Legal Review on the Reporting Obligations of Overseas Virtual Asset Service Providers in Korea

C&K Law Offices was engaged by a client—an overseas virtual asset service provider (VASP)—to provide legal analysis on whether and under what standards a foreign VASP would be considered subject to reporting obligations under Korean law.

The core legal question was whether the provider’s activities could be deemed as “conducting business in Korea” under applicable domestic laws and regulatory practices. Leveraging its expertise in the virtual asset and fintech sectors, the firm conducted a comprehensive review of relevant statutes and guidance.

This included interpretation of the Act on Reporting and Using Specified Financial Transaction Information (FTRA), the Virtual Asset User Protection Act (VAUPA), and authoritative guidelines issued by the Korea Financial Intelligence Unit (KoFIU). A detailed legal opinion was prepared to address the client’s inquiry, ensuring the client’s business activities remain compliant with Korean regulatory requirements.

C&K Law Offices continues to advise clients in the virtual asset sector on cross-border regulatory compliance, reporting obligations, and practical strategies to mitigate legal risk.