset that links ownership to unique physical or digital items, such as works of art, real…
[Executive Summary] The Office of the President ordered an inquiry into the FSC vice chairman’s presence at the Busan Blockchain Week 2022 event, asking the organizations to clarify their position on the establishment of a digital asset exchange in Busan.…
[Executive Summary] The Korea Communications Standards Commission (the “KCSC”) is holding off its decision to block access to overseas virtual assets exchanges that the FIU reported in August, for operating without a VASP license in Korea. According to an official…
Blockchain-related software development contracts for the delivery of decentralized financial services underwent legal scrutiny by Cha & Kwon Law Offices. Software that makes use of blockchain cannot be substituted by more traditional software because it must adhere to certain technological…
Cha & Kwon Law Offices investigated whether the newly released “Token A” qualifies as a “financial investment product” or securities according to the Financial Investment Services and Capital Markets Act (“the Act”) by reviewing the white paper on the economy…