[Consultation] Review of whether a virtual asset business operator registration target is applicable for virtual asset investment services.

Law firm Veat received a request from online fintech company A for reviewing whether the company fell under the “Act on Reporting and Use of Specific Financial Transaction Information” (Specific Financial Transaction Information Act) regarding virtual asset businesses.

Online fintech company A, while preparing a virtual asset investment platform, was concerned about whether it qualified as a virtual asset business and virtual asset transaction agent, so they requested legal advice from Law firm Veat.

Accordingly, Law firm Veat, based on the “Specific Financial Transaction Information Act” and the Financial Services Commission’s Virtual Asset Business Registration Manual, provided legal review opinions regarding the virtual asset transactions, item recommendations, investment lectures, and buy recommendations conducted on the virtual asset platform, and the necessity of virtual asset business registration and whether virtual asset transaction agent and virtual asset transaction brokerage were applicable.

According to Article 2 of the “Specific Financial Transaction Information Act,” a virtual asset business is defined as ‘a person engaged in the business of selling • buying, exchanging, transferring, storing • managing, brokering • introducing virtual assets.’ The Financial Services Commission’s Virtual Asset Business Registration Manual provides examples to help understand the scope of virtual asset businesses, however, from a corporate perspective, it may be difficult to determine whether their virtual asset service and platform are subject to virtual asset business registration.

Law firm Veat provides professional legal advice based on its experience advising numerous virtual asset and blockchain companies regarding virtual asset investments and virtual asset services.

If you need legal advice regarding virtual asset investment, virtual asset-related services, virtual asset business registration, or whether a virtual asset business is applicable, please feel free to contact us at any time.

Thank you. Law firm Veat