Address
5F, 526 Nonhyeon-ro,
Gangnam-gu, Seoul, Korea
[Executive Summary] KakaoBank, a South Korean mobile-only bank, is about to link its real-name bank accounts to a virtual asset exchange (Coinone). KakaoBank and Coinone are at the final stage of negotiations over linking real-name bank accounts. As the partnership…
[Executive Summary] Jeonbuk Bank and Gopax, a Korean crypto exchange, entered a contract where the former agrees to provide banking accounts for Gopax’s KRW market users, allowing Gopax to re-open the fiat money market. Gopax announced its re-opening of KRW…
[Executive Summary] The financial authorities of South Korea – the Korea Financial Intelligence Unit (“KoFIU”) and the Financial Services Commission (“FSC”) – plan to create two categories for virtual assets (“VAs”), which are security-based and non-security based. The former is…
[Executive Summary] Dunamu, the operator of Upbit which is the largest crypto exchange in South Korea, had a significant decrease in its 1Q sales in 2022. The reason is likely to be the ongoing economic downturn and expanding business of…
[Executive Summary] The Prosecution Service of Korea formed an investigation team and started an official investigation of the LUNA crisis. The team started by summoning early key employees of Terraform Labs. The investigation focuses on Do Kwon and other C-level…
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,…
