Infinity Exchange Korea (hereinafter referred to as INEX Exchange), which is preparing a new virtual asset exchange, announced that it has signed a legal advisory contract with the law firm Bae, Kim & Lee LLC to successfully complete the registration as a Virtual Asset Service Provider (VASP).
Under this contract, Bae, Kim & Lee LLC will provide legal advice on the business and operational activities conducted by INEX Exchange. The main areas include critical issues that may arise during the VASP registration process, legal consultation related to virtual asset institutionalization and the Act on Reporting and Using Specified Financial Transaction Information (Special Act on Financial Transactions), and other legal matters.
Additionally, this legal advisory contract is expected to strengthen the qualifications and competitiveness that virtual asset service providers must possess.
A representative of INEX Exchange stated, “Being able to receive legal advice necessary for the overall operation of the virtual asset business from Bae, Kim & Lee LLC, one of the largest law firms in Korea, will greatly enhance the reliability of our work performance,” and added, “We will create and utilize proactive guidelines to prevent potential legal issues and disputes in advance.”
Bae, Kim & Lee LLC, established in 1980, is composed of over 700 professionals, including 500 lawyers, foreign attorneys, and certified public accountants. As the first Korean law firm to open an overseas office in Beijing, China (2004), BKL has led the overseas expansion of Korean law firms and currently operates overseas offices and local desks in Beijing, Shanghai, Hong Kong, Hanoi, Ho Chi Minh City, Yangon, Singapore, and Jakarta.
Meanwhile, last month, INEX Exchange also signed a legal advisory contract with former Chief Prosecutor Kim Jae-hwa to receive legal advice related to virtual asset systems and the Special Act on Financial Transactions.
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