The client, an overseas virtual asset service provider (VASP), inquired about the legal standards under which a foreign VASP would be considered subject to reporting obligations under Korean law.

The key legal issue was whether the provider’s activities could be deemed as “conducting business in Korea” under applicable domestic laws and regulatory practices.

Leveraging its expertise in the virtual asset and fintech sectors, C&K Law offices conducted a comprehensive legal analysis. This included interpretation of the Act on Reporting and Using Specified Financial Transaction Information (FTRA), the Virtual Asset User Protection Act (VAUPA), and authoritative guidance issued by the Korea Financial Intelligence Unit (KoFIU). A detailed legal opinion was provided to address the client’s inquiry.