Korean Regulator: New Encryption Rules May Affect User Data Security

South Korean regulators have warned of a number of issues related to the regulatory oversight of future cryptocurrency exchanges and legal issues that could affect sensitive consumer information, according to CryptoNews. According to a report by the Korea Financial Services Agency, Kookmin Ilbo, the Financial Services Agency (FIU), which has been overseeing the exchange since March 25, was concerned about the fate of the exchange of information about which users will be. ultimately unlicensed. Korean law requires companies to clean their data and remove sensitive user information within six months when it is no longer needed. However, the FIU is concerned that if a problem arises after the closure or rejection of a license by some vendors, the information may be leaked or unexplained. Therefore, the CRF accepts that the cryptocurrency exchange will delay the consumer's request for user data until the request is approved or rejected.