[Platform] Blockchain Startup, "If it doesn't work in this country, will it work in a sleepy country?"

Recent trends among startups include targeting the domestic market alone rather than the global market from the outset, and, particularly when utilizing blockchain technology, there are many cases of business models with no border restrictions. You might have conceived an amazing business idea and, when you worry about legal issues or uncertainties within this country, you might think, “If it doesn’t work here, it should work somewhere else.” It’s a natural progression to seek the advantages of actively exchanging with technology companies and investors gathered from all over the world and to explore opportunities for business expansion. Many blockchain startups have already moved to countries like Singapore, where regulations and licensing requirements are more realistic.

Amidst this, the number of existing blockchain virtual asset companies and startups, whose uncertainty has increased since the implementation of the Act on Reporting and Use of Financial Transaction Information (hereinafter “Financial Transaction Reporting Act”) amended in late September, are increasingly considering overseas business. That is, they are contemplating establishing a company (or transferring it) abroad and conducting business from there, while considering whether they will be subject to obligations under the Financial Transaction Reporting Act regarding their business models, or whether the business will be restricted as a result.

Platinum_Law Firm Veat ‘Stories Curious for Startups’ Column Series – Part of a Collection

Sungwoo Seok Senior Foreign Attorney at Law Firm Veat contributed a column to the blockchain and Financial Transaction Reporting Act-related column to the startup-focused media platform, Platinum.

For more detailed information, please refer to the original text of the Platinum column posted here: Platinum.

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