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In a case where a client was arrested for illegal recruitment of virtual assets, Cha & Kwon Law Offices was able to obtain bail through a reasonable response. In recent years, there has been a trend of harsher sentences for…
Cryptocurrency exchanges have clarified customer deposit returns and interest payments ahead of the ‘Virtual Asset User Protection Act’ implementation next month. Starting on the 19th of next month, exchanges like Upbit will update their terms and conditions to grant users…
DAXA, a coalition of digital asset exchanges including UPBIT, Bithumb, Coinone, Korbit, and GoPax, is ramping up efforts to protect investors in anticipation of the Cryptocurrency User Protection Act, which comes into effect on July 19. The group has initiated…
The bear market in cryptocurrencies and regulatory aftermath are leading to the closure of many small and medium-sized exchanges in Korea that only trade in cryptocurrencies. As of November 19, only three out of 22 such exchanges are still active.…
Client B is a cryptocurrency startup that received a token investment from an overseas cryptocurrency venture investment firm. While B was new to token investment, the investor was a professional investment company and presented an English investment contract with many…
Client A is an issuer of tokens and wishes to enter into a token custodial sales contract. It is important to properly structure the token consignment sales contract so that it does not constitute illegal sales activities such as fraudulent…
Starting next month, the Virtual Asset User Protection Act will mandate quarterly reviews of over 600 crypto stocks on exchanges. Problematic stocks may be designated as tradable or delisted. From July 19, 29 notified exchanges, including major ones like Upbit…
Cha & Kwon Law Offices has conducted a research study on issues related to greenwashing regulations. In recent years, as interest in ESG has been amplified and ESG-related disclosures have been mandated, there have been discussions on the introduction of…
Cha & Kwon Law Offices is an expert in the field of civil and criminal law of virtual assets and has advised and represented many virtual asset issuers. In a recent fraud case involving the issuance of virtual assets, we…
The Financial Supervisory Service (FSS) is considering supervision fees for virtual asset operators ahead of the Virtual Asset User Protection Act (VAWA) implementation next month. The FSS argues this fee is necessary for the new supervision and inspection framework. However,…
The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) announced the need for guidelines and procedures for closing down Virtual Asset Service Providers (VASPs) to protect users’ assets. This follows joint inspections revealing that several exchanges, including Huobi Korea…
In alignment with the Act on the Protection of Users of Virtual Assets implemented in July, the Financial Services Commission’s Virtual Asset Division will operate with eight staff members until the end of next year. Additionally, the Financial Intelligence Unit…
Terraform Labs and its co-founder Do-Hyung Kwon have reached a preliminary agreement on disgorgement and penalties related to the collapse of the cryptocurrency Terra-Luna. According to the U.S. District Court for the Southern District of New York, Terraform Labs, Kwon,…
If you had an overseas financial account balance exceeding KRW 500 million last year, you must report it to your local tax office by July 1. This requirement includes assets such as cash, stocks, and virtual assets, with offshore virtual…