Amid the rapid changes in the regulatory environment surrounding the virtual asset industry with the enactment of the Act on the Protection of Virtual Assets Users, etc. on July 18, 2023, and the launching of the Virtual Asset Joint Investigation Team at the Seoul Southern District Prosecutors' Office on July 26, 2023, Jipyong launched the “Criminal Defense TF on Virtual Assets” in July 2023 in order to meet the needs of our clients to more effectively and systematically respond to investigations and disputes related to virtual assets.
Our Criminal Defense TF on Virtual Assets is composed of expert attorneys who have diverse and extensive experience and relevant networks, including Mr. Seung Dae PARK who served as the Deputy Chief Prosecutor II of the Seoul Southern District Prosecutors’ Office; Mr. Young Kyu YUN who served as a member of the Financial Development Committee at the Financial Services Commission (FSC) and who served on the Disciplinary Review Committee of the Financial Supervisory Service (FSS); Ms. Mi Jung KIM who served with the FSS for 10 years; Mr. Jung Han YOO who is currently a Private Advisor to the Board of the Financial Regulatory Reform Committee at the FSC and is a Member/Coordinator of the Financial Dispute Mediation Committee at the FSS; Mr. Yong Woo SHIN who served as the Deputy Director of the Ministry of Science and ICT and as the Legislative Researcher of the National Assembly Research Service (NARS); Mr. Jong HEOwho specializes in intellectual property rights; and Ms. Sun Yeol JUNG who worked as an IT consultant at Samsung SDS after graduating from the Korea Advanced Institute of Science and Technology.
Furthermore, Jipyong’s TF is strengthened by Mr. Sung Won YOON, former Chief Judge of the Gwangju District Court; Mr. Bong Kwan SA, former presiding judge at the Seoul Central District Court; and Mr. Jai Sang HAN, former judge at the Seoul Central District Court, all of whom have extensive trial experience and expertise in the field of virtual assets.
Jipyong’s Criminal Defense TF on Virtual Assets provides differentiated and top-notch services to clients through the systematic cooperation of attorneys who have various experiences and skills in the criminal investigations and virtual assets in their respective areas, centered on the Criminal Defense Group, as well as the Finance Group, IP/IT Group, Corporate & Real Estate Group, etc.
Key Practice Areas Close
- Responding to violations of the Act on the Reporting and Use of Specified Financial Transaction Information, such as reporting of virtual asset businesses (including change reports) and suspicious transactions
- Responding to investigations of business interference and evidence of embezzlement arising from the listing process of virtual assets
- Responding to investigations on embezzlement, breach of trust, etc. arising from the operation of a virtual asset business
- Responding to investigations of fraud and concealment of criminal proceeds related to the delisting of virtual assets
- Responding to investigations of violations of the Financial Investment Services and Capital Markets Act in relation to the securitization review of virtual assets and virtual assets that are recognized as securities
- Responding to lawsuits and complaints arising during the course of management rights acquisitions and disputes with virtual asset service providers
- Advising and consulting on the overall business behavior of a virtual asset service provider
- Assisting with compliance maintenance in preparation for the enforcement of the Act on the Protection of Virtual Asset Users and preventive measures against unfair trade through internal computation forensics, interviews with officers and employees, and analysis of transactions
- Advising and supporting legislation and policy activities related to virtual assets
- Litigating cases related to virtual assets
Experience Close
- Represented a client in a lawsuit for damages related to virtual asset
- Advised a virtual asset exchange on its operation and participation in overseas token sales
- Advised a blockchain-based new and renewable energy IT solutions company on an overseas ICO
- Advised a domestic financial company on the establishment of virtual asset exchanges and possible partnerships
- Advised a Korean financial institution on foreign currency transaction law related to overseas remittances for cryptocurrency transactions
- Advised a foreign company on the acquisition of a domestic virtual asset exchange (including legal due diligence)
- Advised a wallet service provider on the terms and conditions of service, reporting of virtual asset businesses, etc.
- Advised a digital revenue securities trading platform on the application for designation as an innovative financial service
- Advised a foreign financial company on the regulatory aspects of establishing a blockchain-based Korean lending company
- Advised a domestic company on the design of an overseas blockchain business structure
- Advised a domestic blockchain development company on the disputes related to its blockchain business
- Conducted research on the legal system for improving NFT regulations and promoting blockchain in public institutions
