Case Studies
Songdo Young, "Metaverse Comes" Expert Roundtable Participation
Veat’s partner lawyer Songdo Young participated in an expert dialogue held in a metaverse space by Electronic Times as its year-end special project. During the seminar, lawyer Songdo Young met with industry experts, including five experts and a moderator, as avatars in a metaverse space to discuss the metaverse as seen from the metaverse. Experts from various fields, including industry and law, gathered to discuss various perspectives related to the metaverse, including the current status of the domestic metaverse industry, core metaverse technologies, and metaverse-related legal system issues. It was a forum that provided an opportunity for understanding. Lawyer Songdo Young presented various legal issues under the topic of “What are the issues related to metaverse legal systems?” Particularly, he noted that issues related to the Game Act and NFTs were frequently discussed, and as a legal expert, he offered his opinion regarding the situation, which is drawing criticism of reverse discrimination compared to overseas countries. If you are curious about the specific details of the seminar held today, please refer to the link below. – [Year-end project: Metaverse comes] <h>Metaverse as seen from the metaverse Thank you.
[Lecture] Senior Partner Attorney Seo Seungjong, for Seoul Bar Association Attorneys, Copyright Law Lecture
Veat Attorney Oh Seungjong will conduct the 19th Knowledge Information Rights Training Center online lecture hosted by the Seoul Bar Association on February 9, 2022. Notably, the target of this lecture is a lawyer who is a member of the Seoul Bar Association, rather than the general public or entrepreneurs. In this lecture, which will be conducted via real-time video conference, Attorney Oh Seungjong will lecture on the requirements for the establishment of works and dispute cases. Attorney Oh Seungjong passed the 26th Judicial Examination in 1987 and began his judicial career as a judge at the Seoul Central District Court. Subsequently, he served as a judge at the Eastern Branch of the Seoul Central District Court, Gangneung Branch of the Chuncheon District Court, Northern Branch of the Seoul Central District Court, and served as a judge at the Seoul Central District Court. In 1997, he served as a professor of patents, trademarks, copyright laws, etc. at the Judicial Training Center. In addition, he has actively participated in numerous copyright practical affairs, including as a member of the Copyright Review and Mediation Committee, a professional expert of the Broadcasting Communication Committee, the Chairman of the Korean Copyright Committee, and the President of the Korean Copyright Law Association. Thank you. Veat Dream
Law firm Veat ranked 4th in the final Bloomberg M&A league table for 2021.
Law firm Veat achieved 4th place in the 2021 Bloomberg M&A League Table (based on the number of transactions) according to 2021 Bloomberg M&A League Table. Law firm Veat conducted legal advisory services for 99 transactions (based on transaction amount exceeding 1 billion won) during the past year. As a result, it recorded 4th place, a 2-tier rise from 6th place in the previous year, and was able to conclude the fiscal year 2021. Legal Times also paid attention to the fact that Law firm Veat, along with boutique law firms, occupied the top 10 in the M&A super cycle in 2021, which recorded the highest ever record by Bloomberg, based on the number of transactions. (See related article) Law firm Veat successfully concluded many deals with a scale of over 1 billion won during the past year, along with the growth of numerous venture startups. We will continue to demonstrate our commitment to supporting the stable growth of our clients with our rich experience and skills. Thank you.
"Are you sending discount coupons for member registration events, birthday coupons, and discount benefits smoothly to members?"
In today’s world where online shopping is the dominant trend, notification messages are constantly sent to members to encourage them to sign up for shopping malls and receive coupons for registration, birthday coupons, and discount benefits. However, if these notifications do not fall under any special exceptions, they should not be sent without the member’s consent. Shopping malls are businesses that operate for profit, and coupons, mileage points, and other benefits offered by businesses may include promotional purposes to encourage the use of the related products and services. Therefore, these coupons and mileage points are, in principle, advertising information. Nevertheless, the ‘Information and Communications Network Act’ (hereinafter referred to as the “Information Network Act”) stipulates that anyone who transmits advertising information for commercial purposes using an electronic transmission medium must obtain the explicit consent of the recipient, thereby fundamentally restricting the transmission of advertising information. Free newsletters, even if they are intended to help members, are likely to be an exception. Even push messages from applications installed on smartphones, if the content falls under advertising information, can be considered commercial advertising information, requiring the recipient’s explicit consent. Specifically, given that the explicit consent mentioned above should be obtained, the business should clearly inform the member or user that they may receive advertising information in the future upon agreeing to receive notifications, separate from the terms and conditions of use and personal information collection and use consent, through a separate checkbox. In particular, based on the ‘Guide to the Information Network Act for Preventing Illegal Spam’ published by the Broadcasting Commission and the Korea Internet Corporation, the guide indicates that advertising information consent is included in the terms and conditions, and obtaining consent through the terms and conditions includes advertising information consent, but in the most recently published 5th revised edition, the instruction on obtaining explicit advertising information consent through the service terms and conditions has been deleted, leading us to recommend obtaining explicit consent from members or users through a checkbox. In addition to this, there are many considerations to be made when sending advertising information, such as nighttime notification consent, mandatory disclosures when sending advertising information, methods for refusing receipt, and notification of the results of processing. Despite this, many services are currently sending advertising information indiscriminately, such as installing and running apps without actually using them, or continuously offering discount events without the member’s consent. Of course, not all information transmissions require consent. Exceptionally, if the information is necessary to be transmitted regarding the contract and transaction details agreed upon between the sender and recipient, it can be recognized as an exception to advertising information and transmitted without the recipient’s explicit consent. Furthermore, a business that collects contact information through direct transactions after a transaction has ended can also transmit advertising information related to similar goods or services. However, most benefit alerts, which do not fall under these exceptions, must be obtained through the member’s consent. Even if the intention is to provide members with beneficial benefits, if the information is classified as advertising information, the member’s explicit consent must be obtained. If notices are provided without prior consent, despite the member’s unwillingness to receive benefit alerts, there is a risk of a fine under the Information Network Act, as well as considerable inconvenience for many members. Therefore, before sending benefit alerts to members, it is necessary to carefully consider whether the information falls under advertising information, whether prior consent has been obtained, and whether all necessary details are included in the transmission.
[Money Today] An Il-won Partner Attorney_NFT whose investment value has increased, may be treated as securities?
MoneyToday “NFT, the investment value is increasing, the securities industry is ‘looking around’… ‘Securities’ – there is a possibility of interpretation upwards "Article featuring an interview by partner lawyer An Il-won of Law Firm Veat. Recently, with the rapid rise of non-replaceable tokens (NFTs) and the resulting issues, various economic and legal interpretations are being discussed. Please refer to the link below for detailed article content. If you need legal advice regarding NFTs, please contact Law Firm Veat. If you’re talking about preserving something like content, it wouldn’t necessarily raise questions about securities. It’s a more recently developed form of NFT, isn’t it? There are aspects that can be treated as securities, especially when viewed legally, appearing in small amounts… -MoneyToday, NFT, the investment value is increasing, the securities industry is ‘looking around’… ‘Securities’ – there is a possibility of interpretation upwards " , An Il-won Partner Lawyer Interview excerpt- *Original Article Link* [MoneyToday] NFT, the investment value is increasing, the securities industry is ‘looking around’… ‘Securities’ – there is a possibility of interpretation upwards " Thank you.
Law firm Veat, "ALB Korea Law Awards 2021" 3 category Finalist selected
Law firm Veat was selected as a finalist in three categories – Korea Law Firm of the Year, Korea Deal Firm of the Year, and Boutique Law Firm of the Year – at the ALB Korea Law Awards 2021, hosted by the legal publication ALB. As the 9th anniversary of the ALB Korea Law Awards, it is an awards ceremony held annually by Asian Legal Business (ALB), a regional legal media of Thomson Reuters, and selects outstanding law firms, deals (business performance), and other categories through the evaluation of an external judging panel composed of law firms, legal associations, and related industry experts. Law firm Veat was recognized for its unique expertise and competitiveness in the three categories – Korea Law Firm of the Year, Korea Deal Firm of the Year, and Boutique Law Firm of the Year – as a finalist. Upon reviewing the various business cases performed by Law firm Veat this year, we could feel the remarkable growth of Law firm Veat. Law firm Veat provided counsel on legal issues inevitably encountered in the process of running startups and companies, as well as actively participated in various areas such as IT, intellectual property rights, regulatory sandbox, investment, M&A, etc. Notably, in the investment and M&A sectors, it successfully closed deals exceeding 1 billion won, which were previously considered a privilege of major law firms, attracting attention. In addition, through regulatory sandbox counsel, it became a growth partner for more venture · startups. ALB Korea Law Awards 2021 for more detailed information, please refer to this link. Thank you.
[Platform Column] Will NFT coins be classified as securities?
The subject of NFT ownership has started with digital files or game items and metaverse content, but is gradually moving to physical assets. Notable examples include artwork and music. Recently, ownership rights of items with collector value, such as celebrity and idol memorabilia and merchandise, have begun to be sold as NFTs. In particular, physical asset-based NFTs are being studied from a legal perspective. Meanwhile, there are ongoing disputes regarding whether the token/coin falls under the definition of “securities” in financial regulations. If a coin is interpreted as a security from a legal standpoint, it will be subject to various regulations similar to other financial investment products such as stocks and bonds. The U.S. Securities and Exchange Commission is leading the way in determining the securities status of each coin, but a full-scale discussion has not yet taken place in Korea. However, unlike existing virtual currencies, NFTs represent ownership of physical assets. Considering that REITs, which divide and issue ownership and revenue of real estate as securities and trade them freely, are widely known in the market, NFTs have the potential to be classified as securities depending on their nature and form. Partner Attorney An Il-won contributed a column to Platum regarding NFT coin legal issues. Please check the Platum column for more detailed information. If you need legal consultation related to NFTs, please feel free to contact Law Firm Veat. Thank you. Law Firm Veat
[Platform Column] Discount coupon for registration, can be sent without problems to members?
In today’s era, where consumption through internet shopping malls is taking the lead, members are constantly receiving notifications to provide benefits, such as membership registration commemorative coupons, birthday commemorative coupons, and discount benefits. However, these notifications should not be sent without a member’s explicit prior consent if they do not fall under special exceptions. Shopping malls are fundamentally businesses engaged in profitable activities, and coupons, mileage, etc., related to products and services provided by businesses may include promotional purposes to encourage the use of those products and services. Therefore, these coupons and mileage are, in principle, advertising information. However, the “Act on Promotion of Information and Communications Networks 이용 및 Information Protection” (hereinafter referred to as the “Information and Communications Network Act”) stipulates that anyone sending commercial advertising information using electronic transmission media must obtain the explicit prior consent of the recipient, thus fundamentally restricting the transmission of commercial advertising information. Free newsletters, even if they are helpful events for members, are likely to be an exception. 플래텀_법무법인비트 ‘스타트업이라면 궁금할 法한 이야기’ 칼럼 시리즈 중 일부 Park So-hee, a lawyer at Law Firm Veat, who has provided various legal consultations related to personal information and the Information and Communications Network Act, has published a column on Platum, a startup-specific media, regarding legal issues that many companies overlook. For more detailed information, please refer to here. Thank you.
Songdo Young Partner Attorney Participated in a Discussion Event to Establish a Preferred Amendment Proposal for the Integration of the Personal Information Protection Act.
On November 22nd, a discussion forum titled "Draft for Integrated Personal Information Protection Act: Establishing a Beneficial Revision Plan" was held at the National Assembly Library’s main hall, with Mr. Song-yeong Park, Partner Attorney of Law Firm Veat, serving as the moderator. This discussion forum for establishing a draft for the Integrated Personal Information Protection Act was conducted in three stages: 1) Directions for legal revisions to establish a safe personal information processing environment, 2) Directions for legal revisions to ensure the right to move personal information and activate MyData, and 3) A discussion forum for establishing a draft for the Integrated Personal Information Protection Act. For detailed information related to the discussion forum, please refer to the following article. National Assembly Discusses Personal Information Protection Act… “Fines and MyData Regulations Need to be Adjusted” – ZDNet Korea "The Problem of Fines in Violation of Personal Information is Large" – Digital Times Thank you. Law Firm Veat
Law Firm Veat - Legal Review of Freight Transport Contracts
A Corporation, which operates an online shopping mall, requested a legal review of the freight transport agreement with the carrier during the process of signing the agreement with Law firm Veat as a shipper. There were no unfavorable points for A Corporation. Law firm Veat first verified that the freight transport agreement was mixedly used with the concepts of shipper and consignor and clearly recorded ‘principal’, ‘shipper’, and ‘consignee’ in accordance with the Commercial Transactions Act. In addition, it checked clauses that were disadvantageous to the client company regarding freight change clauses, etc., and provided a review opinion in a direction that was not disadvantageous to the client. Law firm Veat provides practical help in preventing problems that may occur during the growth of a startup and in smoothly resolving disputes. If you need any legal review during the company operation process, including freight transport agreements, please contact Law firm Veat. Thank you. Law firm Veat