Partner Hoseok Jung Participates in Press Conference at National Assembly Calling for Blockchain Legislation
On November 8, 2018, Managing Partner Hoseok Jung participated in a press conference held by the Korea Bar Association (the “KBA”) at the National Assembly Building in Seoul to advocate for the implementation of blockchain legislation. Hoseok, as Co-Head of Seum’s Blockchain Team and Chairman of the KBA’s Blockchain Task Force, joined the President of the KBA and other attorneys to stress the importance and necessity of quickly establishing a legal framework that will foster growth of the developing blockchain industry.
Regarding the need for blockchain regulations in Korea, Hoseok remarked, “Because blockchain and cryptocurrency are new forms of technology that never existed before, creating appropriate legislation is not easy. However, as other countries are already regulating blockchain, if the Korean government continues to delay the creation of blockchain legislation, not only will the blockchain industry in Korea lag behind the rest of the world, but the lack of regulations will lead to harmful results in Korea such as fraud, money laundering, or market manipulation. Accordingly, the government should act quickly and create an appropriate regulatory regime.”
The KBA Blockchain Task Force researches laws and regulations related to the blockchain industry, cryptocurrency and similar matters such as initial coin offerings, as well as advocating for practical legislation related to blockchain matters. As Chairman, Hoseok currently leads the task force which is comprised of over 40 attorneys.Click here to read Hoseok’s remarks (Pax Net News) Click here to view image (Yonhap News) Click here to read related article (MK News) Click here to read related article (IT Chosun) Please note that these articles are only available in Korean.
Steve Ahn Speaks at TAG Alliances International Conference in Atlanta
On October 25, 2018, corporate partner Steve Ahn participated in a seminar titled “Best Practices & Firm Management and Diversity and Inclusion in Leadership” at the TAG Alliances International Conference held in Atlanta, Georgia. This seminar focused on diversifying firm leadership and eliminating unconscious bias. Steve shared thoughts about women in the Korean legal profession and how SEUM tries to encourage diversity and inclusion.
On October 26, 2018 Steve spoke at a seminar titled “Trends and Experience in International M&A: Raiders, Sandbaggers and Others.” Corporate and M&A advisors from around the world shared views regarding cross-border deals and trends seen in various jurisdictions, and Steve provided insight on the Korean market based on his M&A and investment deal experience.
Founded in 1999, TAGLaw is a worldwide alliance of more than 155 independent law firms with offices in over 90 countries that provides a full range of legal services to clients all over the world. Comprised of TAGLaw, TIAG (The International Accounting Group) and TAG-SP (Strategic Partners), TAG Alliances is one of the largest and most respected multidisciplinary alliances in the world. In connection with its expanding international practice, SEUM has been accepted as member of TAGLaw and represents Korea.
Steve Ahn Speaks at ABA’s 2018 International Conference Regarding Cryptocurrency
On October 18, 2018, corporate Partner Steve Ahn participated in a conference held by the American Bar Association titled “The New Engine of Growth in Asia Conference: Investment and Technology” held at Korea University in Seoul, Korea. The conference covered a variety of topics, but primarily focused on legal issues and challenges related to cryptocurrency transactions.
As Co-Head of SEUM’s Blockchain team and borrowing from his substantial experience with cryptocurrency and initial coin offerings in Korea, Steve shared his views on the Korean market as a panelist for a panel titled “Cryptocurrency: The Problem Child Tamed?” Panelists from both Korea and the United States provided thoughts on the roles regulators in Korea and the United States are taking to promulgate regulatory enforcement actions, and examined remedies available to, for example, buyers to recover stolen cryptocurrency.
The panel was moderated by John E. Rollins (Ankura Consulting) and included attorneys from leading international and Korean law firms such as Joon H. Kim (Cleary Gottlieb Steen & Hamilton), Michael Mancusi (Arnold & Porter), Kan M. Nawaday, (Venable LLP), and Jongsoo (Jay) Yoon (Lee & Ko).
The American Bar Association Section of International Law, the preeminent U.S.-based international legal organization, organized the conference. It serves both its U.S and non-U.S. members, and the international legal community by, for example, providing programs, publications, and projects; facilitating relationships among attorneys; identifying and influencing public policy issues; and promoting the global acceptance and the just implementation of the rule of law.