[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 firstname.lastname@example.org. Thank you.
[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.
[Counsel] Legal counsel on the legitimacy of virtual currency issued by Company A
VEAT Law Firm provided legal counseling concerning blockchain and virtual currency based on a request by Company A, a well-known issuer of foreign virtual currency. Company A performed Project B, one of the Top 10 Projects based on the world ICO investment amount in 2018. Company A requested a legal review as to whether its virtual currency may be traded or circulated in Korea for its Project B. This law firm provided legal opinions as to whether the virtual currency of Company A violates any of the local statutes, including the Act on Capital Market and Financial Investment Business, the e-Financial Transaction Act, and the Act on Regulation of Similar Fund Raising Business, and also whether Company A's virtual currency falls under financial instruments or securities. VEAT Law Firm performed the legal review of ICO (Initial Coin Offering) and White paper as well as corporate counseling on the operation of virtual currency exchange by organizing a team to provide counsel on the virtual currency with lawyers who had education backgrounds in engineering. In particular, Il-wun Ahn, the lawyer of VEAT providing counsel on the blockchain, majored in computer science at Yonsei University and served as a developer at Naver. He was appointed as a member of the Special Committee on IT and Blockchain of the Korean Bar Association. Those in need of expert opinions on the laws of blockchain and virtual currencies are invited to contact VEAT via the following route.
[Counsel] Legal counsel provided to Joins Auto on ICT regulatory sandbox
VEAT Law Firm lawyers Do-yeong Song, Seong-ho Choi, Seung-cheol Baek, and Eun-byeol Cho provided legal consulting services to Joins Auto Co., Ltd. on the application for a regulatory sandbox for verification of its service of comparing estimates for scrapping vehicles. Joins Auto began its service in 2015 to provide information to car owners on the scrapping of vehicles and reasonable estimates for scrapping vehicles. Joins Auto experienced various difficulties, including sharply decreasing sales and criminal indictment, as it had suddenly become an illegal business operator when Article 57-2 was newly inserted into the Motor Vehicle Management Act in February of 2016. At the time, the company had discussed plans to induce investment as its sales were growing. It made efforts to continue its business rather than going into liquidation. Article 57-2 of the Motor Vehicle Management Act states, "Anyone who is not a motor vehicle scrapping business operator shall not collect or purchase motor vehicles to be scrapped, nor shall he/she engage in any acts of intermediation for a motor vehicle scrapping business operator in his/her pursuit of profit." Thus, any acts of intermediation by anyone who is not registered as a motor vehicle scrapping business operator are subject to criminal punishment, as this constitutes a breach of the Act. VEAT lawyers helped the company to file the correct application for a regulatory sandbox within a short period by supplementing them with more supporting information through an interview with their representative director on the history of the case. On March 6, 2019, the company was successfully designated by the 2nd ICT Regulatory Sandbox Review Committee as a case exempted from regulation for verification. By the current designation for ICT regulatory sandbox, Joins Auto is now permitted to provide services for two years and up to 35,000 units (2% of the total number of 880,000 vehicles scrapped per year in Korea). VEAT Law Firm provides legal counseling concerning the relevant legislation and the ICT, industrial convergence, and financial regulatory sandbox. Those in need of legal counseling on the preparation and review of application documents for regulatory sandbox are invited to contact the VEAT Law Firm.
[Counsel] Legal counsel provided on app service terms and conditions and privacy policies
VEAT Law Firm provided legal counseling on terms and conditions, phrases of authorization to access the application, and privacy policies, based on a request by Company A that provides a foreign language application service. Company A made a request to VEAT Law Firm for legal counsel to prepare plans to address various legal disputes that may arise in connection with payment for foreign language education content when a contract is terminated midway. VEAT Law Firm provided expert legal opinions to Company A to prevent any problems from arising in providing foreign language application services in various aspects, as the computation of default penalties and amounts to be returned are regulated by the Electronic Commerce Act as well as the Act on Regulation of Terms and Conditions. In particular, as the service provided by Company A is performed using an application, VEAT provided legal counsel on the consent to authorization to access the application. VEAT Law Firm provides diverse legal counseling for new startups to grow through stable management based on its experience in providing legal counsel to numerous startups. Those in need of legal counseling related to the review of terms and conditions, personal information processing policies, and authorization to access an application are invited to contact VEAT Law Firm.
[Counsel] Legal counsel on the speculative nature of fantasy game services
VEAT Law Firm provided legal counsel on the standards of speculative games in connection with a fantasy game being launched by Company A, the game developer, based on its request. Fantasy gaming (fantasy sports) is one of the game genres in which game users play sports games by organizing a virtual team based on the names and records of the actual sports players. It had been more active in foreign markets than in the local market, and in 2016 it was actively introduced in Korea, securing a large number of users. VEAT Law Firm provided comprehensive legal counsel by thoroughly examining the statutes related to games, examples of game grade classifications by the Game Rating and Administration Committee, the agencies concerned, and precedents related to the standards of speculative games, including the Criminal Act, the Act on Exceptional Cases of Regulation And Punishment of Speculative Acts ("Speculative Acts Regulation Act"), and the Act on Promotion of Game Industry ("Game Industry Act"). VEAT Law Firm is equipped with rich experience in the review of the standards of speculative games, game service terms, and conditions, etc., with lawyers who have served as legal counsel for numerous game companies. Those in need of expert legal opinions on the provision of game services as well as on the standards of speculative games are invited to contact VEAT Law Firm.
[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.