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In accordance with the implementation of “Responsibilities Map” under the amendment to the Act on Corporate Governance of Financial Companies of Korea, Lee & Ko provides advice on legal coherence for the BNK Financial Group as well as the subsidiaries of the BNK Financial Group with an aim to prepare or improve executives’ accountability statements, accountability systems, and management measures to fulfill their internal control and management obligations. As a large-scale compliance project at the financial group level, this project is of a great significance as a compliance project with respect to financial holding companies that control and encompass various business sectors such as banks, securities companies, and asset management companies. This project is a leading case to ensure reasonable and appropriate performance of duties on the part of senior management by referring to the UK’s Senior Management & Certification Regime.

In September 2024, Lee & Ko successfully assisted DSRV and BDACS in obtaining their Virtual Asset Service Provider (VASP) registration with Korean financial authorities.

These approvals mark a significant milestone, being the first granted in approximately a year since August 2023. Among roughly 20 companies that submitted VASP registration applications through September 2024, only these two companies, both represented by Lee & Ko, received regulatory approval.

As a virtual asset validation service provider, DSRV partnered with Lee & Ko from the initial stages of preparation. Lee & Ko team provided comprehensive guidance on the scope of ISMS certification and virtual asset business activities, while efficiently managing regulatory inquiries throughout the process.

For BDACS, a virtual asset custody service provider, Lee & Ko team developed a strategic approach that emphasized the company’s unique strengths in the market. Lee & Ko worked closely with the client to optimize their ISMS certification scope and business framework to meet regulatory requirements.

These successful registrations are especially noteworthy given the increasingly stringent regulatory environment for virtual asset service providers, including recent platform-related incidents that have led to heightened scrutiny. Despite the regulatory authorities’ conservative stance and extended processing times, Lee & Ko leveraged its extensive expertise across financial regulations, corporate law, foreign exchange, taxation, and virtual assets to secure these approvals.