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Gangnam-gu, Seoul, Korea
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctioned cryptocurrency wallet addresses tied to North Korean cybercrime, blocking access to U.S. assets. Binance, the largest cryptocurrency exchange, admitted to facilitating transactions with sanctioned entities, leading to a $4.3 billion…
Crypto.com has indefinitely postponed its launch in South Korea, just six days before its scheduled debut. This delay follows an emergency on-site inspection by financial authorities regarding its anti-money laundering measures. The company aims to provide clarification to Korean regulators…
In 2018, Coinone, a major South Korean cryptocurrency exchange, was hit with an other income tax by the National Tax Service, claiming the company didn’t withhold taxes on gains made by foreign users. However, the Seoul Administrative Court recently ruled…
South Korea’s won has surpassed the U.S. dollar as the top currency for global virtual currency trading, driven by a surge in speculative interest in cryptocurrencies. In the first quarter of this year, the won was traded more than the…
Korbit, a Korean cryptocurrency exchange, announced the relisting of Paycoin, a cryptocurrency previously removed from major South Korean exchanges. Paycoin’s return follows its removal due to regulatory issues last year. Korbit will allow trading of Paycoin starting from 0:00 a.m.…
The Democratic Party of Korea’s landslide victory in the 22nd general election has stirred up the cryptocurrency market. Promising to allow Bitcoin spot exchange-traded funds (ETFs), contrary to current financial regulations, the party’s win has fueled optimism in the virtual…
On April 4, 2024, Mr. Ungchae Jung of Cha & Kwon Law Offices provided a lecture on the Teachers’ Status Act, the Teachers’ Relief Deduction, and cases of infringement of educational activities at the Central Conference of the National School…
Bithumb Korea, the operator of the cryptocurrency exchange Bithumb, has delayed its planned management split initially set for June. This decision is attributed to the need to focus on preparations for the Virtual Asset User Protection Act, which comes into…
The client requested Cha & Kwon Law Offices to advise on the introduction of A tokens (virtual assets) on a platform operated by a platform operator. A token is used as a payment method to use various services provided by…
Crypto.Com, a global cryptocurrency platform, has introduced the Crypto.Com App in South Korea, enabling users to trade a selection of cryptocurrencies securely. The app offers access to over 150 cryptocurrencies, including exclusive NFT projects through Crypto.Com NFTs, along with user…
South Korea’s cryptocurrency exchanges are facing a crisis as they struggle to establish an integrated system with financial authorities to monitor abnormal transactions before the Virtual Asset User Protection Act takes effect. The plan to create a shared monitoring system…
Richard Teng, CEO of Binance, has made a clandestine visit to South Korea to engage with financial authorities regarding Binance’s stalled entry into the country’s market. Binance’s attempts to enter South Korea have been hindered by regulatory obstacles, particularly concerning…
The Client is planning to operate a loyalty business using cryptocurrency and has requested legal advice in this regard. As a loyalty system based on virtual assets must meet various legal requirements and regulations, Cha & Kwon Law Offices carefully…
Bithumb Korea announced a demerger today, creating a new entity tentatively named Bithumb Investment. The new entity will handle holding, investment, and real estate leasing businesses, while Bithumb Korea will continue exchange operations and core business. The split aims to…