FinTech & Financial Data Security

"Bae, Kim & Lee LLC's team have a 'deep understanding in the technology-based industry, such as fintech and blockchain services'"

- The Asia Pacific Legal 500

Overview

BKL’s Telecommunications, Media & Technology (TMT) group and e-finance regulation experts having profound understanding of the convergence of finance industry and technology have combined to form a trailblazing team on FinTech/blockchain, leading the legal industry in this practice area.

BKL provides sophisticated advice and insights on all legal matters related to FinTech and Financial Data Security, including those pertaining to “easy pay” services utilizing credit cards, prepaid electronic payment methods and transfers and usage of crypto-assets.

With our extensive networks and broad experience, we also provides concrete solutions to clients on matters involving the Financial Services Commission, the Financial Supervisory Service, the Ministry of Science and ICT, the Korea Communications Commission and other relevant regulatory agencies.

Key Services

FinTech
Provide comprehensive advisory services to assist clients in managing regulatory risks, including legislative consulting and policy proposals, based on an in-depth knowledge of the Electronic Financial Transactions Act, the Specialized Credit Finance Business Act, the Credit Information Use and Protection Act and other financial laws and regulations
Advise on issues related to “easy pay,” e-finance, MyData and other innovative data-focused services
Assist clients in filing applications for “innovative financial services”
Crypto-Assets
Advise on ICO-related matters
Advise on issuance of crypto-assets and their offering structures and contracts, including reviewing white papers on crypto-assets and SAFT agreements
Advise on regulatory issues related to the Financial Investment Services and Capital Markets Act, the Act on the Regulation of Conducting Fund-Raising Business without Permission, the Foreign Exchange Transactions Act, the Electronic Financial Transactions Act and other applicable statutes
Financial Data Security
Advise on procedures and requirements for cloud usage
Provide forensics and other services related to financial data security

Representative Cases

Advised companies on the acquisition of newly introduced MyData licenses and interpretation of applicable statutes
Advised a foreign company on the establishment of a Korean subsidiary and its PG registration
Advised an insurance company on the development of an inter-affiliate app using blockchain
FinTech
Advised companies on the acquisition of newly introduced MyData licenses and interpretation of applicable statutes
Advised distribution platform companies on “Pay” services
Advised a client on open API-based services
Advised a foreign company on its registration as a payment gateway (PG) service provider in relation to an offshore online shopping mall
Advised a foreign company on the establishment of a Korean subsidiary and its PG registration
Advised a Korean company on its registration as an electronic funds transfer business
Advised clients on their registration as electronic financial businesses for issuance and management of prepaid payment instruments
Advised a client accepting crypto-assets on overseas funds transfers
Advised financial institutions and electronic financial business operators on authoritative interpretations of the Electronic Financial Transactions Act relating to network separation
Advised a credit card company on launching of a foreign payment service
Provided advice on Global Loyalty Network for cross-border use of digital assets
Advised a client accepting crypto-assets on the Electronic Financial Transactions Act and related regulations in connection with payment services using bitcoins and gift cards
Advised a foreign company on its investment in Korean FinTech business
Provided advice on the establishment of an e-payment platform using mobile pre-payment cards
Crypto-Assets
Advised many foreign issuers and other clients on launching a cryptocurrency business in Korea
Advised many foreign cryptocurrency exchanges and other clients on establishing a cryptocurrency exchange in Korea
Advised domestic and foreign clients on ICO-related regulations in Korea
Advised clients on foreign ICOs
Advised a Korean client on add-on services to casino games using cryptocurrency
Advised Korean companies on the implications of bitcoin imports and cross-border funds transfers under the Foreign Exchange Transactions Act, the Foreign Trade Act, the Customs Act and other applicable Korean laws and regulations
Reviewed relevant white papers, SAFT agreements, terms of sales, currency issue and sale structures and contracts with partner companies and their implications under applicable statutes in Korea
Financial Data Security
Advised a client on personal data leaks
Advised a foreign company on cloud usage
Provided advice concerning accredited certificates utilizing blockchain technology
Advised an insurance company on the development of an inter-affiliate app using blockchain
Advised a bank on the cessation of opening of accounts on a cryptocurrency exchange
Advised a Korean company on its blockchain platform business
Advised on the structuring and operation of business accepting S-Coin as payment for K-pop concert tickets and merchandise