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BITCOINS ARE “INTANGIBLE ASSETS WITH PROPERTY VALUES” SUBSTITUTE PAYMENTS IN FIAT MONEY IS “VALUE OF BITCOINS AT THE TIME OF CLOSING ARGUMENT OF THE APPELLATE COURT” As the price of popular cryptocurrencies like the Bitcoin or the Ethereum skyrocketed, legal…
Cryptocurrency exchanges will be forced to shut down starting from September 25, if it fails to obtain Real Name Accounts. Investors at the risk of not knowing whether cryptocurrency exchanges will close. Only way for investors to recover money is…
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…