[Power K Women] Pioneering the Intersection of Blockchain and Law: Ten Years of Laying the Foundation Amid Virtual Asset Regulatory Gaps

Han Seohee, Attorney at Kwangjang LLC
A “Compass” for Laying the Foundation
of the Virtual Asset Industry Amid Regulatory Gaps
"Living a Life That Contributes to Society Beyond Problem Solving"
"Focus on the Long Term Rather Than Immed

Han Seohee, co-head of the Virtual Asset Team at the Digital Asset Center of Kwangjang Law Firm (Yoo), is an expert who has translated the technical logic of the virtual asset industry into the language of law and policy. Having worked as an attorney since 2011, at a time when no regulations existed for virtual assets in Korea, she has spent more than a decade bridging the gap between technology and legal regulations.

Having experienced the dynamic changes of the industry firsthand since its early days, she has leveraged her rich practical experience in fair trade, IT, and finance to offer concrete legal and policy guidance to virtual asset business operators. Her expertise spans regulatory compliance and registration for virtual asset service providers, anti-money laundering (AML), and even the issuance of overseas stablecoins.

Her career trajectory closely mirrors the legislative process that has shaped Korea's virtual asset industry. She has consecutively participated in the Financial Intelligence Unit (FIU) task force (TF) for the revision of the Act on Reporting and Use of Specific Financial Transaction Information, the securities token TF and Securities Assessment Committee, and the Financial Supervisory Service's task force for inspections and supervision of virtual assets. In addition, she has played a pivotal role in building the institutional foundation for digital assets, serving as a member of the Korean Bar Association's IT Blockchain Special Committee, board member of the Blockchain Law Association, and a commissioner on the Korea Internet & Security Agency (KISA) ISMS-P Certification Committee for information security and personal information protection management systems.

As an initial member of the Korean Blockchain Association's advisory committee, she helped lay the foundation for self-regulation among exchanges. She further deepened her expertise by earning a Ph.D. in law, specializing in financial regulation at Seoul National University. Currently, she is at the forefront, leading traditional financial institutions' entry into the digital asset industry and Security Token Offering (STO) businesses. The following is a Q&A with Han Seohee.

Han Seohee, a lawyer at Kwangjang Law Firm, poses before an interview with The Asia Business Daily at Kwangjang Law Firm in Jung-gu, Seoul. Photo by Jinhyung Kang

-Could you tell us about your professional background as an attorney and how you developed your expertise in the virtual asset field?

▲I passed the bar exam in 2008 and began working as an attorney around 2011. In the beginning, I handled a broad range of cases, including fair trade, IT, personal data protection, general litigation, and finance. I started specializing in virtual assets in earnest around 2017, when the price of Bitcoin soared and the market became highly active. At the time, my sibling, who was working at a startup, was interested in Initial Coin Offerings (ICO) and asked me to review the legal aspects. Although my sibling ultimately chose not to work in this field, that experience led me to start advising clients in the space. Back then, very few attorneys worked on virtual asset matters, so I collaborated with the Korean Blockchain Association and early-stage virtual asset exchanges, and I also represented hacking victims in lawsuits. Later, I participated as a task force member during the legislative process for the Act on Reporting and Use of Specific Financial Transaction Information, and supported National Assembly members in drafting bills, helping to lay the groundwork for virtual asset regulatory frameworks.

-Since this is an industry that bridges IT and finance and was still in its infancy at that time, legal precedents were lacking. Was it difficult as an attorney to deal with legal issues with no precedent?

▲In the early days, there was even confusion about whether the Ministry of Science and ICT or the Financial Services Commission should be responsible for virtual assets. Gradually, it was decided that blockchain technology would fall under the Ministry of Science and ICT, and virtual asset regulation would be under the jurisdiction of the FIU and the Financial Services Commission. As this industry lies at the intersection of IT and finance, I felt a deep understanding of finance was necessary. Therefore, I earned a doctoral degree in financial regulation under Professor Jeong Soonseop at Seoul National University. Later, I participated in the Financial Services Commission's TF regarding securities tokens and the determination of securities attributes.

-It seems you played a significant role in providing guidelines to businesses in the market when there were no regulations. Could you share the most rewarding experiences?

▲Two things stand out in my memory. The first is the 'separation of depository and settlement structures' issue. In traditional capital markets, exchanges and the depository/settlement agency are separated, but virtual assets become more vulnerable to hacking the more often they traverse the internet. I persuaded both government and academia that simply applying the traditional capital market structure could be dangerous. Second is related to 'staking' services. At first, many misunderstood staking as 'management' in capital market terms (investing funds and distributing returns). However, staking is fundamentally different; it is a technical reward received for contributing to blockchain network validation. By clarifying this distinction, exchanges can now legally offer staking services under the Virtual Asset User Protection Act. Helping government and academia understand the technical characteristics of the industry and facilitating communication was greatly rewarding for me.

Han Seohee, an attorney at Law Firm Kwangjang, is being interviewed by The Asia Business Daily. Photo by Kang Jinhyung

-Is there anything you would like to see changed in Korea's regulations regarding the virtual and digital asset market?

▲Overseas, especially in the United States, governments are swiftly relaxing and advancing regulations while pursuing 'on-shoring' policies to foster businesses in the domestic digital asset market. In contrast, Korea has taken a more conservative approach. What I find most regrettable is that virtual asset derivatives (such as futures trading) are not permitted domestically. As a result, numerous Korean investors move to overseas platforms such as Binance, causing considerable capital outflow. I hope that regulations will be put in place to allow for safe derivatives trading domestically, so that the funds currently leaving the country can return to Korea's markets and benefit the national economy.

-What are your personal values and goals in life?

▲As a Christian, I have strong values about living a life that benefits others and society. I first found meaning in this field by helping business operators who wanted to comply with the law but did not know how. I find great pride in solving problems wherever I am needed, and in helping to make society safer and better for everyone. I am also personally drawn to things that are 'interesting and new.' Creating new rules and contributing to novel situations where no precedents or regulations exist has been extremely enjoyable.

-Is there anything you would like to emphasize to business operators in this industry?

▲Protecting investors and establishing safe systems go without saying. More frankly, I would advise people not to fall into 'excessive overconfidence.' When operating in a legal gray area, I have seen people become overconfident in their abilities, unintentionally harming others or getting caught up in criminal cases. Even when there was no intent to commit fraud, there have been unfortunate cases that could have been avoided with just a bit more humility and consideration for those around them and for investors. I believe that as the industry matures, an even more careful and humble attitude is required.

-As a female partner attorney, do you have any advice for junior female legal professionals?

▲Although many highly qualified junior women are entering the legal profession, it is still unfortunate that relatively few become partner attorneys. Being a partner is not simply about being good at paperwork (desk work). It also requires 'communication skills' to identify what a client truly wants, 'broad perspective' to see problems from various angles, and the 'persuasive ability' to create solutions and convince counterparts. In the past, it was believed that women were disadvantaged in business development and client management because those activities often revolved around meals or drinking, but now there are many more tools—blogs, social networking services, continuous information-sharing—that allow individuals to promote their abilities and build relationships in their own way. I hope you will not be afraid and will find the approach that suits you. Even if it feels like taking a loss in the short term, staying strong and approaching things with a generous heart often leads, in the end, to good outcomes. If I had a daughter, I would recommend a profession in which you can leverage your expertise under the protection of a license even in a fiercely competitive society. I hope many more women leaders will emerge by enduring challenges and moving forward.

Han Seohee, a lawyer at the law firm Kwangjang, is being interviewed by The Asia Business Daily. Photo by Kang Jinhyung

▶About Han Seohee

Han Seohee is a highly experienced attorney with more than a decade of expertise advising and litigating in matters related to the digital asset and digital finance sectors. In particular, she is responsible for overall digital asset and digital finance issues, including providing advice on new business regulations for digital asset business operators, registration for virtual asset service providers, anti-money laundering and internal control, and legislative policy across the entire digital asset and digital finance industries. She currently serves as co-head of the Virtual Asset Team at the Digital Asset Center of Kwangjang Law Firm.

This content was produced with the assistance of AI translation services.