Legal Review of Overseas Personal Information Processing and Transfer by VA Exchanges

Cha & Kwon Law Offices provided legal review and advice on the overseas transfer and processing of personal information of a domestic virtual asset exchange “A.”

Users’ personal information is protected in accordance with the Personal Information Protection Act, and when a business transfers collected personal information to an external company, it may be required to take different measures depending on the type of transfer. It is necessary to determine whether the transfer of personal information falls under “providing a third party” or “consignment of personal information processing.”

Depending on whether the receiving external company is domestic or foreign, different measures appropriate for each case must be taken. Furthermore, the minimum number of persons authorized to process personal information, in accordance with the internal management guideline, shall oversee the personal information processing and transfer to an external entity.

Uncertainty in the collection and processing of strictly protected personal information can be a great risk to the business itself. Therefore, it is necessary to review the market and regulations with an expert who has professional legal and practical knowledge in the corporate personal information collection and processing process.

Consult with Cha & Kwon Law Offices to minimize legal risks regarding users’ personal information.