Amid a rapidly changing financial market environment, our client—engaged in the pseudo-investment advisory business—was exploring the implementation of a Management Support Organization (MSO) structure to support business expansion and enhance operational efficiency. Simultaneously, the client sought to proactively respond to emerging financial regulations and legal developments in order to establish a stable foundation for continued operations.

Rather than merely maintaining its existing business model, the client required an in-depth legal analysis of multifaceted issues under the Capital Markets Act, the Virtual Asset User Protection Act, the Personal Information Protection Act, and the Foreign Exchange Transactions Act. In particular, despite existing regulatory interpretations by the Financial Services Commission, it remained unclear whether the client's unique revenue model and method of operation would classify it as a Virtual Asset Service Provider (VASP), making a clear legal opinion on the matter essential.

Our law firm conducted a comprehensive review of the client’s business model, thoroughly examining all legal risks associated with pseudo-investment advisory services and the operation of an MSO. In particular, by comparing the regulatory interpretations issued by the Financial Services Commission with the client’s specific business practices, we delivered a clear and reasoned legal opinion that the client does not fall under the definition of a VASP.

As a result, the client received practical and integrated legal advice on various complex issues, including compliance strategies under the Capital Markets Act, the applicability and obligations under the Virtual Asset User Protection Act, lawful collection, use, and provision of personal information under the Personal Information Protection Act, and compliance measures under the Foreign Exchange Transactions Act.

If you require professional corporate advisory services to navigate complex financial regulations, introduce new business models, or manage unforeseen legal risks, please contact our law firm. Our top experts in the field will provide the most precise and practical solutions to support your successful business operations.