Virtual Assets & Blockchain

"I’ve worked closely with them on several matters and found them to be consistently reliable and professional. Very helpful and patient when dealing with difficult clients and issues. Always a pleasure to work with them."

- The Legal 500 Asia Pacific

Overview Key Services Practices Representative Cases Key Contacts Related Content News & Insights LinkedIn

Overview

The blockchain and virtual assets industry is highly innovative and rapidly evolving, but regulations relating thereto are still in the early stages, being susceptible to uncertainty and change. BKL is up-to-date with not only the latest industry trends concerning various business models and transactions utilizing blockchain platforms and virtual assets, but also the most recent developments in the relevant regulations as well as regulatory trends, being well positioned to provide optimal practical advice in this field, even being able to offer alternative models and transaction structures where advisable.

Blockchain is a core future industry that is based on information security, transaction stability, and convenience. Advising on legal issues relating to blockchain and virtual asset that have been evolving in various forms requires not only an extensive and in-depth understanding of information technology and the relevant industries, such as e-commerce, payment systems, and other financial transactions and regulations, but also effective communication with regulatory authorities, such as the Financial Services Commission, the Financial Supervisory Service, the Korea Financial Intelligence Unit, the Ministry of Science and ICT, and the Korea Communications Commission.

BKL has extensive experience and expertise in successfully providing optimal solutions for the business models of both domestic and foreign companies utilizing blockchain and virtual assets, leveraging the combined experiences and know-how of professionals in various fields. BKL also participates in the legislative and policy-making processes of relevant regulatory authorities to foster an advanced regulatory environment for the blockchain and virtual asset industries.

By providing top-tier legal services in this area, BKL has been able to advise a wide range of clients, such as virtual asset exchanges, e-commerce companies, platform operators, and other general businesses.

Key Services

Advise on, and represent in legal proceedings relating to, virtual assets

Advise on matters relating to, e.g., the Act on the Protection of Virtual Asset Users and the Act on Reporting and Using Specified Financial Transaction Information

Provide agency services for virtual asset service provider (VASP) related filings (of new, renewed, or changed matters)

Respond to civil and criminal disputes concerning the issuance, distribution, and trading of virtual assets

Respond to investigations and represent in legal proceedings regarding unfair trading practices involving virtual assets

Analyze the ‘securities nature’ of virtual assets or NFTs

Respond to financial authorities’ inspections on VASPs

Advise on responding to inspections on and sanctions against VASPs by financial authorities, such as the Korea Financial Intelligence Unit and the Financial Supervisory Service

Advise on entering the Korean virtual assets market

Advise on regulatory compliance requirements for foreign and/or new businesses to enter into the Korean virtual assets market and the supervisory authorities’ policy directions relating thereto

Advise on legal issues relating to security tokens, CBDCs, and other digital assets

Advise on issuance and distribution of security tokens

Advise on Central Bank Digital Currencies (CBDCs) and stablecoins backed thereby, and other relevant matters

Practice Areas

Representative Cases

Advised on, and represented in legal proceedings relating to, virtual assets

Advised major domestic Korean Won (KRW) market exchanges on the interpretation of the Act on the Protection of Virtual Asset Users

Provided agency services in connection with the filing of renewal and change of major domestic KRW market exchanges and coin market exchanges

Provided advisory and agency services to new VASPs on their entry into the market and filing of new registration

Provided multiple cases of legal analysis relating to determination of the ‘securities nature’ of virtual assets or NFTs

Advised on responding to financial authorities’ inspections on VASPs

Advised major domestic KRW market exchanges on responding to inspections by financial authorities, such as the Korea Financial Intelligence Unit and the Financial Supervisory Service

Advised on Entering the Korean virtual assets market

Advised a global virtual asset service provider on its entry into the Korean virtual assets market

Key Contacts

Our Team