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  • Wed, Jul 4, 2018 Korean authorities will discuss the handling of personal data by encrypted exchanges


    According to news reports, two Korean regulators have announced a joint investigation into the issue of encrypted exchange operators handling personal data. The relevant agencies are the Korea Communications Commission (KCC) and the Korea Internet and Security Agency (KISA). KCC and KISA will investigate the possibility of encrypted exchange operators and third-party service providers infringing on data privacy - for example, smartphone apps designed for services such as real estate, shopping and travel. According to reports, the survey will examine the status of technical and administrative protection measures related to user personal data - including data access control measures, tamper-proof measures, personal data encryption and malware protection.

    After reviewing the collection, use, provision and destruction of personal data by cryptographic exchange operators and third parties, the authorities stated that they would enforce administrative penalties if they found violations of the National Data Protection Act. Chosun further reported that KCC will investigate eight cryptocurrency processing companies that have received revised orders after violating the Korean Personal Information Protection Act in 2017. Chosun quoted a local source as saying that the recent domestic hacking hackers have become a powerful force for new exploration.

    These include a high-profile hacking of $17 million in the main Korean exchange Bithumb last month, as KISA has been working with other agencies to investigate. It is worth noting that Bithumb was fully clarified after a three-month investigation of the Korean authorities before the incident. Throughout the spring, the Korean stock exchange is increasingly subject to regulatory oversight of compliance with anti-money laundering (AML) standards and other anti-fraud measures.