Address
5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
[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…
[Executive Summary] It was confirmed that Shinhan Bank withdrew from the Klaytn Governance Council as a result of the government’s ban on holding virtual assets by financial institutions in 2017. Responding to the continuing criticism for years of the government’s…
[Executive Summary] Bithumb Holdings’ largest shareholder Vidente acknowledged that it has considered selling Bithumb to FTX, an American virtual asset exchange. Some speculate that the deal will not be made due to Bithumb’s complex governance structure. Bithumb Holdings’ largest…
[Executive Summary] The Financial Services Commission (“FSC”) held the first meeting of the Council on Innovating Financial Regulations (“Council”) on July 19th and announced its “Execution Plan for Innovating Financial Regulations” which includes allowing financial institutions such as banks to…
[Executive Summary] The five major exchanges in Korea that operate the KRW market (Upbit, Bithumb, Coinone, Korbit, and Gopax) have launched a joint consultative group called the DAXA with the purpose of preventing the next Terra incident. The DAXA has…
[Executive Summary] Along with Yoon Suk-Yeol government’s recent announcement for delaying the implementation of the Financial Investment Income Tax for two years, the taxation on virtual assets has also been postponed. Furthermore, in alignment with the postponement of the Financial…
[Executive Summary] Shinhan Financial Group decided to cease the issuance of corporate real-name accounts to Korbit. As a trial, Shinhan Bank had issued real-name verified deposit and withdrawal accounts to a corporate client of Korean Digital Asset Custody (KDAC) in…
