Legal Intellectual

What documents are needed to file a report as a virtual asset service provider?

I am a person preparing a virtual asset-related business! What documents do I need to prepare when filing a report as a virtual asset service provider? I would be grateful if you could tell me overall about the contents that must go into the report and the documents that must be submitted separately.

Market price manipulation is a violation of the Financial Investment Services and Capital Markets Act, right? Can I also obtain damages for this?

Recently, a stock I invested in suddenly rose and fell sharply, so I thought it was strange, and later there was talk of market price manipulation. I bought at the price at that time and suffered a loss. Even in such a case, can it be regarded as market price manipulation, and can I claim damages for a violation of the Financial Investment Services and Capital Markets Act? What conditions are needed for compensation to actually be recognized?

Attorney, could you tell me about the method and procedure for applying for the regulatory sandbox?

Hello, attorney. I run a small cafe in Busan. I recently saw an article stating that some franchise cafes are operating pet-friendly stores that allow companion animals through the regulatory sandbox. So I would like to apply as well, and could you tell me about the method and procedure for applying for the regulatory sandbox?

Who issues virtual assets?

Hello. I have something I would like to ask regarding virtual assets, so I am leaving an inquiry. In the case of virtual asset issuance, there is a structure in which they are created without a separate issuing entity, like Bitcoin, and there are also cases where a particular foundation or company issues them directly. I would like to know how the issuers of virtual assets are divided and who issues them.

What are the main features of blockchain technology?

These days, blockchain technology is often mentioned as one of the core technologies of the era of the Fourth Industrial Revolution. Exactly what features does it have that make it evaluated as such an important technology? If there is an attorney specializing in blockchain, could you explain the main features of blockchain technology in a little more detail? I will be waiting for a prompt response.

If a loss occurs while trading virtual assets on someone's behalf, does legal liability arise?

At an acquaintance's request, I received a certain amount of money and traded virtual assets on their behalf. At first, we only agreed to share part of any profits, but recently, when a loss occurred, I am being asked to return the full investment. Because we did not draw up a separate contract, it is also unclear on what basis liability is determined. I am worried whether this will be treated as an investment loss or whether it could even develop into a criminal matter.

In a virtual asset project, if the whitepaper's contents differ from actual operations, can it be subject to punishment?

I have invested in a virtual asset project, and when I recently checked the operations, it seems there are parts where the contents stated in the whitepaper differ from the actual business structure and development progress. At the time of investment, I judged based on the whitepaper. Is this a problem in such a case? I am worried whether a difference between the contents written to attract investment and the actual operations is a matter that could lead to criminal punishment, so I would like to confirm.

Under fintech regulation, is it a problem to operate a simple payment service without a separate license or authorization?

I am developing a simple payment system in order to add a payment function to our own platform. I am reviewing a structure that processes the payment flow internally without using an external payment gateway company, and I am in a situation where I am not certain whether this method is subject to a separate license or authorization. Because some functions have already been implemented, I also need to confirm whether it could become a problem if it leads to operation. In this case, I would like to know what the criteria are for determining whether it is subject to fintech regulation.

Under the Virtual Asset User Protection Act, if there is hacking damage, does the exchange compensate?

I feel anxious after seeing cases in which virtual assets are leaked due to hacking of an exchange. I heard that the Virtual Asset User Protection Act has taken effect, and in such a case, I am curious whether the exchange must necessarily compensate for the loss. I would like to know to what extent liability is actually recognized.