Regulators of South Korea, Korea Communications Commission and the Korea Internet & Security Agency have announced the launch of an investigation into the handling of personal information for crypto exchanges, the local media Chosun is reporting.
The investigation is based on the opinion that there are concerns about personal information infringements by the recent successful hacker attacks targeting virtual money.
The investigation covers crypto exchanges with a large number of users as well as financial institutions distributing apps for shopping, travel, and real estate.
On-site investigations will be conducted to control the status of technical and administrative protection measures related to personal information, such as access control to personal information processing systems, prevention of tampering, altering/sharing of personal information, encryption of personal information, and malware protection.
Strict penalties can be the consequence for the exchanges if investigators uncover any violations of the Information and Communications Network Act.
Moreover, regulators will check if the improvement requirements have been implemented for eight crypto exchanges, which were in violation of the Personal Information Protection Act in 2017 and had been ordered to take corrective actions.
By Nadya Astam