Address
5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
Cha & Kwon Law Offices examined a Purchasing Agent Contract for virtual assets. Company “A” visited Cha & Kwon Law Offices to revise the details of an existing contract, such as the unit and payment schedule of performance remuneration, due…
[Executive Summary] The five major exchanges in Korea that operate the KRW market (Upbit, Bithumb, Coinone, Korbit, and Gopax) have launched a joint consultative group called the DAXA with the purpose of preventing the next Terra incident. The DAXA has…
[Executive Summary] Along with Yoon Suk-Yeol government’s recent announcement for delaying the implementation of the Financial Investment Income Tax for two years, the taxation on virtual assets has also been postponed. Furthermore, in alignment with the postponement of the Financial…
[Executive Summary] Shinhan Financial Group decided to cease the issuance of corporate real-name accounts to Korbit. As a trial, Shinhan Bank had issued real-name verified deposit and withdrawal accounts to a corporate client of Korean Digital Asset Custody (KDAC) in…
[Executive Summary] KakaoBank, a South Korean mobile-only bank, is about to link its real-name bank accounts to a virtual asset exchange (Coinone). KakaoBank and Coinone are at the final stage of negotiations over linking real-name bank accounts. As the partnership…
[Executive Summary] Jeonbuk Bank and Gopax, a Korean crypto exchange, entered a contract where the former agrees to provide banking accounts for Gopax’s KRW market users, allowing Gopax to re-open the fiat money market. Gopax announced its re-opening of KRW…
[Executive Summary] The financial authorities of South Korea – the Korea Financial Intelligence Unit (“KoFIU”) and the Financial Services Commission (“FSC”) – plan to create two categories for virtual assets (“VAs”), which are security-based and non-security based. The former is…
[Executive Summary] Dunamu, the operator of Upbit which is the largest crypto exchange in South Korea, had a significant decrease in its 1Q sales in 2022. The reason is likely to be the ongoing economic downturn and expanding business of…
[Executive Summary] The Prosecution Service of Korea formed an investigation team and started an official investigation of the LUNA crisis. The team started by summoning early key employees of Terraform Labs. The investigation focuses on Do Kwon and other C-level…
Cha & Kwon Law Offices examined guidelines for listing examination and compensation of VASPs’ new coins. Article 10-20 of the Enforcement Decree of the Act on the Reporting and Use of Specific Financial Transaction Information stipulates the obligations that…