[Digital Healthcare] Opinion Paper on the Legal Review of Prepaid Electronic Payment Methods and Electronic Financial Transaction Act

Law firm Veat undertook a legal review and prepared an opinion regarding whether the customer’s current point and settlement methods within the platform operated by the client company are in violation of the current “Electronic Financial Transactions Act.”

Law firm Veat meticulously examined whether the points constituted prepaid electronic payment instruments and the grounds for exemption from registration. Particularly, it conducted a comprehensive legal review to determine whether these criteria applied and, regardless of their application, whether the exemption from registration could be applicable.

Law firm Veat provided guidance on the settlement methods, incorporating the official position of the Financial Supervisory Service, the relevant department, and interpretations under the “Electronic Financial Transactions Act.”

Many companies utilize prepaid electronic payment instruments and convenient payment services, and given the significant social impact caused by sudden service interruptions, the relevant authorities are closely monitoring compliance with the “Electronic Financial Transactions Act.” Therefore, we advise you to proceed safely and accurately with the registration procedure and required requirements as defined in the “Electronic Financial Transactions Act” through legal experts with extensive knowledge of the law.

Law firm Veat was selected as one of the “Law Firms to Watch in Fintech Financial Services/Technology-Based Startup Advisory” in the LEGAL 500 ‘2023 category, demonstrating its expertise and providing legal advice on numerous fintech financial services based on its extensive experience in advising on these services.

Thank you.

Law firm Veat.