Industries

    Blockchain

    Introduction

    Blockchain technology is one of the core technologies of the Fourth Industrial Revolution, creating novel and diverse business models that were previously unimaginable. However, rapid changes have led to inadequate regulation, resulting in various legal conflicts. Since March 2021, the “Act on Reporting and Using Specified Financial Transaction Information” has been enforced, encompassing virtual assets and virtual asset service providers. However, as it is not an industry-specific law regulating virtual asset service providers, clients engaging in businesses and services related to virtual assets remain legally uncertain. Particularly, most blockchain-related businesses are based on new models that did not exist previously. They involve complex legal issues such as issuance and trading of virtual assets, reporting of virtual asset service providers, registration as electronic financial businesses, operation of DApps, new forms of synthetic asset management, De-Fi, AML, foreign exchange transactions, electronic signatures and authentication, legal effectiveness of oracle problem-solving, personal information, IP, and more. Therefore, legal advice from law firms with expertise in blockchain-related issues is essential.

    Practice Group

    Since the ICO boom in 2017, DLG Law Corporation has been consistently providing high-quality legal services to various blockchain companies in South Korea. To foster a healthy blockchain ecosystem, our firm has been distributing and updating the “ICO Guideline” for free since 2017, along with organizing seminars and contributing columns on various blockchain-related legal issues. Furthermore, we partner with our clients to review the validity and legality of their business models from the conceptual stage and collaboratively seek solutions to the listed legal issues. Additionally, we offer comprehensive legal advisory services related to contract drafting and business operations throughout various stages of business progression. For example, in addition to clients simply issuing virtual assets and raising investment funds, we cater to clients operating virtual asset exchanges, enterprise wallet services, and other custody services, as well as those providing services related to De-Fi and synthetic assets. We also assist clients developing public chains for open access, utilizing private chains to enhance business efficiency, offering AML solutions, and serving individual investors, providing tailored professional services to meet their diverse needs. Moreover, we engage in MOUs with companies providing AML solutions and offer comprehensive services to assist them in fulfilling their anti-money laundering obligations. Furthermore, we continuously collaborate with local firms in various countries such as Singapore, Malta, Hong Kong, Estonia, Switzerland, Cyprus, and the United States to meet the needs of clients looking to establish firms or conduct business abroad. Given the rapid changes in laws and regulations concerning virtual assets worldwide, it is crucial to accurately grasp the latest information. Thus, DLG Law Corporation’s Blockchain Practice Group strives to provide satisfactory legal services to clients based on our expertise and diverse experience in the blockchain field.

    Key Business Contents

    • Advisory on the applicability of the Specific Financial Information Act and KoFIU reporting tasks (including ISMS certification)
    • Consultation on virtual assets used in fintech services and payment systems
    • Advisory on the operation of virtual asset custody and wallet services
    • Consultation on new forms of businesses such as lending, AMM, synthetic asset management, De-Fi, utilizing virtual assets
    • Advisory on investment and asset management using virtual assets
    • Legal advice on the proper operation of virtual asset exchanges
    • Consultation on liquidation and investor protection of virtual asset exchanges
    • Legal advisory on the operation of virtual asset custody and wallet services
    • Consultation on various contracts (investment contracts, private sale, public sale, marketing, and other services) during the sale of virtual assets (ICO/STO/IEO) process
    • Advisory on the legality of business models and legal restrictions for blockchain-based companies
    • Handling civil and criminal lawsuits related to various disputes arising from virtual assets
    • Assistance in establishing, operating, and managing overseas corporations through Local Counsel appointment, including tax and accounting management, and support for virtual asset sales procedures
    • Consultation on various foreign exchange reports during the conversion and remittance process of invested virtual assets
    • Advisory on terms of service and privacy policies compliant with various laws, including GDPR.

    Contact

    Please contact Woh H. Cho, Sung Hyon Min, Dong Hwan Kim, Kyoung Jong Roh, Hee Chul An, Min Kyung Kang, Song Wook Kang, Min Hye Kim, Jung Hyun Park, Rae Yi Kang for any inquiries concerning our Blockchain Practice Group.
    「 BLOCKCHAIN PRACTICE GROUP 」