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Scope of VASPs still vague after amendment of Specified Transaction Information Act. Cyrpto businesses providing multi-sig technology may or may not fall within the scope of VASPs defined by Korean law. Multi-sig(Multisignature) technology refers to the requiring of multiple keys…
The recently amended Specified Transaction Information Act sparks legal debate as it fails to obstruct financial criminals from re-engaging in the crypto business. Acceptance of AML reports is at the discretion of the KoFIU, which may be a source of…
Following amendment to the Korean Act on Reporting and Using Specified Financial Transaction Information(the “Act”) on March 24, 2020 (to be enforced on March 25, 2021), the Korea Financial Intelligence Unit(the “KoFIU”) released a VASP Reporting Manual on February 19,…
The Financial Services Commission(the “FSC”) Korea, proposed an enforcement decree(the “Proposed Enforcement Decree”) to the Act on Reporting and Using Specified Financial Transaction Information(the “Act”) from November 3, 2020 to December 12, 2020. The Proposed Enforcement Decree sets the details…
ARTICLES OF INCORPORATION [1] ARTICLES OF INCORPORATION [2] CERTIFICATE OF CAPITAL CONTRIBUTION [3] UNANIMOUS CONSENT OF MEMBERS [4] CONSENT TO ACT AS ~ [5] REGISTRATION OF CORPORATE SEAL IMPRESSION
AN OVERVIEW OF THE REQUIRED DOCUMENTS FOR INCORPORATION There are four ways in which a foreigner or a foreign entity can establish a corporate entity in Korea: 1) by establishing a Korean legal entity, 2) via direct investment, 3) by…
