[Counsel] Legal counsel on the legitimacy of virtual currency issued by Company A

Article posted in 2019-10-02 14:55:39 | VEAT

VEAT Law Firm provided legal counseling concerning blockchain and virtual currency based on a request by Company A, a well-known issuer of foreign virtual currency. Company A performed Project B, one of the Top 10 Projects based on the world ICO investment amount in 2018.

Company A requested a legal review as to whether its virtual currency may be traded or circulated in Korea for its Project B. This law firm provided legal opinions as to whether the virtual currency of Company A violates any of the local statutes, including the Act on Capital Market and Financial Investment Business, the e-Financial Transaction Act, and the Act on Regulation of Similar Fund Raising Business, and also whether Company A's virtual currency falls under financial instruments or securities.

VEAT Law Firm performed the legal review of ICO (Initial Coin Offering) and White paper as well as corporate counseling on the operation of virtual currency exchange by organizing a team to provide counsel on the virtual currency with lawyers who had education backgrounds in engineering. In particular, Il-wun Ahn, the lawyer of VEAT providing counsel on the blockchain, majored in computer science at Yonsei University and served as a developer at Naver. He was appointed as a member of the Special Committee on IT and Blockchain of the Korean Bar Association.

Those in need of expert opinions on the laws of blockchain and virtual currencies are invited to contact VEAT via the following route.