How to build Gyopo capital

Below is a first-principles, step-by-step legal build-out for a dual-domiciled Bitcoin-treasury firm (“Gyopo Capital”) that operates OTC dealing, custody, and BTC-backed lending between the United States (Delaware) and South Korea (Seoul).  Follow it like a recipe; ignore one ingredient and the compliance cake collapses.

Executive Snapshot

1. Delaware C-Corp parent owns a wholly-foreign-owned Korean Yuhan-Hoesa subsidiary.
2. Both entities register as Virtual-Asset/Money-Service providers (FinCEN + state MTLs in the U.S.; KoFIU VASP in Korea).
3. Accounting & tax follow the new FASB 2023-08 fair-value rule in the U.S. and the 2024 K-IFRS crypto guideline in Korea.
4. FX & capital-controls doors stay open via Korea’s Foreign Exchange Transactions Act declarations and U.S. outbound investment rules.
5. AML / OFAC / Sanctions tooling is baked in from day one.
6. Open-source policy templates keep regulators happy and legal bills sane.

Do this correctly and you have a compliant bridge that can stack BTC, borrow against it, and compound wealth for decades—without fear of enforcement whiplash.

1 — Choose & Form the Corporate Vehicles

Jurisdiction	Legal Form	Why It Works	Key Filings
U.S. (HoldCo)	Delaware C-Corp	Investor-friendly courts, unlimited share classes for future raises	Certificate of Incorporation (Delaware Div. of Corps)
Korea (OpCo)	Yuhan-Hoesa (private Ltd.)	Fast FDI approval; 100 % foreign ownership allowed	FDI report to KOTRA + MOJ registration; business-registration at Tax Office

Pro-tip: Keep the Korean entity a “domestic branch” from a tax standpoint until you hit serious local revenue; it simplifies early bookkeeping.

2 — Secure Your 

Virtual-Asset / Money-Service Licences

2.1 United States

1. FinCEN MSB registration – File Form 107 within 180 days of launch; renew every two years.  
2. State Money-Transmitter Licences (MTL) – 30 + states now follow the CSBS Money Transmission Modernization Act (MTMA), letting you passport one core application.  
3. Net-worth / surety-bond hurdles vary by state (USD 25 k – 2 m) and require audited financials.  

2.2 South Korea

1. KoFIU VASP registration under the Act on Reporting & Use of Specified Financial Transaction Information; submit:
   
   • ISMS security-certificate (KISA)
   • Local real-name bank account
   • Minimum paid-in capital ≈ KRW 500 m – 3 b (exchange vs. custodian)  
3. Virtual Asset User-Protection Act (July 2024) adds:
   
   • 80 % customer-coins in cold storage
   • Liability insurance = ≥ 5 % of hot-wallet assets or min. KRW 500 m  

3 — Accounting & Audit Stack

Rule	Effective	Core Impact
FASB ASU 2023-08	FYs beginning after 15 Dec 2024	Bitcoin marked fair-value through P&L, reversing the old impairment-only model.
K-IFRS Crypto Guidance 2024	Mandatory now	Mirrors IFRS IAS-38 but clarifies wallet segregation & fair-value option.

Audit trail: store cost-basis, fair-value marks, and wallet addresses; external auditors will sample on-chain proofs.

4 — Tax Treatment

• U.S. – IRS treats BTC as property (Notice 2014-21); gains are capital or ordinary depending on holding purpose.  
• Korea – Corporate tax 9 %–24 % + 20 % separate crypto gains tax (deferred to 2025 for individuals but already live for corporates).  
• Depreciation? None. Fair-value re-measurement flows through P&L under ASU 2023-08.

5 — FX & Cross-Border Capital Controls

• Declare any foreign-currency loan, dividend, or remittance > USD 50 k to the Bank of Korea under the Foreign Exchange Transactions Regulations.  
• Use Inter-company loan framework (Art. 3-3, FETA) to move fiat cheaply between HoldCo and OpCo.
• Report U.S. outbound investments on BE-10/11 surveys if equity > 10 %.

6 — AML, KYC & Sanctions Safeguards

Requirement	U.S.	Korea
BSA/AML Program	Written policies, SAR filing, independent testing	Same + STR to KoFIU
OFAC Screening	Follow OFAC “Virtual-Currency Compliance Guidance”: block SDN wallets, maintain logs.	Mirror via FSC’s unlawful-transaction rules.
Travel-Rule	1 k USD threshold (FinCEN) and 1 m KRW threshold (Korea) for sender/receiver data.

7 — Collateralized Lending & Custody

1. U.S. – If you lend fiat against BTC, check state lending-license triggers; many states exempt B2B loans but a few (CA, NV) require a CFL.
2. Korea – Crypto-backed loans classify under Credit-Specialized Financial Business Act; register if annual lending > KRW 1 b.
3. Custody Tech – Multisig + offline HSM meets both ISMS (Korea) and SOC-2 Type II (U.S.) expectations.

8 — Data & Cybersecurity

• Korea PIPA: local-user data stored in-country unless SCCs signed.
• U.S.: follow state privacy laws (CA-CPRA, etc.)—easy win: encrypt at rest, role-based access.

9 — Implementation Roadmap (12-Month Gantt in Words)

Month	Milestone
0-1	Incorporate DE C-Corp; hire U.S. compliance officer.
1-2	File FinCEN MSB; begin state MTL applications via NMLS; launch OFAC screening stack.
2-4	Register Korean Yuhan-Hoesa; open real-name account at partner bank; order ISMS audit.
4-5	Submit VASP application to KoFIU + KISA certificate.
5-6	Implement fair-value accounting modules; contract Big-4 for dual-GAAP audit.
6-8	Build OTC desk, cold-wallet infrastructure; finalize insurance (5 % hot-wallet).
9-10	Pilot cross-border BTC-backed loan; file first FX declaration under FETA.
11-12	Full commercial launch; publish open-source policy templates; prep bi-annual MSB renewal.

10 — Common Pitfalls to Dodge

1. Ignoring state MTLs because “the feds already approved us” → instant cease-and-desist risk.
2. Using omnibus exchange wallets—KoFIU now demands 80 % cold-storage segregation.  
3. GAAP mismatch—adopting fair-value in the U.S. but cost-model in Korea breaks consolidated statements.
4. Unreported inter-company loans—violate FETA, invite KRW-denominated fines.
5. No OFAC filter on OTC desk—heavy civil penalties per transaction.  

Final Eric-Kim-Style Rally Cry

“Legality is leverage.  Build the rails first, then gun the Bitcoin throttle.  Do these filings, lock down your cold wallets, and every satoshi you stack becomes dynastic artillery.”

Execute the checklist, and you’re not just compliant—you’re compounding unstoppable wealth for yourself, your shareholders, and your descendants.  Stack harder, the lawful way.