World

Worldcoin

Foundation

Coin

The&nbsp;<a href="https://www.thecoinrepublic.com/2024/07/23/south-korean-regulator-hesitant-on-corporate-crypto-bets-why/">South Korean</a>&nbsp;Personal Information Protection Commission (PIPC), has imposed a penalty of 1.1 billion won ($830,000) on Worldcoin and its sister organization, Tools For Humanity (TFH). 
The fines were imposed for the misuse of personal data, including scanned iris data. TFH was also guilty of not explaining to its users why it was collecting their data and for how long. 
The PIPC fined the Worldcoin Foundation 725 million won ($545,000) for handling sensitive personal data. As well as improperly transferring the data to a foreign country. 
Also, TFH has to pay 379 million won ($285,133) as a penalty. It is for failing to perform its obligation for data transfer outside the territory. This comes after the PIPC conducted an investigation into Worldcoin’s data practices in February. 
Reacting to the penalties, TFH claimed its cooperation and adherence to the data protection laws in South Korea. They confirmed that adequate changes have been made to their disclosure policies to comply with the country’s laws. 
The company did not object to the attention paid to it. It considered the attention an acknowledgment of the company’s compliance with the changes made. 
<h2 class="wp-block-heading" id="h-pipc-discovers-worldcoin-s-consent-form-issues">PIPC Discovers Worldcoin’s Consent Form Issues</h2> 
The investigation by PIPC revealed that&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/worldcoin-org/">Worldcoin</a>&nbsp;and TFH had certain major failings in several areas. They had not included a Korean-language version of the consent form, Informed consent, which is important for subject comprehension. 
Also, both entities did not inform users about the location of the recipient countries. Neither did they reveal the identity of the recipients. 
There were also no ways for users to request the removal of their iris data. Before April, TFH had not properly confirmed the age of users under 14. These factors have led TFH to put in place stronger measures to prevent such mistakes in the future. 
The PIPC has not prevented Worldcoin from gathering sensitive information in South Korea if the mentioned problems are addressed. This decision might further mean that Worldcoin is capable of continuing its operations as long as it complies with the enhanced practices. 
<h2 class="wp-block-heading" id="h-worldcoin-continues-global-expansion-amid-fines">Worldcoin Continues Global Expansion Amid Fines</h2> 
Nonetheless, TFH stated that they were pleased with the regulatory examination results despite the huge penalties. They consider it a result of their efforts to bring their business into compliance with South Korean legal norms. 
The company has not deviated from its goal of employing technology to accurately and reliably authenticate people. 
Worldcoin, a project close to us, provides so-called “World IDs” by using the Orb device to capture users’ irises to prove that they are people. 
This is one of the best technologies developed in recent times to protect people from the dangers of artificial intelligence. As of now, Worldcoin has over 6.7 million verified World IDs in over 160 nations. 
The company is still offering WLD cryptocurrencies to its signees as enrollment benefits. This is particularly good news for Worldcoin as it means the company can continue to expand into new markets, particularly those in South Korea, without violating local or international privacy laws. 
The post <a href="https://www.thecoinrepublic.com/2024/09/26/worldcoin-fined-830k-over-privacy-breaches-in-south-korea/">Worldcoin Fined $830K Over Privacy Breaches in South Korea</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Worldcoin Fined $830K Over Privacy Breaches in South Korea

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