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Earlier this month in November, the Financial Services Commission (FSC) announced legislation on the direction of a virtual asset regulatory system establishment. Digital Asset Market Trends from 2017 to 2021 The Korean government has consistently prohibited all types of ICOs as…
[Executive Summary] Dunamu, the operating entity of a virtual assets exchange Upbit, and Bithumb faced a ferocious line of questions on October 6th at the annual National Assemby’s Audit of State Affairs regarding involvement in the Terra-Luna incident and allegations…
The Korean Financial Intelligence Unit (hereinafter “KoFIU”) conducts inspections on whether virtual asset business operators (hereinafter “VASP”), registered pursuant to the Act on Reporting and Using Specified Financial Transaction Information (hereinafter “the Act”), fulfill their anti-money laundering obligations. As a result…
[Executive Summary] According to internal sources, we have learned that Binance and FTX are expected to enter the Korean market independently early next year. The negotiation between FTX and Bithumb, regarding the takeover of Bithumb by FTX, has come to…
[Executive Summary] The Financial Intelligence Unit (“FIU”) under the Financial Services Commission has conducted the first comprehensive inspection of virtual assets service providers (“VASP”) in Korea and issued an administrative disposition of “Caution” to Gopax and Coinone. The VASPs are…
[Executive Summary] In a recent court ruling of a case in which Cha & Kwon Law Offices represented the plaintiff as attorneys at law, the Seoul Central District Court ruled that a loan agreement of virtual assets, including Bitcoin, is…
[Executive Summary] Other noteworthy issues regarding the virtual asset regulatory updates are as follows: 1) The completion of a partnership between Coinone and Kakaobank for the establishment of real-name accounts is now imminent. 2) The City of Busan has entered…
[Executive Summary] The Korea Financial Intelligence Unit (“KoFIU”) reported 16 overseas VA exchanges, which operated without a VASP registration, to the investigation agencies for violating the Act on Reporting and Using Specified Financial Transaction Information. In addition, the KoFIU announced…
[Executive Summary] The Seoul High Court ruled that Bithumb has failed to fulfill its obligations to maintain the stability of its server and to provide transaction services to its users. The court judged that Bithumb must compensate damages to users…
[Executive Summary] The financial authorities announced that the guideline for the security token offering (STO) will be established within this year. In case of the token is categorized as security in accordance with the guideline, the token will be delisted…
