Veat Academy 'Virtual Asset Industry Trends and Major Regulatory Status'

Reading the Flow of Change in the Virtual Asset Industry and Regulation
The virtual asset industry has been one of the fastest-growing industries over the past 10 years. From the initial stage represented by Bitcoin, it now extends to NFTs, DeFi (DeFi), STO (Securities Token), and metaverse assets, constantly expanding its scope and form. Consequently, the need for surrounding legal regulations has continuously been raised.

Technology always advances faster than the law, but the law and institutions must function as a framework to connect the industry and society stably, even if belatedly. Law firm Veat, as a law firm presenting practical solutions at the intersection of technology industry and regulation, operates a ‘VEAT Academy’ where members regularly learn and discuss together.

Development and Current Status of the Virtual Asset Industry
The first presentation of this academy was conducted on the theme of 'Development and Trends in the Virtual Asset Industry'. First, we reviewed the major issues of global and domestic virtual asset industries year by year over the past 7-8 years. Globally, the virtual asset industry is moving beyond a simple investment tool to a new form of digital finance, asset management, and content distribution structure. Particularly in the domestic market, it has started with the movement of the initial blockchain community, and the participants in the industry have diversified to include institutional financial institutions, listed companies, and global platforms, increasing the need for legal and institutional responses. With the emergence of new types of digital assets such as NFTs, stablecoins, and DAOs, there is a growing need for more refined and detailed regulations.

The second presentation reviewed the major regulatory frameworks affecting the virtual asset industry. Specifically, we organized and discussed the structure and flow of regulations, focusing on the Special Financial Information Act (and Enforcement Decree), Income Tax Act, Virtual Asset User Protection Act, and the Digital Asset Basic Act which is still in the proposal stage. The final presentation led to a discussion of Law firm Veat’s blockchain and virtual asset legal advisory status and future outlook. We shared the various forms of virtual asset advisory that Veat has performed, particularly learning and discussing the experience of complex practical issues such as virtual asset exchange business registration and operation advisory, NFT & STO platform structure review, token design and securities determination.

In the future, as regulations change, such as the enactment of the Digital Asset Basic Act, strengthening user protection obligations, and clarifying taxation criteria, demand for more detailed and precise legal advisory services is expected to increase, and it is also expected that providing advice that considers consistency with overseas regulations will become increasingly important. This academy was a meaningful time to check what role a law firm should play in the rapidly changing virtual asset regulatory environment, and how to proactively diagnose legal risks for companies and establish response strategies.

VEAT Academy: A Time for All Members to Study Together

VEAT Academy is more than just an internal seminar; it's a forum for members to systematically learn the latest industry trends and legal issues and share diverse perspectives. Positive feedback from the participating lawyers included “It was a beneficial time directly connected to practice” and “I was able to systematically understand the flow of legislative changes.”

This learning culture is aligned with the direction that Veat aims for. Veat considers it important for each member to continuously expand their understanding of changing industry and institutional environments, thereby adding deeper insights to practice and laying the foundation for flexibly and accurately responding to complex legal issues.

Veat has collaborated with a variety of industries, including technology-based startups, financial institutions, content platforms, and global blockchain projects, providing customized advice that considers both domestic and overseas regulatory frameworks. It is expected that the virtual asset regulatory environment will continue to change in the future, and Veat will continue to play a role as a law firm that can provide practical solutions at the intersection of technology and regulation.

Thank you.
Law firm Veat

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