Whether it is a virtual asset business operator, specialized legal review by Law firm Veat.

Law firm Veat conducts a legal review of whether a virtual asset operator company falls under the jurisdiction of “Act on Reporting and Use of Specified Financial Transaction Information” (Specific Financial Transaction Information Act) when a domestic entity establishes a subsidiary overseas and the subsidiary engages in virtual asset operations.

In cases where a domestic entity establishes a subsidiary overseas and the subsidiary conducts virtual asset operations, the domestic entity meticulously examines the business structure and activities to determine if it is classified as a virtual asset operator under “Act on Reporting and Use of Specified Financial Transaction Information” (Specific Financial Transaction Information Act).

Leadership of Law firm Veat’s Virtual Asset Advisory Team

In the rapidly changing regulatory environment of virtual assets and blockchain, Law firm Veat responds to diverse legal requests from domestic and foreign companies with its deep expertise and extensive experience in blockchain and virtual assets.

Law firm Veat’s Virtual Asset Advisory Team professionally reviews whether a virtual asset operator is required under “Act on Reporting and Use of Specified Financial Transaction Information” (Specific Financial Transaction Information Act) for businesses dealing with cryptocurrencies, analyzes the client’s business structure, and confirms the criteria for identifying a virtual asset operator and the necessity of registration, providing legal opinions in the process.

Strengthening Expertise in the Virtual Asset Field Through Collaboration

In this environment, Law firm Veat, with its expertise and extensive experience in blockchain and virtual assets, prepares for strengthening expertise in the virtual asset field and the healthy development of the virtual asset market, and has signed a memorandum of understanding with Law firm Hobbes & Kim to provide legal and tax responses for virtual assets and finance. This agreement aims to enable Law firm Veat, specializing in virtual assets, and Hobbes & Kim, possessing tax expertise, to efficiently address virtual asset tax and legal issues by utilizing each other’s strengths.

Scheduled Implementation of ‘Virtual Asset User Protection Act’

Particularly, the ‘Virtual Asset User Protection Act’ (Virtual Asset User Protection Act) will come into effect from July 19, 2024, leading to a significant strengthening of the regulations that virtual asset operators must comply with. Given the introduction of multiple new institutional measures, including regulations for protecting user assets, regulating unfair trading practices, and the financial supervisory and examination powers of the Financial Supervisory Service, a legal review is crucial to determine whether a virtual asset operator is classified.

If you require legal advice regarding whether a virtual asset operator is classified and regarding virtual assets, blockchain business, please contact Law firm Veat.

Thank you.

Law firm Veat