Crypto
Legal Review of AI Trading Bot Program Utilizing Cryptocurrency Exchange API
Case Overview
- Client Information
- Corporation / Party
- Case Details
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The client is a business that develops and sells cryptocurrency trading programs. They planned to offer an automated trading bot service based on specific algorithms using the Open APIs of domestic and international cryptocurrency exchanges such as Upbit and Bybit. To ensure the safety of their business, the client sought legal advice from Decent Law Firm regarding the legality of the service and the drafting of user agreements.
Decent's Strategy
Decent Law Firm first conducted a thorough review to determine whether the business qualifies as a cryptocurrency service provider and to identify any legal issues related to the service they intend to sell. Based on this analysis, we provided specialized advice on whether the service falls under investment advisory services or similar investment advisory activities as defined by the Capital Markets Act, along with limitations related to the service algorithm logic and usage fees.
Results & Significance
"Provision of Review for AI Automated Trading Bot Program Contract"
Decent Law Firm conducted a comprehensive review to determine whether the client's business qualifies as a cryptocurrency service provider. We analyzed the interpretation of the provisions of the Specific Financial Information Act, referenced the "Virtual Asset Business Registration Manual" provided by the Financial Intelligence Unit, and considered other domestic cases. Based on this analysis, we concluded that the likelihood of the business qualifying as a cryptocurrency service provider is low.
Decent Law Firm conducted a comprehensive review to determine whether the client's business qualifies as a cryptocurrency service provider. We analyzed the interpretation of the provisions of the Specific Financial Information Act, referenced the "Virtual Asset Business Registration Manual" provided by the Financial Intelligence Unit, and considered other domestic cases. Based on this analysis, we concluded that the likelihood of the business qualifying as a cryptocurrency service provider is low.
Legal Consultation
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