Search results for National Assembly audit
Telecommunications & Media
Tving compensation must not be pretext for fine reduction, privacy watchdog stresses effectiveness
South Korean lawmakers criticised streaming service Tving at a parliamentary audit over its compensation plan for a large-scale personal data leak, arguing it steers victims back to paid services and may be designed to reduce penalties. The company offered insurance, points, partner coupons and premium viewing features, but some require subscriptions and former members must rejoin to apply. The Personal Information Protection Commission said ineffective compensation would be hard to factor into any fine reduction, while it reviews sanctions.
Crypto
Digital Assets Framework Act in final stage, will not fall behind global trends
Financial Services Commission Chairman Lee Eok-won said preparations for the second stage of the Digital Assets Framework Act, including stablecoin institutionalisation, are complete and final consultations are under way. Lawmakers warned South Korea is lagging behind major economies in digital asset rulemaking and cited rising domestic trading in overseas stablecoins. Lee said the framework is largely in place and would be run based on market conditions. He also apologised for losses and market confusion after single-stock leveraged ETF launches.
Finance
Toss Payments admits lapses in data leak management, pledges tighter oversight of merchants
Toss Payments acknowledged shortcomings in its management of a recent data leak and said it will strengthen security oversight extending to merchants. CEO Lim Han-wook appeared as a witness at a parliamentary audit on Oct. 6. The company said payment information was viewed externally at a single merchant using its payment gateway service after an integration key was exposed. It said 4,131 payment records involving 2,671 people were accessed, with no fraudulent payments confirmed.
