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[Executive Summary] The FIU has demanded PayCoin, the only payment token in Korea, to link real-name accounts with a commercial bank by the end of this year, a measure against potential misuse of the token for money-laundering. It is speculated…
[Executive Summary] It has been reported that the FIU under the FSC has begun its process of formulating a regulation standard for virtual exchanges and banks that link real-name accounts to the exchanges. The regulation standard is expected to narrow…
[Executive Summary] The Financial Supervisory Service (the “FSS”) has launched an investigation into securities and futures companies after discovering that large sums of foreign currency were transferred overseas to foreign investment firms. The funds were withdrawn from Korean virtual asset…
[Executive Summary] Cha & Kwon Law Offices has obtained the draft of a legislative proposal regarding the regulation of virtual assets before its official release. Tentatively titled “the Legislation for Restoring Fairness in the Digital Asset Market and Ensuring Reliable…
According to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter “the Act”), Cha & Kwon Law Offices provided legal review services to determine whether an overseas business operator A is a virtual asset service provider (“VASP”) that…
Earlier this month in November, the Financial Services Commission (FSC) announced legislation on the direction of a virtual asset regulatory system establishment. Digital Asset Market Trends from 2017 to 2021 The Korean government has consistently prohibited all types of ICOs as…
Business operator A sought legal counsel from Cha & Kwon Law Offices before deciding to establish an NFT sales platform that also provides user-to-user transaction services. The client inquired about registration requirements and the legitimacy of self-issued points that may…
Cha & Kwon Law Offices provided legal advisory services to Company A which aims to develop a new NFT business utilizing a blockchain platform. Our firm provided comprehensive legal advice ranging from issues related to existing financial regulations to establishing…
[Executive Summary] Dunamu, the operating entity of a virtual assets exchange Upbit, and Bithumb faced a ferocious line of questions on October 6th at the annual National Assemby’s Audit of State Affairs regarding involvement in the Terra-Luna incident and allegations…
The Korean Financial Intelligence Unit (hereinafter “KoFIU”) conducts inspections on whether virtual asset business operators (hereinafter “VASP”), registered pursuant to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter “the Act”), fulfill their anti-money laundering obligations. As a result…