Case Studies
[Consultation] Drafting and legal review of online shopping mall terms of service, personal information processing policy, and personal information consent form.
Law firm Veat provided legal advice regarding online shopping mall terms of service, personal information processing policies, and consent forms in response to a request from A, a company operating an online women's clothing shopping mall. A’s case utilized the standard online shopping mall terms of service used in online shopping malls, but it needed modification and supplementation due to the implementation of the revised Personal Information Protection Act on August 5, 2020. Accordingly, Law firm Veat provided legal advice incorporating changes in the Personal Information Protection Act. Law firm Veat provided guidance on the fact that SMS transmission of content related to marketing information must be separately obtained in accordance with Article 50 Paragraph 1 of the “Act on Promotion of Information and Communications Network Utilization and Protection of Information,” the fact that the content of inactive members must be reflected in accordance with Article 39-6 Paragraph 1 of the “Personal Information Protection Act” and Article 48-5 Paragraph 1 of the “Personal Information Protection Act Enforcement Decree,” and the necessity of obtaining separate consent in the case of third-party provision of personal information. Law firm Veat performs various tasks such as drafting various terms of service, personal information processing policies, and consent forms that are suitable for the various services provided by each company, based on understanding the content and type of service and the scope of obligations offered by each company. If you need forms during the online shopping mall operation process for electronic commerce such as terms of service and personal information processing policies, please contact Law firm Veat. Thank you.
[Legal Times] Best Law Firms in Korea, 'Venture and Technology Company Advisory' Excellent Law Firm Veat
Law firm Veat was featured in the “Best Law Firms in Korea” special edition for Legal Times’ 13th anniversary. Due to the fact that it has many lawyers from the engineering and technology field, Veat has been recognized for its distinctiveness and achieved 6th place in the M&A league table in the third quarter of this year, alongside major law firms. This is noteworthy. Law firm Veat will continue to be a partner that grows together with deep understanding of IT Business, Game Business, Start-up, Venture Capital, PEF and professional expertise through various case studies. Thank you. Law firm Veat
[202011] Monthly Veat 11th Issue_Revised Enforcement Ordinance of the Act on the Protection of Financial Information
https://stib.ee/RHe2 Law firm Veat
[SAFE Investment] Securities Acquisition Proxy
A, a venture capital company that has led various investments, conducted a SAFE investment with B, a foreign venture company.To carry out the SAFE investment process, Veat Law Firm acted as a representative for A, and conducted the securities acquisition reporting work, successfully completing it. Please note that this securities acquisition report is an image used as a reference, edited based on the actual cases handled by Veat Law Firm. What is a SAFE investment? It is a conditional equity acquisition agreement, and it is a very useful investment method when investing in early-stage companies where it is difficult to assess the value of the company immediately. Early startups have innovative ideas, technology, and unlimited potential, but lack revenue, assets, and other factors that make it difficult to calculate the value of the company, which can lead to significant time and energy consumption in traditional investment methods during valuation. When investing in early-stage companies where it is difficult to assess the value of the company immediately, Is it possible to postpone the valuation of the company and delay it until later? However, SAFE investment allows early startups to postpone the valuation of the company and delay it until later, and after supplying the investment funds to the company, the startup can receive a ‘formal investment’ by calculating the valuation later, allowing both the startup and the investor to make quick decisions. However, because the number of shares received by the SAFE investor varies depending on the valuation of the ‘formal investment’, you may be concerned that you will receive a smaller share than you initially expected. In this case, you can prevent these concerns by setting investment terms, so we strongly recommend consulting with a professional with extensive experience in SAFE investments. Veat Law Firm has a wide range of advisory cases related to SAFE investments, foreign investments, and securities acquisition reports, and provides legal advice that reflects the positions of both the startup and the investor based on its accumulated experience. If you need legal advice related to these matters, please feel free to contact Veat Law Firm. Thank you.
[Korean Bar Association News] Seeking Venture Investment and Growth by Integrating Relevant Regulations
Veat attorney Songdo-yeong Partner, An Il-un Senior Attorney attended the webinar related to venture capital law held on August 12th. During this webinar related to venture capital law, the Venture Capital Promotion Act (hereinafter referred to as the Venture Capital Act) key content and future operational tasks were discussed. If you need to check detailed information related to the webinar, please refer to the Korean Bar Association News article at
[Veon] Beyond regulation, towards the future! ‘Regulatory Sandbox’ Stories ③ ‘Hydrogen Charging Station’ Pilot Scheme Case
◆미래는 수소경제시대! 최근 정부는 내년까지 수소법을 개정해 2022년부터 수소 경제의 핵심축인 ‘수소 발전 의무화 제도(HPS)’를 도입하기로 발표하였다. 정부는 법으로 강제해서라도 환경친화적 수소 경제를 대폭 확대하겠다는 것이다. 더불어, 10월 30일 문재인 대통령은 현대차 울산공장을 방문해 “2025년까지 전기차·수소차 등 그린 모빌리티에 20조원 이상 투자할 계획”이라고 밝힌 바 있다. 이처럼 정부는 적극적으로 수소경제로의 진출을 추구하고 있으며, 수소경제 관련된 많은 신기술 신서비스들이 규제 샌드박스 제도를 활용하여, 기존 규제의 틀을 깨고 사업을 개시하고 있다. 현행 ｢고압가스 안전관리법｣에 근거하여, 자동차용 수소충전소는 ｢자동차관리법｣에서 정의하는 ‘수소자동차’만이 이용가능하며, 수소전기트램(열차), 수소지게차 등의 수소건설기계는 자동차용 수소충전소에서 충전할 수 없다. 더욱이 수소자건거, 수소드론 등의 소형 수소모빌리티 등도 수소충전소에서 충전할 수 없도록 하고 있다. 미래형 수소충전소는 수소자동차 뿐만 아니라, 다양한 수소모빌리티, 수소기계 들을 충전할 수 있는 통합형 충전스테이션이 되어야 함에도 불구하고, 현행 규제에 따르면, 수소충전소의 충전 대상은 제한적인 것이다. 이에 재단법인 창원산업진흥원은 창원시 의창구 대원동 소재한 덕정공원 일대에 통합형 수소충전소를 실증운영할 수 있도록 규제샌드박스를 신청하였고, 산업부가 이를 받아들여 수소트램, 수소건설기계, 수소이륜차, 수소드론 등 다양한 수소이동수단이 통합형 수소충전소에서 수소연료를 충전할 수 있게 되었다. 이제 수소모빌리티를 보유한 모든 이용자들이 하나의 수소충전소에서 충전서비스를 제공받을 수 있게 된 것이다. ◆수소경제 관련 신기술의 개발의 적기 2020년 1월 기준으로 전국에 운용중인 수소충전소는 연구용을 포함하여 총 34개로, 22개가 신규착공중에 있어, 총 56개의 수소충전소가 현재 운영중이거나 착공중이다. 그러나 정부는 올해 총 167개의 충전소 건립을 목표로 하고 있고, 앞서 언급한 바와 같이 정부가 강력하게 수소경제로의 전환을 추진하고 있어, 관련 산업의 미래가 밝다고 할 것이다. 이러한 추세에 따라 많은 기업들이 수소모빌리티 관련 규제 샌드박스를 신청하고 있으며, 수소전기트램, 액화수소 생산 및 저장제품 상용화, 수소드론 장거리 비행, 가정용 수소연료전지 발전시스템 등이 규제샌드박스로 지정되어 현재 추진되고 있다. 결국 기업들에게는 지금이 수소경제 관련한 신기술 개발의 적기라고 할 것이며, 각 기업들은 다양한 R&D 정부과제들 및 규제샌드박스를 적극 활용하여 수소경제산업을 선점할 수 있을 것으로 보인다. ◆규제샌드박스 제도 확인하기 수소경제 뿐만 아니라 신기술·서비스의 도입은 기존 규제를 넘어선 기술에 의해서 가능하므로, 기업들은 규제샌드박스 제도를 적극적으로 활용하여 연구개발의 걸림돌을 제거할 수 있다. 법무법인 비트는 정부부처와 함께 200여건이 넘는 규제 샌드박스 과제를 검토한 경험을 바탕으로, 새로운 기술 또는 서비스에 적용되는 법적 규제의 범위를 파악하고 사업화 방안을 안내하고 있으며, 실제 규제샌드박스 신청과 관련하여 많은 기업, 사업자들이 궁금해 하는 신청 절차, 지원 프로그램 등에 대해 설명하고자 한다.
[Consulting] Review of Operating Policies of Virtual Currency Exchanges
Law firm Veat provided comprehensive legal counsel in the process of establishing internal operating policies based on a referral from A, a major virtual currency exchange company. 1. Overview of the Advisory A, the largest virtual currency exchange company in Korea, felt the need to consolidate its internal and external operating policies during its growth phase and requested legal counsel from Law firm Veat. The core of this advisory focused on establishing operating policies related to trading with other virtual currency exchanges and internal controls for employees, while also ensuring that these established policies would not conflict with newly enacted government regulations or existing laws. 2. Law firm Veat’s Advisory Law firm Veat analyzed areas of A’s operating policies that could potentially pose legal issues in the future, based on its understanding of regulatory trends in Korea and other countries. In addition, it referenced laws and regulations applied to the securities industry, which is most similar to the virtual currency exchange industry, and provided recommendations and proposals for modifying A’s established operating policies. Due to issues arising concerning virtual currency exchanges, the government has recently been reviewing various regulations for virtual currency exchanges. This has caused considerable confusion for the exchange’s position, as there are no existing enacted regulations, and it is difficult to predict the form they might take if specific regulatory proposals are enacted. Law firm Veat provided comprehensive virtual currency legal counsel, including the Capital Markets Act and Foreign Exchange Transaction Act, to ensure A’s successful completion of the process of establishing internal operating policies.
Proposed amendment to the Act on the Protection of Financial Information, and will Oderbook sharing be affected?
The Financial Services Commission announced the amendments to the “Act on Reporting and Use of Specific Financial Information” (hereinafter referred to as the Specific Financial Information Act) effective March 25, 2021. The purpose of these amendments is to align with international standards and promote transparency in virtual asset transactions. Specifically, the revisions address concerns raised by the National Assembly’s Committee on Finance and seek to enhance transparency in virtual asset transactions. The amendments cover the scope of virtual asset businesses and assets, reporting documents and procedures, and the criteria for initiating real-name verified deposit and withdrawal accounts, as well as the criteria for providing information during virtual asset transfers. Furthermore, the amendments aim to reflect the recommendations of the Financial Action Task Force (FATF) and restrict transactions involving high money laundering risks. Violation of these provisions could result in a fine of up to 1 billion won. Veat Law Firm provides comprehensive legal advisory services related to virtual assets, leveraging its broad understanding of the sector. Veat Law Firm is a key domestic partner leading the legal market in the virtual asset industry and will continue to support clients in navigating the uncertainties of the virtual asset business environment. Clients seeking legal review related to the Specific Financial Information Act amendments should contact Veat Law Firm. Thank you.
[News] Partner Attorney Songdo Young attends the comprehensive discussion panel of the International Academic Conference of the Food Safety Information Center.
Veat attorney Songdo-yeong Bae participated as a panelist in the international academic conference on the topic of ‘Food Industry Development and Regulatory Sandbox’ that was held through a live broadcast on YouTube on April 4th. This academic conference was held to discuss the current status of regulatory sandboxes in the food sector domestically and internationally, in order to contribute to the promotion of the food industry with ensured food safety. The Food Safety Information Center plans to exchange knowledge and expertise with food safety experts based on this academic conference, and to explore progressive directions to establish regulatory sandboxes as institutional frameworks. Thank you.Veat Dream Law Firm
[Consulting] Legal advice regarding e-commerce application traffic reports.
A Company, which operates an e-commerce application, requested a legal review from Veat Law Firm regarding traffic reports written by B Company, a traffic report research agency, requesting a prohibition against their creation. B Company collected application traffic data from A Company without consent and created traffic reports, causing A Company difficulty. Accordingly, Veat Law Firm conducted a review to determine whether B Company could claim rights as the owner of traffic data, copyright holder, and subject of personal information, as well as whether the B Company’s traffic data publication constituted a violation of the Information and Communications Network Act and whether it could be considered defamation. They provided a comprehensive legal opinion. Due to its expertise in ‘IT/Technology’ and ‘Law,’ Veat Law Firm quickly and accurately identifies customer needs and performs its duties as a corporate advisory/legal counsel. If you need IT-related legal advice, please contact Veat Law Firm. Thank you. Veat Law Firm