[LKB Law Firm Now] LKB Rojipsa "Providing Integrated Solutions for Virtual Asset Issues"

Rojipsa Virtual Asset Regulation Center Launched
Top Experts from Various Fields Streamline Through Digital Communication
"Contributing to the Formation of Virtual Asset Standards and Systems"

Certified Public Accountant Seodong Ki (from the left) of Law Firm LKB's 'Rojipsa' Virtual Asset Regulation Center, Lee Jung Yeop, LKB Chief Attorney and Regulation Center Director, and Dr. Shim Jin Woo, Ph.D. in Engineering / Photo by Kim Dae Hyun

The "Bitcoin investment craze" that peaked in 2017 sparked a surge of interest in virtual asset investment in South Korea. As of the first half of last year, approximately 7 million users in the country were able to trade virtual assets, with an average daily trading volume reaching about 5.3 trillion KRW. However, there are many criticisms that investor protection is weak due to the lack of established legal and institutional frameworks.

"Just as patients receive proper treatment at one hospital without wandering between multiple doctors, our law firm provides integrated services to clients, including legal advice on virtual assets as well as tax, accounting, patent, and consulting services." On the 17th, Lee Jeong-yeop, the representative attorney (Judicial Research and Training Institute class 31) whom we met at LKB & Partners in Seocho-gu, Seoul, explained the role of the recently established LKB 'Rojipsa Virtual Asset Regulation Center' in this way.

Rojipsa was launched to restore the soundness of the virtual asset ecosystem and enhance its credibility. As the president of the Blockchain Law Society, Attorney Lee contributed to increasing legal professionals' understanding of virtual assets. Last month, while serving as a presiding judge at the Seoul Bankruptcy Court, he moved to LKB to lead Rojipsa as the head of the Regulation Center. Experts from various fields, including Professor Kim Ui-seok of KAIST, tax accountant Park Man-yong, accountant Seo Dong-gi, and engineering Ph.D. Shim Jin-woo, have joined the center.

Rojipsa utilizes 'digital-based' collaboration tools. Attorney Lee said, "Experts at the Virtual Asset Regulation Center are connected online with over 60 LKB-affiliated attorneys. Unlike large law firms that charge clients individually for each attorney participating in offline meetings, Rojipsa reduces human and material costs and provides integrated solutions at reasonable costs through efficient collaboration."

Accountant Seo, who was also present, said, "I joined because an opportunity arose to implement the virtual asset expert services I had envisioned. Clients want all regulatory aspects of a single issue to be thoroughly reviewed. Rojipsa involves experts from various fields to assess risks and present consistent, integrated conclusions," he explained.

Rojipsa also plans to take the lead in establishing standards and systems related to the listing and delisting of virtual assets. Accountant Seo stated, "The 'Luna incident' and the 'Wemix delisting incident' were not sudden problems that occurred last year. Minor issues accumulated over time due to inadequate regulation and eventually surfaced. Rather than passively waiting for the government to clarify regulations, it is important for the private sector, including law firms, to proactively create and propose relevant rules and standards from the perspective of consumer protection," he explained.

Rojipsa plans to issue certificates as non-fungible tokens (NFTs) to clients who receive consultations, thereby enhancing their external credibility. Attorney Lee said, "We are working on a plan to verify each virtual asset project and provide certification and ratings for market reference. The more companies that use the service, the more fraudulent projects can be filtered out," adding, "Projects certified through Rojipsa will gain market trust by demonstrating strict compliance with relevant laws and regulations."