Case Studies
Baek Seung-cheol Partner Attorney, participated in ‘Discussion on Bill for Resolving Citizen Inconvenience Related to Personal Video Information, Including CCTV System Improvement’.
Veat’s partner attorney, Baek Seung-cheol, participated in a discussion forum hosted by the Personal Information Protection Committee and organized by National Assembly members Yun Jugeong and Min Byeong-deok, focusing on solutions for public inconvenience such as improving the CCTV system. On October 10th, the discussion forum was held at Fineroom 3rd floor of Yeouido FKI Tower, hosted by the Personal Information Protection Committee and organized by National Assembly members Yun Jugeong and Min Byeong-deok. At this seminar, Veat’s partner attorney, Baek Seung-cheol, provided in-depth insights as a personal information protection expert. Specifically, partner attorney Baek Seung-cheol discussed the limitations of the current laws related to personal video information and proposed solutions for improvement, offering practical and useful solutions. During the discussion forum, the Personal Information Protection Committee first systematically introduced the main contents of the personal video information protection bill, explaining its significance from the perspective of personal information protection. Subsequently, there was a time to examine the latest trends and opinions of the industrial community related to personal video information, and through this, a deep discussion was held on the impact of the bill on the actual industry. Veat’s partner attorney, Baek Seung-cheol, meticulously examined the core elements of the Personal Video Information Reporting Act, providing insight into whether it could play an important role from the perspective of personal information protection. Based on his deep knowledge and practical experience, the discussion provided attendees with opportunities for insight during this presentation. Veat Law Firm continues to provide significant assistance in effectively solving complex legal issues related to personal information protection through continuous research and practical experience. Veat Law Firm provides accurate and reliable legal advice to clients based on an in-depth understanding of personal information protection laws, and is performing a leading role in the field of personal information protection. Thank you. Veat Law Firm Dream
'2023 Law Firms in Korea', Law firm Veat was introduced as the fastest-growing law firm.
Law firm Veat was introduced as the fastest-growing law firm in Korea in ‘2023 Law Firm in Korea’ by legal magazine Legal Times. Law firm Veat is actively operating in advisory fields related to ‘IT’, ‘games’, ‘startups’, ‘venture capital’, and ‘private equity funds’, and this has been emphasized as a law firm rapidly growing. For more details, please refer to the article below, and if you have any inquiries related to this article, please contact Law firm Veat at any time. Legal Times highlighted one of Law firm Veat’s growth strategies as strengthening expertise through recruitment of talent and collaboration, and a notable case is the recruitment of Yang Eun-ho, a professor at KAIST, as a technical advisor to strengthen AI expertise, and a business agreement with Hobs & Kim Law Firm to expand specialized knowledge regarding virtual assets through a capital investment fund, and the launch of the global market of Avatarra, a web3 game developed by NX3Game in the blockchain token ecosystem. Furthermore, a business agreement with accelerator Kim Gisaep Lab introduced Law firm Veat’s goal of providing one-stop services from post-investment management to supporting early startups and investment & growth, and the strengthening of a collaboration relationship with TSMP, a major law firm in Singapore emphasized Law firm Veat’s international perspective. Notably, the recruitment of Sleep expert brand ‘Sambun-diri’’s data technology company ‘Betels’ involved legal advice, and the launch of Avatarra, a web3 game developed by NX3Game in the blockchain token ecosystem in the global market, and the recruitment of 200 million won-scale pre-IPO investment for beauty tech company Birdview, which operates the mobile beauty platform Haehwa, and the involvement of Songdo Young-ho, Representative Lawyer, as a member of the Online Advertising Dispute Resolution Committee and the Innovation Financial Appraisal Committee, and the appointment of Park Seung-cheol and Cho Eun-byeol, lawyers, as legal advisors to the Personal Information Protection Committee, and various large projects proved Law firm Veat’s expertise. Moreover, Law firm Veat continues to pursue continuous development and innovation through providing basic legal advice. (Related article link: [2023 Law Firms in Korea] Law firm Veat) Thank you. Law firm Veat.
Songdo Young, Representative Attorney, participated in the seminar ‘Strategies for Activating the Metaverse Ecosystem’ hosted by the International Metaverse Association.
Veat’s CEO Attorney Songdo-yeong participated in a seminar hosted by the International Metaverse Association (IMA) and Jeonbuk Law Firm to discuss the need for the Metaverse Industry Promotion Act while diagnosing the current status of the Metaverse Industry Promotion Act and providing professional advice for its activation. On November 16th, a seminar titled ‘Exploring Methods for Activating the Metaverse Ecosystem’ was held at the Korea Federation of Industries Business Council’s conference room, co-hosted by the International Metaverse Association (IMA) and Jeonbuk Law Firm, and led by Sogang University’s Metaverse Graduate School. At the seminar, Veat’s CEO Attorney Songdo-yeong presented on current issues of the Metaverse Industry Promotion Act (Draft) and provided professional advice for its activation. The seminar comprehensively discussed support policies and national-level development strategies for the promotion of the metaverse industry. A passionate discussion was also held regarding how to integrate constructive metaverse ecosystem development regulations into the Metaverse Industry Promotion Act (Draft). Veat’s CEO Attorney Songdo-yeong emphasized the activation of the industry through a negative regulation system and showcased in-depth insights regarding metaverse-related legal issues, demonstrating a commitment to continued research to prepare for the future brought about by the metaverse. Veat Law Firm provides professional advice and solutions on various legal issues related to the metaverse industry, contributing to the industry’s healthy growth and development. Veat Law Firm will be a trustworthy partner when legal advice on the metaverse industry is needed. Thank you. Veat Law Firm Dream
Blockchain legal risks, blockchain game legal validity expert legal review.
Veat specializes in legal services, Veat Law Firm is conducting a review of the legality of a social game using specific tokens based on blockchain, commissioned by a client (a “client”) platform based on blockchain. Blockchain-based specific token social game legality and legal risk management Game and Software Control Committee Opinion Game Act and Criminal Act Furthermore, Veat Law Firm Blockchain Team provides clear legal advice regarding whether the client's game meets legal requirements, considering relevant regulations such as the “Act on Promotion of Game Industry” (Game Industry Act) and the “Criminal Act”. Also, Veat Law Firm Blockchain Team explains in detail the legal risks that may arise when blockchain games are distributed on a platform, based on regulations such as the “Act on Promotion of Game Industry” (Game Industry Act) and the “Criminal Act”. Reason to obtain preliminary legal review from a blockchain-specialized law firm when servicing blockchain-based games Recently, with the active use of blockchain in the game industry, new types of games such as “blockchain-based social games” and “P2E (Play to Earn) games” have emerged. These blockchain games, unlike traditional games, allow players to exchange blockchain tokens earned within the game for cash through exchanges, providing economic benefits to players. However, the emergence of blockchain games accompanies various legal issues and risks. In particular, given that blockchain-based games have a possibility of being denied classification by the “Game and Software Control Committee”, it is important to receive preliminary legal review before distributing or providing the game in Korea. Blockchain game legality issue is an important issue linked to business success Veat Law Firm Blockchain Team provides professional and in-depth legal services to enable the client to lead innovation without legal risks. Veat Law Firm Blockchain Team, a leading blockchain review team Veat Law Firm Blockchain Team is a specialized team, providing legal advice to blockchain platform operators, and providing a contract that transfers NFT issuance and distribution authority from content creators to the blockchain platform, considering a complex combination of contract structures that respect the copyright of content creators while granting only NFT creation and distribution authority on the blockchain platform. If you need a legality review and legal risk management for blockchain games, please contact Veat Law Firm at any time. Thank you. Veat Law Firm
“Conducting a simplified legal due diligence for swift investment transactions.”
Providing simplified legal due diligence for IT companies. Law firm Veat requested simplified legal due diligence services from Law firm Veat to facilitate Venture Capital (VC) acquiring new shares in IT companies on behalf of IT startups (hereinafter referred to as “Clients”). Law firm Veat’s Investment Advisory team conducted a simplified legal due diligence, particularly focusing on compliance with regulations and licensing matters, performing a comprehensive review. While conducting this simplified legal due diligence, the need for IT companies to register their value-added communications business was identified; however, it was discovered that no actual registration had taken place. Based on this, the items to be taken to complete the transaction, including the completion of registration for the value-added communications business, were incorporated. In addition, for contracts, assets, and human resources/labor matters, due to the nature of the simplified legal due diligence, a rapid and efficient review of each area was conducted. The compatibility of the existing investment agreements and this transaction was thoroughly reviewed. Notably, the Law firm Veat’s Investment Advisory team, based on its experience advising various startups, examined whether any legal risks would affect the share acquisition transaction, providing guidance. The Law firm Veat’s Investment Advisory team provided a simplified legal due diligence report to the Client. Bloomberg League Table, ALB KOREA AWARD winner ‘Investment and M&A Leader’ Law firm Veat. Law firm Veat achieved 2nd place in terms of total transaction volume in the M&A legal advisory area in the Bloomberg Q1 2023 League Table (Market Securities Advisory Performance Ranking). Furthermore, it was selected as a ‘Finalist’ in the ‘Korea Deal Firm’ category of the ‘ALB Korea Award 2022’ for two consecutive years, recognizing its skills and expertise. Law firm Veat’s Investment Advisory team provides a rapid and efficient simplified legal due diligence based on its understanding of M&A and investment environments, offering reliable investment advisory services to both investors and companies receiving investment. Thank you. Law firm Veat Dream
“Review of specialized provisions for prepaid electronic payment methods reflecting amendments to the Electronic Financial Transactions Act.”
Law Firm Veat provided legal review for A Company’s community platform regarding prepaid electronic payment methods and the amended “Electronic Financial Transactions Act,” including the applicable provisions. Law Firm Veat Startup Advisory Team reviewed the requirements for “prepaid electronic payment methods,” which stipulates that a third party other than the issuer and its related parties purchases goods or services and pays the price if the means of payment is used for streamers' support and other similar purposes; also, it examined whether the requirements of the “prepaid electronic payment method” are met if the payment is made for merchandise and subscriptions related to the customer’s mission and achievement. Specifically, the Law Firm Veat Startup Advisory Team applied to companies that meet the requirements for “prepaid electronic payment methods” – including registration obligation with the Financial Services Commission, protection of prepaid funds, compliance with merchant terms, etc. – to provide detailed guidance to ensure businesses properly comply with the law. 2024. 9. 5. Implementation of the Amended “Electronic Financial Transactions Act” According to the amended “Electronic Financial Transactions Act,” the definition of “prepaid electronic payment methods” has been expanded to include “records issued in electronic form that have been converted and stored electronically.” As a result, paper-based prepaid payment methods converted to electronic form are also considered “prepaid electronic payment methods.” Furthermore, the current requirement that the scope of purchase of goods or services must be two or more industries is no longer needed. Startup Advisory Team, which thoroughly examines the “Electronic Financial Transactions Act” based on real-world cases Law Firm Veat Startup Advisory Team conducted a professional review of prepaid payment methods within the platform of a digital healthcare client. Regarding points, it examined the possibility of falling under “prepaid electronic payment methods” under the “Electronic Financial Transactions Act” and exemption from registration. Specifically, it reviewed two key requirements for the client’s prepaid electronic payment method and considered the possibility of falling under an exemption from registration. Regarding payment methods, inquiries about the payment system based on the PG (Payment Gateway) taken by most open markets were addressed. It reviewed the official stance of the Financial Supervisory Service, the governing body, and interpretations under the “Electronic Financial Transactions Act” to provide detailed guidance to the client. Through the implementation of the amended “Electronic Financial Transactions Act,” the definition and scope of “prepaid electronic payment methods” have changed, which can significantly impact many businesses. In particular, the need to conduct a legal review in advance is strongly emphasized for various platform service providers, including internet broadcasting platforms. Law Firm Veat Startup Advisory Team provides legal issues and solutions applicable to a variety of businesses based on deep expertise in the “Electronic Financial Transactions Act.” To minimize legal risks and maximize business growth, please contact the Law Firm Veat Startup Specialist Startup Advisory Team. Thank you. Law Firm Veat Dream
[LegalTimes] VeatXHopson&Kim Business Agreement Introduced as a Case Expanding Expertise in Virtual Assets (Crypto) Field
Law firm Veat and tax specialist law firm Hops & Kim, along with a business agreement to provide professional tax and legal responses for virtual assets (crypto) tax and assessment, were introduced in the legal news magazine Legal Times. Law firm Hops & Kim is a law firm specializing in tax, and based on long-term experience in the tax and administrative fields, it provides professional responses. Law firm Veat has broad understanding of virtual assets and blockchain, and possesses expertise and experience, providing legal advisory services across the entire industry of blockchain, virtual currency, NFT, metaverse. For detailed information, please refer to the news article and article, and if you have any questions related to this article, please contact Law firm Veat at any time. (News article: Law firm Veat, business agreement signed with tax specialist law firm Hops & Kim for virtual asset tax and legal response) Partner Attorney An Il-won of Law firm Veat, based on deep expertise in the blockchain field, is actively providing legal advice and writing activities on virtual currencies and virtual assets, and has been appointed as a member of the IT Blockchain Special Committee of the Korean Bar Association in recognition of his many years of experience in the blockchain field. Senior Foreign Attorney Song Woo-seok of Law firm Veat previously served as a legal counsel for Binance, the world’s largest virtual asset exchange, and is providing advice on various issues related to virtual assets, including AML and cross-border M&A, for numerous domestic and foreign blockchain projects and exchanges. Law firm Veat’s blockchain legal advisory cases We provide legal advisory services with expertise in blockchain business. Upon the request of blockchain accelerator company A, we drafted a legal review opinion on the token white paper and provided legal advice. Upon the request of a company providing blockchain-based games, we provided legal advice by reviewing the legal opinion on whether the virtual currency is a security. We provided a comprehensive legal review on the potential violation of the “Act on Reporting and Use of Financial Transaction Information” in relation to issuing NFT on an online platform to enable users to trade it. Upon the request of a solution development company U, we reviewed the development agreement for blockchain-based data storage and application development projects. (Related article link: Impressive medium-sized law firms unite for synergy popularity) Thank you. Law firm Veat.
Law firm Veat’s CEO attorney, Cho Sung-ho, appointed as a member of the Seongnam City Software Business Task Force Review Committee.
Veat’s Chief Attorney Seongho Choi has been appointed as a Advisory Committee Member for Seongnam Software Business Projects of Seongnam City. This committee reviews the scope of work for public software projects based on Article 50 of the Software Promotion Act and Article 47 of its Enforcement Decree. The operation of the Software Business Project Review Committee aims to guarantee transparency and efficiency in software business projects, and consequently, it performs the important task of reviewing the reasonableness of the scope of work and re-examining it in the event of changes. The committee is composed of no fewer than 5 and no more than 10 members, and each member is selected based on a deep understanding of the software industry. The appointment of Chief Attorney Seongho Choi to the Seongnam City Software Business Project Review Committee reflects the recognition of a balanced perspective on software-related laws and policies accumulated over time and a deep understanding of the related industry. Law Firm Veat confirms that, thanks to the appointment of Chief Attorney Seongho Choi, it will contribute to the development of the domestic software industry, not only in Seongnam City, but also at the national level. Law Firm Veat and Chief Attorney Seongho Choi plan to actively contribute to the development of software industries in Seongnam City and throughout Korea. Law Firm Veat will provide in-depth legal advice on various issues where software-related laws and technology intersect, and promises to play a leading role in determining the direction in which the software industry should move. Thank you. Law Firm Veat.
Law firm Veat signed a memorandum of understanding with tax specialist law firm Hobbes & Kim for tax and legal responses related to virtual assets.
Law firm Veat has signed a memorandum of understanding (MOU) with Hobs & Kim, a tax-specialized law firm, for virtual asset tax and legal response. The purpose of this agreement is to strengthen exchanges and cooperation for professional tax audits and legal responses related to virtual assets (crypto) taxation and levy. Through this cooperation, both law firms will enable efficient responses to virtual asset-related legal issues and assist client companies with direction and stable business operations. Law firm Veat’s representative lawyer Choi Sung-ho said, “The combination of Law firm Veat’s expertise in virtual assets (crypto) and Hobs & Kim’s tax expertise will enable integrated and professional responses to the tax and legal issues of virtual assets,” and “We will thoroughly prepare for the healthy development of the virtual asset market and move forward.” Law firm Hobs & Kim’s representative lawyer Kim Young-jin said, “Tax and legal issues in the virtual asset field are complex, and solving them requires specialized knowledge and experience. We are pleased to be able to respond more professionally to these issues through a partnership with Law firm Veat, which specializes in virtual assets,” and “Tax and legal issues in the virtual asset field are complex. We will respond more professionally and systematically through a partnership with Veat.” Law firm Hobs & Kim is a law firm specializing in tax and provides professional responses based on over 10 years of experience in taxation and administrative fields. Law firm Veat has extensive knowledge of virtual assets and blockchain, and possesses expertise and experience, providing professional legal advisory services for the entire blockchain, cryptocurrency, NFT, and metaverse-related industries. Particularly, representative lawyers Choi Sung-ho, Song Do-young, and partner lawyer An Il-woon of Law firm Veat are active in the Korea Bar Association’s IT Blockchain Committee, further solidifying their expertise.
Smart Education Service Terms of Use Legal Consulting
Law firm Veat provides usage terms and conditions for A’s educational content platform upon the request of the company. Law firm Veat’s personal information protection team provides differentiated usage terms and conditions tailored to the platform of each client, understanding the unique characteristics of numerous companies’ platforms. Free and paid services differ in their content and delivery methods, so we provide usage terms and conditions differentiated by their respective characteristics, and in the case of paid services through affiliates, we clearly specify the service usage terms and conditions. As users of the service have the right to terminate their contracts, the Law firm Veat’s personal information protection team handles usage terms and conditions differentiated by the overall service termination and partial termination of paid services. Since the core of the client’s smart educational service is the usage terms and conditions for learning content and discount coupons, which require a comprehensive structure, the Law firm Veat’s personal information protection team provides usage terms and conditions that clearly define the delivery methods and regulations of core content, procedures for changes and notifications. Important Reasons for Usage Terms and Conditions Usage terms and conditions are the core document that defines the rights and obligations of the service provider and the user. If not properly structured, it can lead to legal disputes or difficulties in operating the service. Usage terms and conditions must be drafted clearly and should encompass all complex elements, including procedure composition, personal information protection, liability clauses, and dispute resolution. Furthermore, they may be subject to legal risks, such as requiring corrective actions or becoming invalid in violation of the “Act on Contracts” (Contract Act). Therefore, it is important to carefully review the aforementioned important items with a specialized legal professional specializing in usage terms and conditions. Personal Information Protection Team Providing Optimized Usage Terms and Conditions Based on Understanding of Service Characteristics Companies providing services based on electronic platforms increasingly need complex legal considerations and meticulously reviewed usage terms and conditions. The Law firm Veat’s personal information protection team specializes in providing tailored usage terms and conditions for various platforms and each service. The Law firm Veat’s personal information protection team has a case where it clearly defined rights and obligations between the service provider and user, considering the characteristics of the client’s service. In a service seeking to introduce a prepaid membership program, the Law firm Veat’s personal information protection team provided usage terms and conditions that clearly defined the specific criteria for prepaid refunds, in addition to providing comprehensive legal counsel that included a consent form related to personal information collection, which was optimized for the client’s service. The Law firm Veat’s personal information protection team provides differentiated legal counsel on client-specific usage terms and conditions necessary for the stable growth of the client’s service. Establishing a legal foundation for the service is a key element in enhancing its stability and trustworthiness. Therefore, please inquire about usage terms and conditions legal review services with Law firm Veat. Thank you. Law firm Veat