Personal Information Protection Commission to conduct preliminary inspections of blockchain services
Summary
- The Personal Information Protection Commission announced it will conduct preliminary inspections of blockchain application services.
- It said the inspection targets are expected to include virtual asset issuance and remittance services, virtual asset exchanges, decentralized identity (DID), and public blockchain infrastructure.
- It said that common inspection items, such as on- and off-chain information separation design and information identification risk assessment, could affect investment decisions.
On the 21st (Korea time), according to industry sources, the Personal Information Protection Commission said it will undertake preliminary inspections of blockchain application services. This is a follow-up measure after the plenary meeting the previous day resolved the results of the preliminary appropriateness review of new blockchain-based services.
The inspection targets are expected to include virtual asset (cryptocurrency) issuance and remittance services, virtual asset exchanges, decentralized identity (DID), and public blockchain infrastructure.
The inspections will be carried out reflecting problems revealed in the recent preliminary appropriateness review process and issues raised during the parliamentary audit.
Common inspection items included ▲on-chain/off-chain information separation design, ▲assessment of the risk of personal identification from block record information, ▲roles and responsibilities among blockchain participants, ▲implementation of the right to request access, correction, and deletion, ▲lawful processing of cross-border transfers.
Uk Jin
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