Summary Of Korean Data Protection Developments

• Published date: 05 August 2022
• Subject Matter: Privacy, Technology, Data Protection, Privacy Protection, New Technology, Fin Tech
• Law Firm: DR & AJU LLC
• Author: Mr Timothy Dickens

South Korean Data Protection Outlook:

The Yoon Government's New Approach to South Korea's Data Regulations for Digital Services and Technology

President Yoon's victory in South Korea's presidential election on 9 March 2022 meant sweeping changes to the direction that the Korean government would follow across a number of sectors and industries. The technology, media and telecommunications sector is no exception and within the ambit of this ever evolving sector, data protection and the regulations surrounding this section of the tech industry are also to be amended and tweaked to be in line with the policy statements of President Yoon.

Policy Statements

President Yoon's policy statements highlighted the need to support and bolster innovation and R&D in the sectors of AI, digital infrastructure, cyber security, robotics and mobility. One of the key differences of the Yoon government from its predecessor is receptiveness to free market-orientated proposals and arguments for new directions in regulation, policy and enforcement. This opened up the potential for a shift in the regulatory framework for the ever changing digital services, data regulation and technology sectors. This is in line with one of the campaign promises from President Yoon which included a push for deregulation to ease the way for cutting edge technology and business models.

Recent Developments

The Ministry of Science, ICT and Future Planning stated in June this year that the government will establish a task force comprised of government officials and private companies to draw up strategies to beef up the digital platform industry and create self-regulation guidelines related to emerging technologies such as data management and artificial intelligence. The Minister of Science, ICT and Future Planning stated, "We will form a pan-government policy consultative body, implement a self-regulation policy and help companies improve their innovation capabilities."

On the crypto exchanges front, the leading crypto exchanges have created plans that could see them form a self-regulating body that could be empowered to take cross-platform decisions on matters like delisting and the suspension of transactions. Although this is still in discussion stage, which includes governmental ministers and regulators from the Financial Services Commission and the Financial Supervisory Service, it does indicate that the government is following through on its policy statements and moving in the direction of...