Case Studies
[CoinDesk Korea] Sungwoo Seok Senior Foreign Attorney sends congratulatory message on CoinDesk Korea's 5th anniversary
Law firm Veat partner foreign lawyer Sungwoo Seok delivered a congratulatory message to CoinDesk Korea’s 5th anniversary celebration. In response to CoinDesk Korea’s 5th anniversary, a major blockchain media in Korea, partner foreign lawyer Sungwoo Seok of Law firm Veat delivered a congratulatory message. In the congratulatory message, partner foreign lawyer Sungwoo Seok sincerely congratulated CoinDesk Korea’s 5th anniversary and said, “The latest information provided by CoinDesk Korea on domestic and international blockchain industries and regulatory environments is greatly helpful in considering ‘how to do it,’” and wished for the development of CoinDesk Korea. Partner foreign lawyer Sungwoo Seok previously served as a senior legal advisor for Binance, the world’s largest virtual asset trading platform, and provides consultations on various domestic and international blockchain projects and exchanges regarding virtual asset issues. He offers professional opinions based on his deep insights. You can confirm partner foreign lawyer Sungwoo Seok’s congratulatory message through the following link. (Article link: [CoinDesk Korea] Partner Lawyer Sungwoo Seok: “Decode is a media that crypto lawyers can trust.”) Thank you. Law firm Veat.
[Healthcare] Review of legal matters regarding whether medical devices and wellness products fall under healthcare.
Law firm Veat undertook legal review on behalf of healthcare platform A regarding whether the healthcare platform constitutes a medical device. A provides services through its platform using an AI system that learns medical big data based on user’s health information. Therefore, A inquired to Law firm Veat regarding whether the customer’s platform, which provides healthcare services, constitutes a medical device. Law firm Veat comprehensively examined the possibility that A’s platform-provided healthcare services fall under the definition of a “medical device” as stipulated in the ‘Medical Device Act,’ and, according to relevant agency guidelines, products that aim to maintain or improve general health conditions, without the purpose of diagnosing or treating diseases or medical conditions, are considered medical devices. Furthermore, Law firm Veat provided legal review guidance regarding inquiries about whether the customer’s services fall under the category of wellness products, such as those mentioned in the guidance of the Ministry of Food and Drug Safety as examples of general wellness products. Generally, wellness products are defined as products that simply present analytical results based on specific numerical values or transmit, output, or analyze health data for general health management purposes. With the development of technologies such as IoT and artificial intelligence, various products combining these latest technologies with medical devices and health aids are being developed and launched. Careful examination is necessary to ensure compliance with relevant regulations such as the ‘Medical Device Act’ and procedures. Law firm Veat is staffed with engineers and lawyers who simultaneously understand ‘digital, IT/technology’ and ‘law’, providing comprehensive legal consulting for digital healthcare and wellness fields. If you need legal advice regarding whether the technology being developed or conducted falls under the category or in order to grow as a healthcare company, please contact Law firm Veat. A digital healthcare lawyer from Law firm Veat will assist you. Thank you. Law firm Veat
[Mergers and Acquisitions] Legal consultation for the transfer of business rights between foreign and domestic companies.
AI technology-based startup A Co. requested legal advice from Law firm Veat regarding transactions in which a domestic entity transfers its business to a foreign entity. A Co. requested that a legal review be conducted regarding foreign exchange transactions and business transfers necessary for conducting a transaction in which a domestic entity transfers a specific business segment to a foreign entity. Law firm Veat provided A Co. with a business transfer agreement drafted and comprehensively provided advisory services related to business transfers, including asset/contract transfers. Business transfer refers to the merging of a company organization and the transfer of rights and legal status according to the business purpose. This method enables selective acquisitions, and legal succession is carried out for debts related to the business, which reduces the burden of debt held by the company. When conducting foreign exchange transactions due to reasons such as financial transactions and M&A, it is necessary to comply with the procedures stipulated in the Foreign Exchange Transactions Act, and to ensure safety by consulting with lawyers who have extensive experience in M&A and the Foreign Exchange Transactions Act. Law firm Veat, which topped the Bloomberg M&A League Table in 2022, and was a Finalist in the Korea Deal Firm category of the ‘ALB Korea Award 2022’ for two consecutive years, proves its expertise in M&A legal advisory services. Law firm Veat operates the Overseas Investment Reporting Center to allow you to smoothly and quickly conduct complex foreign exchange reporting. If you need comprehensive legal advice on M&A, business transfers, and foreign exchange reporting, please contact Law firm Veat. Thank you. Law firm Veat
[Investment] Legal Review of New Share Subscription Agreements through Physical Asset Subscription
A Corporation commissioned Law firm Veat to conduct legal review of the share subscription agreement through asset contribution and acquisition of new shares for investing in venture companies and to register patents via asset contribution. Generally, the method of providing cash to the company and acquiring new shares is followed, but the “Companies Act” regulates asset contribution, where assets are provided to the company instead of cash and new shares are acquired in exchange. Usually, in practice, asset contribution conversion through netting is carried out to achieve similar effects to asset contribution, but in some cases, it is necessary to acquire new shares through strict asset contribution as defined in the Companies Act. Law firm Veat considered all such circumstances and drafted an investment agreement for investing in venture companies and registering patents via asset contribution and acquisition of new shares, and provided legal advice on procedures and contractual terms related to the investment agreement. Unlike clear cash, in asset contribution, there must be a clear agreement on the value of the assets, and it must be detailed in the agreement based on the agreed-upon content regarding the issuance and acquisition of shares. When discussing matters related to investment and the issuance and acquisition of new shares, it is important to carefully examine whether it is appropriately drafted regarding clear agreements on conditions, unfavorable parts, and matters related to obligations. It is highly recommended to consult with a lawyer who has extensive experience in investment to proceed with the share subscription agreement and legal review. Law firm Veat, as a global leader in the investment sector and was selected as a Finalist in the Korea Deal Firm category at ‘ALB Korea Award 2022’ for two consecutive years, and ranked TOP5 in the 2022 annual Bloomberg M&A league table, demonstrates its capabilities in investment advisory. If you have any questions regarding share subscription agreements and investment legal advice, please contact Law firm Veat. Thank you. Law firm Veat.
[CoinDesk Korea] Song Woo-seok Senior Foreign Attorney_Interview related to Coinbase's hearing at the U.S. Supreme Court
Law firm Veat’s senior foreign lawyer, Sungwoo Seok, regarding the key issues and background of U.S. Supreme Court proceedings on major virtual asset exchanges, conducted an interview with CoinDesk Korea, a major blockchain media in Korea, to provide an analysis. Law firm Veat meticulously analyzes global regulatory trends and dispute situations related to the blockchain industry, proactively identifying their impact on the industry and providing legal counsel based on this understanding. Please refer to the detailed interview content in the article below, and please contact Law firm Veat if you have any inquiries related to this interview. Sungwoo Seok, senior foreign lawyer, previously served as legal counsel for Binance, the world’s largest virtual asset exchange, and provides advice on various issues, including virtual assets, anti-money laundering (AML), cross-border M&A, and blockchain projects and exchanges domestically and internationally. Law firm Veat accepts requests from blockchain companies, cryptocurrency exchanges, and other cryptocurrency-related companies, including legal review of virtual asset sales agreements, SAFT agreements related to virtual asset investments, and legal counsel regarding blockchain business with its
[STATISTA] 2023 Asia-Pacific Region's High-Growth Companies "Law Firm Veat" Selected
The financial newspaper, Financial Times (FT), and global research specialist Statista have announced that Law firm Veat has been selected as a ‘2023 Asia-Pacific High-Growth Enterprise’. The joint survey conducted by Financial Times and Statista selects 500 companies among the 13 countries in the Asia-Pacific region, which have the highest revenue growth rate since 2018. In this survey, Law firm Veat was selected as the only law firm in South Korea in the ‘Legal & Accounting Services’ category. Law firm Veat has grown together with more than 500 companies and startups, from early-stage startups to unicorns and dekacorns, accumulating Veat’s expertise. Notably, Law firm Veat has partners such as Seongho Choi, Representative Attorney, who graduated from a engineering university and understands IT and law simultaneously, Songdo Young, Representative Attorney, who holds the most track record of regulatory sandbox legal advisory, Baek Seungcheol Partner Attorney, recognized by the Korea Bar Association as ‘IT specialized’, Jo Eunbyeol Partner Attorney, a top legal counsel at the Personal Information Protection Committee, and An Il-won Partner Attorney, a developer who has a high understanding of virtual assets and blockchain. Each of them provides expert legal advice to companies in their respective fields. Furthermore, Law firm Veat is a global leader that ranks in the top 5 in the Bloomberg M&A league table and provides professional legal advice based on Veat’s experience gained in M&A and business operations to many companies. Recently, it was also selected as a ‘Fintech Financial Services/Technology-based Startup Advisory’ firm to be noticed by THE LEGAL 500, a international legal firm ranking institution. Law firm Veat believes that the reason for high growth is due to the unwavering support from its clients and will continue to provide legal advice filled with Veat’s expertise to accompany clients’ adventures and growth. Thank you. Law firm Veat Dream.
[Startup Investment] SAFE (Shareholders Agreement) Investment Agreement Drafting and Related Foreign Exchange Transaction Reporting Legal Advice
Law firm Veat undertook the process of drafting SAFE (Conditional Equity Purchase Agreement) investment contracts and related foreign exchange reporting procedures in response to a commission from educational platform A Corp. Law firm Veat reviewed investment term sheets required for overseas venture capital firms to conduct SAFE investments in Korean startups, and based on this, we performed all foreign exchange transactions necessary for this case, including drafting Korean and English SAFE investment contracts. In the case of SAFE, the ‘Act on Promotion of Venture Investment’ stipulates the conditions under which venture capitalists can invest in SAFE, and we provided guidance on related content. A Conditional Equity Purchase Agreement is a contract without a repayment maturity date for the investment amount and without interest, and is conducted in the early stages when it is difficult to estimate corporate value, and the equity is determined according to the corporate value if it is evaluated. When an overseas company conducts an SAFE investment contract, it is necessary to examine related laws such as the Foreign Exchange Transactions Act before transferring funds from overseas to Korea, and it is necessary to check whether the procedure needs to be carried out. If the reporting obligation is missed, a penalty may be imposed, so please confirm with a legal expert. Law firm Veat operates the ‘Overseas Investment Reporting Center’ to ensure the smooth progress of foreign exchange reporting business. If you need legal advice regarding the process of conducting foreign exchange transactions, such as SAFE (Conditional Equity Purchase Agreement), please contact Law firm Veat. Thank you. Law firm Veat.
[eKorea] An Il-won Partner Lawyer_Interview on Liability Regarding Voice Phishing Cases Utilizing AI
Veat attorney An Il-won partner conducted an interview with iKorea and AI to discuss the liability regarding voice phishing using AI and the advantages and disadvantages of voice using AI, including concerns about the misuse of voice in crimes. Please refer to the article below for more detailed interview content. If you have any inquiries related to this interview, please contact Veat Law Firm at any time. An Il-won partner attorney graduated from Yonsei University, Department of Computer Science and Engineering, and worked as a Manager at Naver Corporation Search Development Center, responsible for the development and research of search engines. An Il-won partner attorney specializes in the technical expertise and experience in the IT field, focusing on 4th Industrial Base services such as artificial intelligence, IT/software, virtual assets, and M&A/investment advisory. He has performed various tasks, including legal due diligence and drafting investment agreements for AI startups, receiving a commission from an AI startup to provide legal advice regarding the feasibility of building neural networks using online news articles and AI voices, reviewing legal contracts for AI algorithm development, and legal due diligence and drafting investment agreements for AI startups. iKorea_AI Voice Pros and Cons, Concerns about misuse of voice in crimes. Thank you.
[Corporate Legal] Drafting Domain Registration and Transfer Agreements
Law firm Veat was commissioned by IT Solution Development A Corp. to handle domain registration and transfer, as well as agreements related to other parties' domain ownership. IT Solution Development A Corp. had been maintaining the domain in the name of the company by having another company handle the registration. They requested a contract drafting to return the domain to their own name. Law firm Veat conducted a legal review to determine if a party without proper legal grounds could legitimately own a domain name including another company’s name, and reviewed related legal issues under the “Act on Prohibition of Unfair Competition and Protection of Trade Secrets” and the “Trademark Act,” providing guidance. Regarding domain names, we recommend consulting with legal experts and carefully reviewing the actions of individuals without proper legal grounds selling or leasing domain names that are identical or similar to another party’s name, trademark, or other signs that are widely recognized in Korea, if the purpose is to sell or lease domain names for the purpose of commercial gain, or to interfere with the registration and use of domain names. Law firm Veat is a
[Corporate Legal] Drafting and Legal Review of OEM Product Supply Contracts
Law firm Veat undertook the request of OEM product supply agreement drafting and legal review for A Company, a manufacturing client. Law firm Veat prepared provisions regarding the minimum order quantity and deadline for quantities agreed upon between the client and the counterpart to ensure that orders could be secured for those quantities, and briefly drafted provisions regarding inspection and product liability terms to be as advantageous as possible for the client. In particular, Law firm Veat drafted provisions to not assume responsibility for defects occurring after inspection and delays caused by the carrier’s fault, considering structural aspects, and carefully reviewed the legal review of the provisions regarding the lowest sale price to determine if it could be added considering it could fall under unfair trade practices regarding resale price maintenance. Furthermore, a prohibition on sales through a third party was also separately reviewed by legal experts to prevent its inclusion. When drafting the OEM contract, it is important to clearly note items such as confidentiality, intellectual property rights, and prices, considering the structural aspect of commissioned production, so we recommend conducting a check to ensure there are no unfavorable points and that all clearly noted items are present. Law firm Veat, based on its experience providing supply agreements to a diverse range of companies, including OEM product supply agreements, is a partner in growth for companies that require legal review of supply agreements. If you need a legal review of a supply agreement, such as an OEM product supply agreement, or require regular corporate legal advice, please feel free to contact Law firm Veat. Thank you. Law firm Veat