Address
5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
Korea Crypto & Digital Asset Law
Deals and legal analysis on Korean virtual asset regulation, VASP registration, token listings, AML, stablecoins and digital securities from Cha & Kwon Law Offices in Seoul.
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Survival of PayCoin, the Only Payment Token in Korea, at Stake (Updated November 2022)
[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…
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FIU Commences on Formulating Regulation Standards for Exchanges and Banks—Real-name Accounts (Updated November 2022)
[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…
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Prosecution of Illegal Foreign Currency Transfers (Updated November 2022)
[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…
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Proposed Virtual Asset Legislation in Korea (Updated November 2022)
[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…
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Legal Review on Whether a VASP is Subject to a Specific Act
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…
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Direction of Virtual Asset Regulatory System in Korea (November 2022)
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…
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Legal Advice on the Legal Nature of Points Used on an NFT Platform
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…
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Legal Review for New NFT Platform and Blockchain Businesses
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…
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Dunamu and Bithumb Faced Fierce Questions at the National Assembly’s Audit (Updated October 2022)
[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…
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Anti-money Laundering Related to VASP — Major Cases of Illegal and Unfair Acts (September 2022)
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…
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Binance and FTX Expected to Enter the Korean Market Independently Early Next Year (Updated October 2022)
[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,…
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The FIU Issues Administrative Disposition of “Caution” to Gopax and Coinone (Updated October 2022)
[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…