South Korea’s Personal Information Protection Commission (PIPC) has imposed a fine on Worldcoin for failing to comply with data protection regulations. The company has been found guilty of improperly handling personal information during its operations in the country.
The PIPC’s investigation revealed that Worldcoin did not adequately obtain consent from users for data collection, violating local privacy laws. As a result, the commission has levied a significant financial penalty aimed at reinforcing the importance of data protection and compliance within the cryptocurrency industry.
Worldcoin, which aims to create a universal basic income through a digital currency linked to biometric data, now faces increased scrutiny from regulators in South Korea and beyond. The fine underscores the growing concern among governments regarding privacy practices in the rapidly evolving crypto space.
In response to the ruling, Worldcoin has stated its commitment to enhancing its data protection measures and ensuring compliance with all relevant regulations. The company aims to rebuild trust with its users and regulators alike.
As the global conversation around data privacy intensifies, this case serves as a reminder for cryptocurrency firms to prioritize compliance and user consent to avoid similar repercussions in the future.
