The South Korean government has announced efforts to crack down on the emerging digital currency market. They intend on conducting on-site inspections of cryptocurrency service providers.
South Korea’s Ministry of Science and ICT and Korea Communications Commission reportedly announced that they will conduct on-site inspections of cryptocurrency service providers including bitcoin exchanges. They will focus on the cybersecurity of these providers and their compliance with privacy laws.
The Korea Communications Commission and the Ministry of Science and ICT announced on Tuesday that they will cooperate to conduct on-site inspections of bitcoin exchanges, according to local publications. Zdnet Korea elaborated:
The Korea Communications Commission (KCC) plans to conduct on-the-spot checks on the implementation of technical and administrative safeguards for personal information pursuant to the Act on the Promotion of Information and Communication Network Utilization and Information Protection, and to strictly rectify any violations.
In addition, “the KCC will provide information security consulting and technical support to service providers who handle digital currencies online, and will guide them to reduce their own security vulnerabilities,” the news outlet clarified.