Registering a Virtual Asset Service Provider in Korea

BitGo is entering the Korean Market according to an interview in the Korea Times entitled: BitGo to enter Korea with global expertise, local insight. IPG Legal is hopeful that with proactive legal and business counsel, great PR, and a little luck government approval as a Virtual Asset Service Provider shall come quickly.

Registering a Virtual Asset Service Provider in Korea

The Korean market is recovering from reputational damage caused by many less than ethical players in the Korean market. The entry to the Korean market of BitGo shall assist in bringing more credibility and trust to the virtual-asset market in Korea.

BitGoo shall commence operations in Korea, according to the article noted above, with a secure and scalable virtual/digital asset custody service. For this BitGo shall need to register as a Virtual Asset Service Provider (VASP). BitGo has a great reputation in the global market and looking forward to seeing its progress and the progress of other international players in Korea.

Registering as a Virtual Asset Service Provider in Korea

Virtual Asset Service Providers are defined broadly in Korea’s Act on Reporting and Using Specified Financial Transaction Information and related acts and regulations as:

1. businesses in Korea providing virtual asset trading services (purchase, sale, exchange, transfer);
2. businesses in Korea providing asset safekeeping, administrative, and storage service services of virtual assets; and
3. businesses in Korea providing digital wallet services.

VASPs are required to register their businesses in Korea with the Korea’s Financial Intelligence Unit (KoFIU) prior to the commencement of their business operations in Korea. Violation of these rules and related laws are grounds for civil and criminal penalties. KoFIU’s website may be found at: KoFIU.

IPG Legal is one of the only law firms, capable of assisting foreign companies, with attorneys with experience working as in house attorneys for Korean exchanges and that assisted blockchain companies, exchanges, and ICOs.

Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw, and IPG Legal is consistently ranked Top Dispute Resolution Law for our litigation services.

To schedule a call with Sean Hayes, please Schedule a Call Here.