Legal Review of AI Trading Bot Program Utilizing Cryptocurrency Exchange API
Provision of Review for AI Automated Trading Bot Program Contract
Client Corporation / Party
Key Summary
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…
Case Overview
- Client Information
- Corporation / Party
- Case Details
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
Results & Significance
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.