Korea has no laws and regulations which are specifically apply to cryptocurrencies. The Financial Supervisory Commission (FSC) and other Korean regulatory bodies have issued a number of press releases on basic government policies regarding, among other things, initial coin offerings (ICOs), cryptocurrency exchanges, and Ponzi schemes and other fraudulent activities involving bitcoin and other cryptocurrencies.… Continue reading [IFLR_안찬식 변호사] South Korea: Cryptocurrency regulation
By Kim Dong-uk The cryptocurrency fever that has shaken the world since the end of last year has been arousing people's interest in blockchain technology and letting them know what it is. Recently, many platforms utilizing the technology have emerged, meaning that it is gradually becoming a part of our everyday life, not simply a… Continue reading [THE KOREA TIMES_김동욱 변호사] Privacy issues in blockchain technology
By Shin Chae-eun You have invented a new technology with world-changing capabilities. As it stands, there are no regulations surrounding this new technology. The question then becomes how can the invention be commercialized in compliance with regulations that do not exist yet? A key thing to consider in a situation such as this is the… Continue reading [THE KOREA TIMES_신채은 변호사] Time to adopt negative regulatory system
By Choi Sun-min "Simple can be harder than complex." This is a famous quote from the late Steve Jobs. Innovation comes from simple ideas. The cars in science fiction movies like "Minority Report," "Blade Runner 2049," "The Fifth Element," etc., all have something in common. There are no mirrors outside the car. If a car… Continue reading [THE KOREA TIMES_최선민 변호사] A legal perspective matters for innovation
By Eom Yoon-ryung Computer games, which used to be regarded as simple amusements, have evolved to offer a whole other world to the players of today. Along with these developments, there has been a change in the perception of in-game items (or virtual goods), which once were lost forever when the machine was turned off.… Continue reading [THE KOREA TIMES_엄윤령 변호사] The legal status of online game items in Korea
지난해 암호화폐 열풍이 전세계를 휘몰아치면서 기업들의 자본 조달 시장에도 큰 변화가 생겼다. 새로운 흐름의 변화 속에서 가장 주목을 받고 있는 Initial Coin Offering(ICO)와 가장 유사한 전통적인 자본 조달 방법인 기업공개(Initial Public Offering, IPO)를 비교 분석하고, 암호화폐 시장의 성장을 위해 어떠한 방향으로 나아가야 할 것인지 살펴보자. • 절차와 요건 까다로운 IPO…준비기간 최소 1~2년 필요 우선 전통적으로… Continue reading [CROSSWAVE] ICO, IPO와 어떻게 다른가?
By Park Ju-hong Fintech is a new word that comes from the fusion of "financial" and "technology". Mobile banking and mobile payment technologies, which many people use nowadays, are examples of fintech. Korea has strengths in the IT field, but it is true that the international competitiveness of the finance sector is inferior to that… Continue reading [THE KOREA TIMES_박주홍 변호사] Development of fintech and Korean government’s position
By Sim Chang-hyun Uber, the leading global car-sharing platform, is having hard time in Korea. The company started business here in 2013. As elsewhere, Korean taxi drivers have been resistant. Unfortunately, Uber Korea was unable to withstand this pushback. In March 2015 it suspended Uber X operations after facing regulatory setbacks from local and central… Continue reading [THE KOREA TIMES_심창현 변호사] Why Uber is having hard time in Korea
By Shon Ga-ram Recently, there has been a controversy about Facebook users' personal information being leaked. Although it has not been decided whether Facebook was neglectful, Facebook suffered discredit for failing to act responsibly to protect the personal data of its users. The data, it has been suggested, was used to sway opinions in the… Continue reading [THE KOREA TIMES_손가람 변호사] What’s all this about General Data Protection Regulations?
By Kim Dong-uk On February 19, the Swiss Financial Market Supervisory Authority (FINMA) announced its ICO Guidelines. They have attracted attention from all over the world for two reasons. These guidelines are the first attempt to regulate initial coin offerings (ICOs) in the world. Japan revised its "Act on Settlement of Funds" last year to… Continue reading [THE KOREA TIMES_김동욱 변호사] Significant meaning in Switzerland’s ICO Guidelines
