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South Korean privacy decree gets update to encourage new technologies, relieve financially troubled businesses

( July 12, 2022, 03:06 GMT | Official Statement) -- MLex Summary: The revised enforcement decree for South Korea’s privacy law was approved at a cabinet meeting today, with the changes slated to go into effect later this month, the country’s privacy regulator announced. In a statement, the Personal Information Protection Commission said the revisions were aimed at improving regulations to reflect characteristics of new technologies such as blockchain and allow for extra fine reductions and exemptions in instances where businesses are in economic difficulties. In particular, the regulator said personal information that has been rendered non-personally identifiable and unable to be retrieved can be considered to have been destroyed under the revision, allowing for the widespread application of personal information-based blockchain technology in various fields.The regulator's statement, in Korean, is attached....

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