What does the Credit Information Act mean for crypto regulation?
What is the Credit Information Act?
The Credit Information Act in South Korea is set to extend its reach to virtual asset service providers (VASPs), which includes cryptocurrency exchanges. This is significant because it aims to bolster user rights and the security of data within the crypto space.
How does this change affect crypto exchanges?
With this law applied to the exchanges, it will impact their operations in several ways. For one, exchanges will need explicit consent from users to collect personal data. This could potentially weaken the pseudonymous nature of transactions. They also must ensure that their security practices meet banking standards, so as to protect user information from breaches. Collected data can only be used…
