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Chainalysis released the 2023 Cryptocurrency Revenue Report by Country, estimating that global cryptocurrency investors earned $37.6 billion in 2023. Despite being lower than gains from the 2021 bull market, it marks a notable recovery from 2022 losses. Monthly revenues fluctuated…
The client wanted to introduce paid loyalty points to its current service and asked Cha & Kwon Law Offices for advice. In particular, the Electronic Financial Transactions Act was recently amended to broaden the scope of points to include prepaid…
The Financial Supervisory Service is gearing up for the implementation of the Virtual Asset User Protection Act in July. They aim to ensure market stability, assist operators in adhering to regulations smoothly, and establish surveillance systems to detect unfair transactions.…
The client is a platform operator related to virtual assets. With the introduction of regulations related to virtual assets, the client inquired whether it is legal to provide services in Korea under the current business model or whether it requires…
The U.S. government is persisting in its efforts to extradite Do-hyung Kwon, CEO of Terraform Labs, despite Montenegrin authorities’ decision to send him to South Korea. Kwon faces charges related to the Tera-Luna cryptocurrency scandal, where his company’s cryptocurrencies crashed…
On March 7, 2024, Mr. Ungchae Jung, partner attorney at Cha & Kwon Law Offices signed a legal consulting contract with Okjeong Elementary School in Seoul as part of the 1 Lawyer for 1 School system. The Seoul Metropolitan Office…
A U.S. federal court in Washington, D.C., overseeing a forfeiture case against a North Korean virtual currency account, has ruled in favor of the U.S. government, ordering the forfeiture of the account. Judge Timothy Kelly granted a “judgment in absentia,”…
The National Pension Service of Korea has reportedly gained 60 billion won ($60 billion) through indirect investments in virtual assets. This was facilitated by purchasing shares of Coinbase, a virtual asset exchange, resulting in significant valuation gains. Although institutional investors…
Statistics Korea has decided to integrate cryptocurrency into its household wealth survey, a move prompted by preparations for upcoming cryptocurrency taxation. However, due to concerns about accuracy stemming from low response rates in pilot surveys, the agency will decide whether…
Cha & Kwon Law Offices’s Partner Attorney Ohoon Kwon participated as a panelist at the Blockchain Law Association Seminar held on February 27, 2024 at the Uprise Lounge in Gangnam. The event provided a valuable opportunity for experts and blockchain…
Dunamu, the company behind the cryptocurrency exchange Upbit, has refunded approximately $5 million to 246 victims of voice phishing scams spanning from 2017 to 2022. This was made possible through a memorandum of understanding with the Seoul Metropolitan Police Department’s…
Korbit, Korea’s pioneering cryptocurrency exchange, announced today its attainment of SOC 1 certification, marking a significant milestone. The certification, obtained through rigorous evaluation by Samdeok Accounting, confirms Korbit’s robust internal controls over financial reporting, aligning with global standards set by…
Executives of Haru Invest, a crypto deposit platform accused of defrauding over 1 trillion won, have been arrested and face trial. Co-presidents A (44) and B (40), GM C (40), and COO D (38) are indicted for violating the Economic…
The Financial Supervisory Service has responded to concerns regarding compensation standards for subscribers to the Hong Kong H Index equity-linked securities (ELS). They assert their legal authority to establish such standards under the Financial Consumer Protection Act. Article 33 of…