Virtual Currency – Ban on Trading by Foreigners and Financial Institutions
In response to the recent speculation frenzy over virtual currency trading and increase in virtual currency-related crimes, the Korean government announced emergency measures yesterday, December 13, 2017, the main points of which are summarized below:
BKL Named “Competition & Antitrust Firm of the Year” by Asialaw
Bae, Kim & Lee LLC ("BKL") was named as the "Competition & Antitrust Firm of the Year" at the Asialaw Asia-Pacific Legal Practice Awards 2017 at the JW Marriott Hotel in Hong Kong on November 28, 2017. The "Competition & Antitrust Firm of the Year" is a highly coveted award bestowed by Asialaw, which is …
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Virtual Currency – Korean Regulatory and Legislative Developments
Korean Virtual Currency Market Overview The proliferation of virtual currencies in South Korea has resulted in a highly volatile environment for speculative and unregulated trading on the Korean virtual currency exchanges. The Korean virtual currency market remains desirable to issuers of initial coin offerings (“ICOs”), due in large part to Korea’s advanced e-commerce, online banking …
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Korea unveils proposed changes to telecom license framework
Proposed changes to the Telecommunications Business Act would simplify and significantly relax license requirements, and ease foreign ownership restrictions for telecom carriers. The amendments also aim to require common carriers, especially mobiles, to offer a more affordable consumer telecom rate structure, under standards to be decided. The amendments seem likely to pass largely as-is by …
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[Legal Update] Proposed Amendment to Reduce Capital Gains Exemptions…
The Ministry of Strategy and Finance announced its proposed tax law amendments for 2018 on August 2, 2017. This tax alert highlights the proposed change to the capital gains exemption currently available to foreign investors engaged in on-the-market transactions.
Korean tax authorities impose KRW 300 billion of withholding taxes on software license fees, looking
Deeming Oracle US the beneficial owner, the Tax Tribunal upheld assessments against Oracle Korea on license fees paid to Ireland affiliate going back to 2008. Tax judgment is now on appeal by Oracle to the administrative law court. The Korean Tax Tribunal has affirmed National Tax Service (NTS) assessments totaling some KRW 300 billion (approx. …
Recent Court Order On Google Related To Protecting Information Rights
Korean appeals court orders Google to disclose to Korean users what personal information Google passed to U.S. government. A Korean appellate court has ordered Google Korea along with its U.S. parent Google Inc. (together, “Google”) to disclose to users of the Google search service, when they so request, the scope and status of the users’ …
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