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[English Webinar] Crypto Regulations in Korea

VEAT hosts an English Webinar regarding the Crypto Regulations in Korea. If you are working at a global crypto exchange, blockchain tech business or crypto fund/investor, you can gain insights and up-to-date information. This webinar will be held on YouTube at 2:00pm (Singapore / Hong Kong) or 3:00pm (Seoul), August 25, 2021 through the following hyperlink: The English webinar on Crypto Regulations in Korea : https://youtu.be/94bG7glKZfE If you have any webinar inquiries, please email contact@veat.kr. Thank you.

[NEWS] Lawyers playing games "We'll become a unicorn in the legal service market."

This is an article printed in The Bell featuring an interview with Managing Partner Sung-ho Choi and partner attorney Do-young Song of VEAT Law Firm. The details may be accessed via the following link.

[NEWS] Eunbyeol Cho, Partner Attorney, appointed as counsel lawyer of the Personal Information Protection Committee

Eunbyeol Cho, Partner Attorney of VEAT Law Firm, has been appointed as counsel lawyer of Personal Information Protection Committee on 28 February 2019. Partner Attorney Eunbyeol Cho has provided consulting for numerous cases related to personal information while serving as a member of the Personal Information Consulting Team of VEAT Law Firm. She continues to provide legal counseling on personal information, as she has conducted numerous legal consulting cases related to EU GDPR. For any questions on personal information law, please contact VEAT Law Firm at your convenience.

[NEWS] Attorney Ilun Ahn says, "The newly emerging precedent on blockchain is expected to provide regulatory effects"

IT & Venture Capital specializing VEAT Law Firm attorney ... "The weight of reliable projects grows" [PaxNet News - reporter Byeong-yun Kim] "Some negative legal issues were recently reported in connection with Coin Exchange. There will be affirmative effects in the long run, although they will inevitably have adverse effects across the entire industry in the short term. I expect that the blockchain regulation will become more specific as legal cases are treated one after another." In an interview with PaxNet News, Attorney li-un Ahn Ahn of VEAT Law Firm expressed his opinions on legal issues and his forecast of future regulations related to blockchain. ... For further content of the PaxNet News story, please read <Attorney Ilun Ahnsays, "The newly emerging precedent on the blockchain is expected to provide regulatory effects">.



[Counsel] Legal counsel on the application for regulatory sandbox – Gyeonggi province

VEAT Law Firm (hereafter "VEAT") attorneys Doyoung Song, Sungho Choi, Seungchul Baek, and Eunbyeol Cho have decided to provide legal counsel and consulting to businesses planning to apply for a regulatory sandbox in Gyeonggi-do regarding their preparation of application documents. The Gyeonggi Provincial Government disclosed its plans to support businesses applying for a regulatory sandbox at its office on April 4, 2019. The Provincial Government has decided to provide financial subsidies to the businesses participating in the verification project, as well as assistance in the preparation of the application documents for the regulatory sandbox. In particular, the provincial government plans to grant up to 100 million KRW, one half of the cost for the verification of samples, testing and verification of data, and the development of testing and evaluation guidelines once exceptional verification is approved for the businesses applying for the regulatory sandbox to promote means of personal mobility. The provincial government has disclosed that it also plans to reduce the burden of the businesses applying for the regulatory sandbox, including one half or up to 10 million KRW of the premium for the insurance that needs be registered in order to protect the users, and up to 5 million KRW per business for consulting on approaches to shorten the verification period and market entry. Meanwhile, the Provincial Government previously disclosed that it would provide a loan of up to 500 million KRW per business (previously 400 million KRW) to innovative startup businesses that are designated as beneficiaries of a regulatory sandbox starting May 2, 2019. According to a questionnaire survey by the Gyeonggi Research Institute (GRI) of 159 startup businesses at Pangyo Techno Valley, 42.1% responded that they experience difficulties due to government regulation on their business, whereas 30.3% responded with loss of sales, 27.3% with delayed market launch, and 24.2% responded they have abandoned or set aside the corresponding business. VEAT has provided legal counseling on the application for the regulatory sandbox submitted by Company A based on a request from the provincial government. In particular, VEAT lawyers received a favorable comment from the applicant business, as they had corrected and improved the application for a regulatory sandbox after carefully examining whether any entries were missing, ambiguities were included, information differing from the requirements was indicated, and whether the verification plan was appropriate based on the Industrial Convergence Promotion Act or the Special Act on Promotion of Information and Communications Technology, as well as the legal issues presented by Company A. VEAT has successfully performed the consulting service ordered by National IT Industry Promotion Agency (NIPA) in 2018 for the improvement of ICT and convergence regulations and is currently providing legal counseling for the Center for Counseling on ICT Regulatory Sandbox as ordered by the Ministry of Science and ICT and NIPA from January of 2019. It now provides legal counsel and the consulting regulatory sandbox to the Gyeonggi Provincial Government, for the first time among municipal governments. Those requiring legal counsel and consulting in connection with legislation, ICT, industrial convergence, and the financial regulatory sandbox are invited to contact VEAT using the following route.

[Counsel] Legal counsel on application for designation of innovative financial services

VEAT Law Firm provided legal counseling for the preparation of the application for designation of innovative financial services based on a request by Company A. With the Special Act on Financial Innovation Support enforced on April 1, 2019, the Financial Supervisory Commission introduced a financial service regulatory sandbox so that an exception to regulation may be applied for a limited period when an enterprise operating a fintech business provides a new service. Company A requested that VEAT provide assistance for the preparation of the application for designation of innovative financial services. VEAT provided legal counseling by thoroughly examining the plans for the protection of consumers and risk management. As the regulation is relieved by a financial service regulatory sandbox for a limited period, the application for designation of innovative financial services should indicate the plans to prevent damages or risks of the financial service consumers for the designated period. In particular, VEAT presented a plan for the protection of the personal information and credit information of the users who are to use the new service by Company A based on the relevant statutes, including the Personal Information Protection Act and the Credit Information Protection Act. VEAT Law Firm provides legal counseling for the review of laws and preparation of the application for designation of a regulatory sandbox. Those requiring legal review in connection with the application for designation of a financial regulatory sandbox and innovative financial services are invited to contact VEAT using the following route.

[Counsel] Legal counsel provided for dispute between virtual currency buyers based on request by Company A that had issued virtual currency

VEAT Law Firm (hereafter "VEAT") provided legal services based on a request from Company A, a foreign developer of virtual currency, to reach an amicable agreement in a dispute arising with virtual currency buyers who had purchased Company A's virtual currency. VEAT 1) thoroughly examined whether the dispute was rooted in the virtual currency developed by Company A and 2) provided legal counseling to Company A on plans for smooth settlement, even though Company A was not legally responsible for the settlement of the dispute. As a result, VEAT settled the dispute by deriving an amicable agreement between the parties so that Company A would not be preoccupied with the dispute. In particular, VEAT provided legal counsel to Company A to enable them to settle such a dispute quickly if a similar situation is experienced in the future by Company A, who had entered their growth orbit. As a well-known Korean law firm consisting of corporate advisory and counseling lawyers well-versed in virtual currency and blockchain, VEAT is equipped with extensive experience in diverse legal counsel. VEAT strives to provide effective legal counseling for various legal risks that clients may experience in running a business as a partner in growth, in addition to the one-time legal counsel requested by clients. Those in need of legal review in operating a business related to virtual currency are invited to contact VEAT.

[Counsel] Legal counsel on infringement of the copyright of design of virtual currency exchange website

VEAT Law Firm (hereafter "VEAT") provided legal counseling on infringement of design copyright based on a request by Company A that runs a virtual currency exchange. Company A made a request to VEAT for legal counsel in order to seek an expert opinion concerning legal action to Company B, who had identically duplicated the user interface of Company A's website. VEAT sent a content-certified letter to Company B indicating that in the course of illegal duplication and use of Company A's website user interface for the virtual currency exchange operated by Company B, Company B's actions had misled or confused users so as to believe that Company B's website is identical to Company A's website, and that the corresponding act had infringed their copyrights and violated the Unfair Competition Prevention Act, resulting in damages to Company A. In particular, VEAT provided legal counseling on the civil and criminal actions that could be taken by Company A in the event of failure by Company B to comply with the request in the content-certified letter by the continuation of the use of Company A's website user interface.