South Korea's Personal Information Protection Commission (PIPC) has imposed a fine of 1.1 billion Korean won ($830,000) on Worldcoin and its development firm, Tools For Humanity, for alleged violations in collecting and transferring personal data.
The PIPC accused Worldcoin of failing to adequately inform users about the purpose of collecting their iris data and the period for which it would be retained. The foundation was also criticized for not providing a Korean translation of its biometric data consent form until after the project was launched.
Both Worldcoin and TFH were found to have violated data transfer regulations by not informing users about the country where their data was being transferred and the name and contact information of the recipient. Additionally, the foundation did not provide a mechanism for users to request the deletion of their iris data, and TFH failed to properly age-verify users under 14.
Despite the penalties, Worldcoin and TFH have expressed satisfaction with the PIPC's decision. The companies maintain that they have addressed the issues raised by the regulator and are now in compliance with South Korea's data privacy laws.
The PIPC's investigation into Worldcoin highlights the growing importance of data privacy in the cryptocurrency and technology industries. As more companies collect and process personal data, it is essential that they adhere to strict regulations to protect user privacy and avoid legal penalties.
September 2024, Cryptoniteuae