[Law Firm Now] Taepyungyang Blockchain and Virtual Asset Team "Contributing to Social Innovation Brought by Blockchain"

Law Firm Taepyungyang 'Blockchain and Virtual Asset Team'
Increasing Legal Support Demand Due to Diversification of Blockchain Technology
Led by Experts Including Attorney Park Jong-baek

Editor's NoteIn [Law Firms Now], we deliver various news such as domestic law firms' winning cases, recruitment of new members, launch of task forces, and establishment of centers.

Pacific Blockchain and Virtual Assets Team. (Front row, counterclockwise from the left) Yeom Hojun, Park Jongbaek (Team Leader), Park Jaeyoung, Yoon Juho, Lee Jaegyu, Attorney Lim Seyoung [Photo by Pacific]

Blockchain, the technology that prevents hacking when trading through virtual currencies, emerged as a hot topic last year and continues to attract significant attention this year. Accordingly, the demand for legal services related to the convergence of blockchain technology with various industries, token economy, DeFi, NFT, payment tokens, reporting and compliance under the Special Act on Reporting and Use of Specific Financial Transaction Information for virtual asset service providers, listing on cryptocurrency exchanges, issuance structures of blockchain tokens and coins, STO sandbox, and inbound and outbound business has also increased.

In response to these changes, Bae, Kim & Lee LLC expanded and reorganized its Blockchain Strategy Team (TFT), which was originally launched in October 2017, into the 'Blockchain & Virtual Asset Team' in January last year and has been operating it since.

This team is composed of experts covering legal fields, policies, and technical issues related to cryptocurrencies, tokens, and blockchain, including TMT (Technology, Media & Telecom), securities and finance, as well as fair trade, taxation, IP, criminal law, and legislative administration teams. They provide comprehensive legal services based on the recognition that blockchain technology will transform various social and economic systems such as finance, capital markets, currency and payment systems, and identification. They also provide effective advice for outbound activities of domestic companies and inbound activities of foreign companies. In particular, they boast extensive advisory know-how on IT and financial regulations and experience working with supervisory authorities and related institutions. Recently, they have also been conducting institutional research and a series of seminars. Along with publishing articles, they actively participate in major conferences, delivering presentations and engaging in discussions with external experts to share insights.

The core members include Team Leader Attorney Jongbaek Park (Judicial Research and Training Institute Class 18), Attorneys Hojun Yeom (Class 29), Jeongno Yoon (Class 36), Juho Yoon (Class 35), Jaeyoung Park (Class 37), Jaegyu Lee (Class 41), and Seyoung Lim (Bar Exam 1st). The advisory group also supports the team, including Advisor Jeyoon Shin (former Chairman of the Financial Services Commission, former Vice Minister of Strategy and Finance), Advisor Kyungwook Heo (former Vice Minister of Strategy and Finance, OECD Ambassador), Advisor Jaejun Kim (former Chairman of the KOSDAQ Market Committee), and Advisor Seungbae Park (former Head of Listing Department at the Korea Exchange).

Attorney Jongbaek Park stated, "In response to recent institutional changes such as the Financial Services Commission's STO guidelines, we are rapidly and deeply researching comprehensive measures to successfully implement emerging business models and expanding our service areas," adding, "We will actively participate in hosting conferences, preparing legislative bills, and related association activities to contribute to blockchain and crypto assets bringing innovation to the socioeconomy."