Publications & Media

In this contributed Q&A, Daehoon Park explains why digital asset structuring should begin with the product’s actual rights, controls, and operating model—not its label. He discusses how token rights, custody, intellectual property, and cross-border distribution should inform corporate structure and commercial agreements.

For M&A, the discussion extends beyond a target’s current compliance position to its history of token issuance, purchaser representations, and regulatory activities. It also examines control over private keys, treasury wallets, and smart-contract administration, and how diligence findings can inform pre-closing remediation, closing conditions, indemnification, and holdbacks.

On securities law, Park distinguishes the character of an asset from the circumstances in which it is offered or sold: an asset that is not itself a security may still be sold as part of an investment contract. He considers the implications for offering structure, marketing, investor eligibility, and transfer restrictions, while distinguishing effective requirements from proposed regulatory changes.