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5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
[Executive Summary] According to internal sources, we have learned that Binance and FTX are expected to enter the Korean market independently early next year. The negotiation between FTX and Bithumb, regarding the takeover of Bithumb by FTX, has come to…
[Executive Summary] The Financial Intelligence Unit (“FIU”) under the Financial Services Commission has conducted the first comprehensive inspection of virtual assets service providers (“VASP”) in Korea and issued an administrative disposition of “Caution” to Gopax and Coinone. The VASPs are…
[Executive Summary] In a recent court ruling of a case in which Cha & Kwon Law Offices represented the plaintiff as attorneys at law, the Seoul Central District Court ruled that a loan agreement of virtual assets, including Bitcoin, is…
[Executive Summary] Other noteworthy issues regarding the virtual asset regulatory updates are as follows: 1) The completion of a partnership between Coinone and Kakaobank for the establishment of real-name accounts is now imminent. 2) The City of Busan has entered…
[Executive Summary] The Korea Financial Intelligence Unit (“KoFIU”) reported 16 overseas VA exchanges, which operated without a VASP registration, to the investigation agencies for violating the Act on Reporting and Using Specified Financial Transaction Information. In addition, the KoFIU announced…
[Executive Summary] The financial authorities announced that the guideline for the security token offering (STO) will be established within this year. In case of the token is categorized as security in accordance with the guideline, the token will be delisted…
Cha & Kwon Law Offices provided legal review and advice on the overseas transfer and processing of personal information of a domestic virtual asset exchange “A.” Users’ personal information is protected in accordance with the Personal Information Protection Act,…
[Executive Summary] It was confirmed that Shinhan Bank withdrew from the Klaytn Governance Council as a result of the government’s ban on holding virtual assets by financial institutions in 2017. Responding to the continuing criticism for years of the government’s…
[Executive Summary] Bithumb Holdings’ largest shareholder Vidente acknowledged that it has considered selling Bithumb to FTX, an American virtual asset exchange. Some speculate that the deal will not be made due to Bithumb’s complex governance structure. Bithumb Holdings’ largest…
[Executive Summary] The Financial Services Commission (“FSC”) held the first meeting of the Council on Innovating Financial Regulations (“Council”) on July 19th and announced its “Execution Plan for Innovating Financial Regulations” which includes allowing financial institutions such as banks to…