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On September 12, 2024, EDAILY reported on the launch of Lee & Ko’s expanded Virtual Asset Regulation and Investigation Response Team. To provide leading integrated legal services based on a deep understanding of virtual asset-related regulations, inspections, investigations, and prosecutions, Lee & Ko has established a team of about 40 experts from criminal law, financial regulation, and digital finance fields. This expansion aims to strengthen the firm’s capabilities in addressing the complex legal landscape surrounding virtual assets.

On July 29, 2024, SBS Biz featured comments from Woo-Young Choi, an attorney at Lee & Ko. With the enforcement of the Act on the Protection of Virtual Asset Users, those caught engaging in unfair trading practices now face a minimum of one year in prison or fines of 3 to 5 times the illicit gains. If profits exceed KRW 5 billion, offenders could receive sentences of 5 years or more. 

Regarding these penalties, Choi explained, “It’s not just imprisonment; offenders can receive both prison time and fines.” He elaborated, “For instance, if someone made KRW 10 billion illegally, they don’t simply pay back KRW 30 billion. The original KRW 10 billion is confiscated, and they face an additional fine of KRW 30 to 50 billion on top of that.”
 

On July 28, 2024, DigitalTimes featured comments from Jongsoo (Jay) Yoon, a partner at Lee & Ko. As the Act on the Protection of Virtual Asset Users comes into effect, strengthening regulatory oversight and sanctions, experts anticipate a surge in related legal disputes. Yoon, who heads Lee & Ko’s Virtual Asset Team, commented, “We've already seen an increase in requests for advisory services on interpreting the Act’s provisions and understanding its practical scope.” He further predicted, “With the Act now in effect, we expect to see growing demand for both compliance advisory services and litigation support.”