South Korea starts investigation into data privacy protection by cryptocurrency exchanges

2 July 2018

New report from South Korean media outlet Chosun revealed that the two regulators in the country are starting a joint investigation into the operations of cryptocurrency exchanges in terms of their handling personal information of the users for the compliance with the national regulations.

The two agencies in question are the Korea Communications Commission (KCC) and the Korea Internet & Security Agency (KISA). The regulators will be holding a probe into the possible violation of data privacy by cryptocurrency exchange operators along with third party service providers, such as developers of smartphone applications for shopping, travel booking or real estate services.

According to the report, the investigation will involve checking the availability and efficiency of technical and management steps taken by the companies to protect user sensitive information, including data access control measures, anti-tampering policies at place, personal data encryption and protection against malicious software.

Upon the review of the process involving collection, usage, provision and destruction of sensitive data by cryptocurrency exchanges and third party service providers, the regulators will take actions based on the results, enforcing fines and penalties on the projects and companies found in breach of the national data privacy regulations.

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