 |
| gettyimagesbank |
By Lee Min-hyung
Korea's major law firms are planning to launch special teams to represent clients in legal cases involving cryptocurrency, in a timely move to expand their client base in the nascent digital industry.
Client demand is forecast to rise further from companies operating crypto businesses, as the government displays a strong willingness to address crypto fraud by tightening regulations. Last month, the National Assembly also passed a law on the protection of crypto investors.
Even as the crypto industry is not yet fully regulated and a long way from complete institutionalization, law firms are expected to see growing revenues from the field, as corporate-level crypto players face more legal tussles and intervention from authorities.
Barun Law, a Seoul-based law firm, has recently launched a response team dedicated to dealing with crypto crimes. The team consists of eight lawyers headed by Cho Jae-bin who has investigated a broad range of criminal cases in finance and cryptocurrencies.
The law firm has represented clients in multiple cases of alleged crypto fraud ― including the collapse of the once-prevalent Terra-Luna ecosystem. It also represented clients in other crypto-related embezzlement cases.
According to data from the Financial Services Commission, the market capitalization of all cryptocurrencies listed in local exchanges came in at 19 trillion won as of the end of 2022. Their daily transaction volume also reached 3 trillion won on average in the latter half of last year when the market faced serious doldrums.
Given that most asset markets ― including cryptocurrency, stock and real estate ― hit rock bottom during the period, the figure is widely expected to increase this year and possibly for more years to come, as no more drastic rate hikes are expected here or abroad.
Other top-tier law firms such as Jipyong, and Yoon & Yang have set up crypto-dedicated taskforces to widen their presence in the lucrative crypto industry. They plan to diversify revenue by winning more contracts in a series of cryptocurrency-centered cases and also reviews for approval of crypto exchanges and other market players.
With an unceasing set of crypto-related scandals escalating into serious social issues here, the Seoul Southern District Prosecutors' Office decided to launch a joint crypto investigation team on July 26. This marks the first time that the prosecution has formed a special investigation unit focusing on crypto crimes.
Prosecutors are now looking into a number of crypto fraud suspicions ― such as Rep. Kim Nam-kuk's suspicious crypto trading.
"As the industry is on a path to be regulated by authorities and laws, legal firms will be able to find more business opportunities there," an industry source said.
![[INTERVIEW] Hip-hop group Uptown returns after 13 years with new lineup](https://img.koreatimes.co.kr/upload/thumbnailV2/0eae35da5e9c40c38cf439e550a2eb3e.jpg/dims/resize/178/optimize)
![[INTERVIEW] ASTRO members aim to shine in musical theater](https://img.koreatimes.co.kr/upload/thumbnailV2/df16760dc50f469d93434f66a069465c.jpg/dims/resize/178/optimize)
