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5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
The “2024 Busan Blockchain Regulatory Free Zone Conference” was held to discuss the future development of the local blockchain industry and special zones through invited lectures by blockchain experts. Partner Attorney, Ohoon Kwon participated in a lecture on blockchain technology…
In response to the rising number of cryptocurrency-related crimes, the police are set to establish standardized procedures for seizing and managing cryptocurrencies. The National Police Agency’s National Investigation Division announced a study to design a standard management model for virtual…
In the first half of this year, stolen virtual assets, including bitcoin, totaled 1.9 trillion won globally. Reported incidents of DDoS attacks and server hacking rose to 899, leading the government to urge increased vigilance. The Ministry of Science and…
On July 15, 2024, Mr. Ungchae Jung of Cha & Kwon Law Offices gave a lecture at Okjeong Elementary School in Seoul regarding legal disputes between teachers. Since the Seo2 Elementary School incident in 2023, the School Violence Act and…
In a case where a client was sentenced to imprisonment for illegal recruitment of virtual assets, Cha & Kwon Law Offices obtained a stay of execution through a reasonable response. Recently, there has been a trend of harsher sentences for…
The implementation of the Virtual Asset User Protection Act (VAUPA) in South Korea on November 19 has led to a competitive race among virtual asset exchanges for deposit interest rates. On November 20, the five major South Korean cryptocurrency exchanges—Upbit,…
Client B is an overseas cryptocurrency business and wanted to participate in a blockchain event in Korea. As Korea’s virtual asset laws may be applicable to overseas operators, Mr. B carefully reviewed whether it was possible to participate in the…
Client A, a business that issues NFTs and supports trading on its platform, inquired whether NFTs qualify as virtual assets. On June 10, 2024, the Financial Services Commission released the Guidelines for Determining Virtual Assets of NFTs, which states that…
North Korea is believed to have hacked India’s largest cryptocurrency exchange, WazirX, stealing over $200 million in cryptocurrencies, according to a report by Radio Free Asia on Nov. 18. British blockchain data company Elliptic identified a North Korean hacker group…
The government and ruling party are considering postponing the ‘virtual asset investment income tax’ set for next year due to the lack of a complete taxation system and infrastructure, and the ongoing abolition of the financial investment income tax. The…
MegaZone is considering acquiring a stake in the Binance-owned cryptocurrency exchange GoPax. The timing and price of the acquisition are undetermined, and it depends on government approval for the change of Virtual Asset Service Provider (VASP). Currently, Binance holds a…
Korea is promoting the listing of spot ETFs for virtual assets like Bitcoin, Ethereum, Solana, and Ripple, with PVR Group proposing to Busan Technopark to establish projects and regulatory exceptions within the blockchain free zone. Busan City is preparing major…
The Financial Supervisory Service announced that the ‘Virtual Asset User Protection Act’ will be enforced starting July 19th, requiring virtual asset exchanges to constantly monitor and detect abnormal transactions to prevent unfair trading behavior in the virtual asset market. Exchanges…
DAXA has proposed self-regulatory guidelines for the screening, support, and termination of virtual asset transactions, effective from July 19th, to align with the new Act on the Protection of Users of Virtual Assets. This proposal includes formal and qualitative screening…