Recent Developments

Lee & Ko has once again been ranked Tier 1 across all eight evaluated practice areas in the IFLR1000 2025 Edition (International Financial Law Review 1000). This achievement marks the fourteenth consecutive year that the firm has secured Tier 1 recognition in every category, an enduring testament to Lee & Ko’s market-leading capabilities in finance and corporate law. In addition to the firm-wide rankings, sixty-one of our professionals have been named Leading Lawyers across the individual practice areas, reaffirming our exceptional depth of expertise and the strength of our team. Notably, Hyunjoo Oh, a partner in our Banking & Finance Group, has been honored as a Women Leader for the sixth consecutive year. With more than 27 years of experience in capital markets, Ms. Oh is a highly respected finance specialist whose practice covers the full spectrum of capital markets transactions, including securities and derivatives, together with capital markets regulation, disputes, foreign exchange regulation, and other areas of corporate finance.


Banking and Finance
Capital Markets: Debt
Capital Markets: Equity
Capital Markets: Structured Finance and Securitisation
M&A
Private Equity
Project Development
Restructuring and Insolvency


 Banking and Finance: Sangwoo Ahn, Lachlan Barth, Yong-Jae Chang, Young Je Cho, Eun Sam Choi, Eui Yeon Jo, Woo Young Jung, Dong Eun Kim, Insoo Kim, Kwang Yul Kim, Hun Ko, Myoung Chul Kwak, Paul (Jung Woo) Moon, Yunjeong Seo, Dong Seok Woo, Paul H.J. Yoon, Yeo Kyoon Yoon
 Capital Markets: Sae Ho Ahn, Hyunji Bae, Jun Woo Cho, Kyoung Jun Cho, Kyu Hyeok Choi, Seung Hoon Choi, Wonkyu Han, Seunga Hyun, Donga Jung, Dongyon Kim, Jiseon Kim, Minsik Kim, Jin Hong Kwon, Han Kyung Lee, Eui Cheol Na, Hyunjoo Oh
 Corporate and M&A: Yong Seok Ahn, Da Hye Cho, Seok Pyo Hong, Sungmee Hong, Hwan Jeong, Ki Wook Kang, Sanggon Kim, Sung Min Kim, Daehoon Koo, Gu Beom Kwon, Eunjai Lee, Je Won Lee, Hyeong Gun Lee, Kyu Wha Lee, Ho Joon Moon, Joohyun Oh, Kyu Seok Park, Kyung Gyoon Park, Hyesoo Won, Yong Joon Yoon
 Investment Funds: Je Won Lee
 Project Development: Sangwoo Ahn, Lachlan Barth, Eun Sam Choi, Weon Sik Chung, Jinyoung Jung, Samsung Kim, Insoo Kim, Kwang Yul Kim, HyunJae Nam, Jungmin Pak
 Restructuring and Insolvency: Seok Pyo Hong, Sungmee Hong, Eunjai Lee, Jung Hyun Lee, Wanshik Lee, Jiwoong Lim

IFLR1000 is the only global legal directory focused exclusively on ranking law firms and lawyers for their expertise in finance and corporate transactions worldwide.

Vera Eun Woo Lee, a partner of Lee & Ko’s IP Group, has been named one of the “Top 15 Female Lawyers 2025” by Asian Legal Business (ALB) Magazine in its August issue. Among the 15 lawyers selected, she was the sole lawyer from Korea to receive this distinction, a testament to her exceptional expertise and distinguished accomplishments in the IP field.
 
Since joining Lee & Ko in 2004, Ms. Lee has built a distinguished career in IP law, handling the full spectrum of IP matters, including patents, trademarks, copyrights, domain names, unfair competition, IP licensing, and employee inventions. She has also overseen numerous high-profile copyright, trademark, and unfair competition litigations with considerable legal significance. Among her career highlights, Ms. Lee has successfully led complex dispute cases that had no prior legal precedents, namely, a Supreme Court case that served to establish the standards for determining copyright infringement in game works, as well as other landmark cases delineating the scope of protection for photographic works and addressing the long-standing unauthorized use of a mark. 

ALB Magazine is a leading legal magazine in the Asia-Pacific region published by Thomson Reuters, a prestigious legal business publisher. Each year, the magazine recognizes the “Top 15 Female Lawyers” who have demonstrated outstanding achievements throughout their careers, selecting honorees from 13 different Asian countries, including India, Hong Kong, Singapore, Korea, and Japan.

On August 27, 2025, Lee & Ko successfully hosted a seminar titled “Analysis and Outlook on the Yellow Envelope Act”. The event provided a comprehensive examination of the proposed amendments to the Trade Union and Labor Relations Adjustment Act and their implications for businesses.

The seminar commenced with opening remarks by Mr. Kyung-Duk An, Senior Advisor and former Minister of Employment and Labor, setting the stage for an insightful discussion. The program featured two key sessions, followed by an interactive Q&A segment.

Session 1: Analysis of Labor-Related National Policy Agendas

Mr. Min-Seok Si, Head of Lee & Ko’s ESG Center, delivered a presentation on the new administration’s labor policy priorities. The session outlined six critical areas:
1.Reduction of actual working hours, annual leave reforms, and the comprehensive wage system.
2.Establishment of a fair wage system.
3.Extension of retirement age, pension reform, and prevention of wage arrears.
4.Expansion of labor law coverage.
5.Promotion of industry-wide bargaining and broader application of collective agreements.
6.Strengthening occupational safety and health frameworks.
Mr. Si provided a detailed analysis of the interconnections among these priorities and their potential impact on businesses.

Session 2: Analysis and Outlook of the Yellow Envelope Act

Mr. Jae-In Roh of Lee & Ko presented an in-depth overview of the Yellow Envelope Act, covering its conceptual framework, legislative history, and key provisions of the amended Act. The session also addressed the expected implications of the Act’s enactment, potential follow-up measures, and practical considerations for corporate compliance.

Q&A Session

The seminar concluded with a dynamic Q&A session, featuring Mr. Min-Seok Si, alongside Lee & Ko Attorneys Mr. Chang-Soo Jin, Hyun-Seok Song, and Jae-In Roh. The panel addressed pre-submitted and live questions from both in-person and online attendees, fostering a robust exchange of ideas.

This seminar provided in-house legal and HR professionals with valuable insights into the proposed amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act, equipping attendees with the knowledge to navigate upcoming regulatory changes effectively.

A video recording of the seminar will be made available shortly.

On August 21, 2025, Lee & Ko successfully hosted its first official seminar in Singapore at the Fairmont Hotel under the theme “Korea Law, Policy, and Compliance: Navigating Legal Change and Uncertainty in a New Political Landscape.” The seminar commenced with welcoming remarks by Mr. V.K. Rajah SC, former Attorney General and Judge of Appeal of Singapore and independent arbitrator at Duxton Hill Chambers, followed by an opening address by Mr. Ho Joon Moon, Managing Partner of Lee & Ko. 

The program was moderated by Ms. Saemee Kim, Partner in Lee & Ko’s International Arbitration Team, and featured five in-depth sessions led by senior attorneys from various practice groups.

The first session was presented by Mr. Allen Hyungi Ryu, Senior Foreign Attorney in Lee & Ko’s Corporate and M&A Practice Group. Mr. Ryu addressed the recent amendments to the Korean Commercial Act and their impact on corporate governance, highlighting the expansion of directors’ fiduciary duties, revisions to the 3% rule on audit committee appointments, and the strengthening of minority shareholder rights. 

The second session was delivered by Mr. Jung Min Pak of Lee & Ko’s Banking & Finance Practice Group, who explored the topic of energy regulations and sanctions. He analyzed the expansion of nuclear and renewable energy, the intersection of energy security and international sanctions, and global trends in related regulations, and suggested strategic approaches for companies to respond to the energy transition and international regulatory environment.

The third session featured Mr. William Woojong Kim, Senior Foreign Attorney in Lee & Ko’s Labor & Employment Group, who addressed timely issues in the labor and employment sector. In particular, he discussed the main provisions and impact of the so-called “Yellow Envelope Law,” corporate risk management in light of amendments to labor-related laws, and practical strategies to respond to changes in labor–management relations.

The fourth session was presented by Mr. Younghoon Mok, Senior Foreign Attorney in Lee & Ko’s Telecommunications, Media, and Technology Group. He outlined Korea’s amended Personal Information Protection Act, the newly enacted AI Framework Act, and the phased rollout of the Virtual Asset User Protection Act. The presentation focused on the compliance issues for companies managing cross-border data transfers and introduced integrated risk management approaches.

The final session was delivered by Mr. Sanghoon Han, Partner in Lee & Ko’s International Arbitration Team and a Chartered Arbitrator. He provided an overview of Korea’s judicial system and its distinctive features in comparison with other jurisdictions. He focused on the strategic use of interim measures, such as provisional attachments and injunctions, in both litigation and arbitration. 

After the main sessions, Mr. Zac Sharpe, Co-Head of Lee & Ko’s International Arbitration Team led a lively Q&A session. The seminar concluded with closing remarks from Dr. Eun Young Park, Chair of the Global Disputes Group and Co-Head of the International Arbitration Team.  Dr. Park highlighted the importance of understanding Korea’s rapidly evolving legal landscape amid political and economic shifts.

As Lee & Ko’s first official event in Singapore, the seminar marked a meaningful step in strengthening our international presence. The firm received positive feedback from attendees who appreciated the practical insights, comparative approaches, and strategic guidance offered throughout the program.

Lee & Ko was selected as a top band law firm for seven consecutive years in the private wealth law category of “Chambers High Net Worth (HNW) 2025” as published by Chambers and Partners, a world renown legal media. 

Based on its high level of expertise in various practice areas, Lee & Ko provides advice on all legal and tax matters related to the accumulation, management, transfer and protection of personal assets to the owners and executives of large Korean conglomerates and their families. Recently, Lee & Ko has successfully represented a major shareholder of a Korean company in a USD 2 billion arbitration case, and continues to provide regulatory advice and has represented chairpersons of large Korean conglomerates in large-scale disputes involving company restructuring and reorganization. 
 
Dong Ha Kim, Lee & Ko’s dispute resolution expert, was selected as a Band1 attorney for two consecutive years in the individual category. Mr. Kim has extensive experience in corporate advisory and litigation, and his primary practice areas include litigation, corporate, medical, construction & real estate, government contracts and family law.
 
Chambers HNW represents the leading media in the field of private wealth law and is published in over 55 countries including Korea.

On July 18, 2025, Lee & Ko sponsored the seminar on 'Current Status of the Digital Asset Market and Major Legal Issues' hosted by Blockchain Law Society, Digital Asset eXchange Alliance (DAXA), and Digital Finance Law Forum.

In this seminar, the following summarizes the key presentations and discussions from each of the three sessions.

□ Session 1: Stablecoins and Monetary Policy — Internationalization of the KRW: Opportunity or Risk? (Session Chair: Hyun-Koo Kang, Attorney at Law Firm, Lee & Ko LLC)

• Presenter: Jong-Seung Kim, CEO, XCRYPTON

Introducing stablecoins for the internationalization of the KRW is undoubtedly a historical necessity and challenge. A limited internationalization experiment using KRW stablecoins as an offshore settlement method could be a viable alternative. A controlled experiment focused on trade settlements could allow for external distribution and capital flow management within manageable boundaries. However, unchecked expansion may accelerate de-KRWization and destabilize domestic capital controls. Therefore, a tightly controlled design is essential. For KRW stablecoins to reach the level of complementary currency, we must first experiment with a limited integrated internationalization model, and urgently establish legal and regulatory safeguards against risks such as currency speculation. Rather than simply debating issuance approval, we must deliberate on the necessary policy frameworks and institutional responses. The initiative must align with the Bank of Korea’s monetary policy and the Ministry of Economy and Finance’s foreign exchange policy. In the digital liquidity era, monetary and FX policies are inseparable, and internationalizing KRW stablecoins must proceed under strict control.

• Discussant: Jung-Doo Lee, Head of Center, Korea Institute of Finance

Institutionalizing KRW stablecoins is not optional but essential. However, with USD stablecoins accounting for over 90% of the global market and KRW stablecoins lacking a clear profit model, we must approach their competitiveness and utility with caution. Digital currencies, including stablecoins, are institutional tools with macroeconomic implications—not merely tech experiments. In the digital age, monetary and foreign exchange policies cannot be treated separately, necessitating integrated policy design. While we should leverage stablecoins’ utility, new regulatory and policy frameworks are needed to prevent financial market instability. Protection mechanisms for both domestically and internationally issued stablecoins must be promptly established.

• Discussant: Soo-Han Cho, Attorney at Law, UPRISE

If stablecoins are allowed, private companies will effectively create currency. To mitigate potential shocks, such as mass reserve liquidation impacting the bond market, these entities should meet bank-level capital and risk management requirements. Robust prudential supervision and risk response frameworks are essential—otherwise, systemic risks may increase. Although stablecoins offer payment utility, the current legal framework under the Electronic Financial Transactions Act, the Foreign Exchange Transactions Act, and the Capital Markets Act is incompatible. A new, separate regulatory statute is needed.


□ Session 2: Legal Issues on Foreign Participation in the Domestic Virtual Asset Market and Overseas Expansion of Domestic Service Providers (Session Chair: Jaejin Kim, Executive Vice Chairman, DAXA)

• Presenter: Chang-Min Chun, Professor, SeoulTech

Currently, foreign participation in Korea’s virtual asset market is effectively prohibited due to a 2017 administrative guidance from financial authorities. This vague “shadow regulation” exacerbates mismatches between FX and capital market regulation. To strengthen Korea’s global competitiveness, we must remove the dual barriers of foreign participation bans and restrictions on overseas expansion. Regulatory clarity and alignment with global standards are urgently needed. Practical solutions such as non-face-to-face real-name verification must be presented. The Special Financial Information Act, which imposes KYC and STR obligations directly on exchanges, is inconsistent with the current ban. Alternatives to consider include revoking the administrative ban, allowing institutional investors to open individual accounts, and enabling individual foreign investors to participate indirectly via "linked omnibus accounts" between domestic and qualified overseas exchanges. Applying capital market and FX-style monitoring and reporting systems to virtual asset service providers is worth exploring.

• Discussant: Seo-Hee Han, Attorney at Law, Barun Law LLC

Allowing foreigners into the Korean virtual asset market could increase foreign capital inflows. With today’s established AML technologies, foreigner onboarding is technically feasible. A paradigm shift in the financial authorities' perception and the provision of clear guidelines are urgently needed. Non-face-to-face real-name verification and issuance of real-name deposit/withdrawal accounts for foreigners should be enabled. If real-name accounts are difficult, then trading via USDT or USDC should be permitted. Use of standing agents and the implementation of non-face-to-face authentication systems for foreigners should be considered. For overseas expansion, allowing order book sharing with foreign subsidiaries under proper AML compliance and financial reporting could be a viable strategy.

• Discussant: Hae-Boong Lee, Director, Dunamu

We must attract "good money" while blocking "bad money" in the virtual asset market. Regulatory clarity and predictability are essential to managing global capital flows. As seen in the U.S. and elsewhere, Korea must clarify details under AML/CFT and FX laws. The issue is not a lack of regulation but lack of clarity. Based on the principle of reciprocity, we should consider gradually allowing investors from jurisdictions that meet FATF AML/CFT standards. A phased approval process, including regulatory sandboxes, could also be examined. Order book sharing with overseas partners should be allowed under certain conditions to attract foreign investors.

• Discussant: Jung-Ki Yoo, Attorney at Law, Bithumb

Korea is the only country where even legally residing foreigners cannot trade virtual assets. The AML infrastructure has significantly improved since the 2017 restriction. In light of the amended Special Financial Information Act and the upcoming User Protection Act, we must reconsider whether banning foreign participation is still a valid AML strategy. The current policy accelerates capital outflow to foreign exchanges. A more flexible, risk-based approach is needed. For overseas expansion, clear guidelines should be swiftly established, similar to the monitoring regime applied to financial investment companies.


□ Session 3: Corporate Participation in the Digital Asset Market and Spot ETF Issues
(Session Chair: Jong-Baek Park, Attorney at Law, Bae, Kim & Lee LLC)

• Presenter: Kyung-Eun Ryu, Professor, Korea University Law School

Corporate participation in the digital asset market can boost market credibility and attract global capital. However, at stage two, clearer definitions of professional investors, AML enhancement, and overseas monitoring systems are needed. At stage three, accounting, taxation, and disclosure frameworks must be in place to allow broader corporate participation. AML remains the top priority. Current law regulates fiat-to-fiat flows, but not crypto-to-fiat. Measures to prevent money laundering via shell companies must be developed to expand eligibility to general corporations.
For spot ETFs, the following prerequisites must be addressed:① Index computation methods and participant criteria,② Derivative-linked redemption mechanisms,③ Investor protection and sales regulations under the Financial Consumer Protection Act (e.g., suitability, duty to explain), and④ Capital gains and ETF trading tax regimes.If approved, institutional investment is expected to increase. However, a crash in the underlying asset could trigger bank runs and financial instability. Therefore, a comprehensive structure covering index calculation, custody/trust, liquidity provision, derivatives hedging, investor protection, and taxation is required.

• Discussant: Sung-Jin Kim, Director, Financial Services Commission (Virtual Asset Division)

Globally, regulatory trends are shifting from mere user protection toward reducing uncertainty and fostering innovation. Korea is also reviewing ways to allow corporate participation in stages to develop a healthier ecosystem. Regulatory alignment with Hong Kong, Singapore, the EU, and the U.S. is necessary. The Virtual Asset Committee can move quickly on matters not bound by law. Recognizing that there is no legal basis for the previous ban on corporate participation, Korea began allowing nonprofit entities in June 2025 and plans to release guidelines for professional investors later this year. While initial design focused on domestic corporations, there’s no reason to exclude foreign companies registered as professional investors. Spot ETF discussions must await amendments to the Capital Markets Act and development of risk management measures. Foreign and domestic spot ETF issues must be distinguished—distribution of foreign-approved products via Korean securities firms differs legally from domestic creation. Several phased scenarios are possible.

• Discussant: Se-Woon Hwang, Senior Research Fellow, Korea Capital Market Institute

Institutional participation contributes to risk diversification in stable markets but may amplify volatility in crises—hence, caution is needed. The corporate account debate is linked to the foreign account issue. Foreign accounts may even be simpler to manage. AML considerations apply equally to both. Foreign exchange issues, disclosures, accounting, and tax management systems must be incorporated. Swift action is necessary. Expanded futures listings on KRX may be required to support hedging. Investor protection measures such as strengthened suitability/explanation duties under the Financial Consumer Protection Act, or Hong Kong-style education/testing systems, should also be examined. For spot ETFs, minimizing NAV deviation between single-price domestic exchanges and multi-price foreign exchanges is essential. This requires pre-defining roles for asset managers, market makers, and authorized participants (APs), and determining whether cash or in-kind redemptions are to be adopted.