Kakao Games affiliate Metabora Singapore announces partnership with Oasys

Dunamu’s Legal Team Recognized by Korean Police for Cyber Security ContributionsDunamu, the blockchain and fintech company behind South Korea’s largest cryptocurrency exchange Upbit, recently announced a noteworthy security achievement. At the 16th Cyber Security Awards organized by the Korean National Police Agency (KNPA), the leader of Dunamu’s Legal Team 3 was recognized with the KNPA Commissioner General’s Certificate of Appreciation. This accolade was in acknowledgment of the legal officer’s pivotal role in fostering collaboration between the private sector and police to combat the rising tide of cryptocurrency-linked crimes.Photo by Franck on UnsplashSupport guides and educational resourcesDunamu stands out as the only Korean virtual asset service provider (VASP) to have an employee distinguished in this manner this year. It’s worth noting that Dunamu’s legal teams have been proactively cooperating with law enforcement, providing them with investigation support guides and educational resources.A representative from Dunamu’s legal teams expressed gratitude to all team members for their collaborative efforts in combating virtual asset-related crimes and appreciated the recognition for their achievement. The official further emphasized Dunamu’s ongoing dedication to maintaining close cooperation with police and investigative bodies, aiming to cultivate a healthy virtual asset ecosystem.Awards since 2008The Cyber Security Awards were established in 2008 to recognize and honor those making significant contributions to cyberspace security. The awards not only motivate cyber police officers but also aim to bolster collaboration between the police and the private sector.This year, 27 distinguished individuals — including police officers, civil servants, and ordinary citizens — were recognized at the ceremony held on October 19 in Songdo Convensia, Incheon. They received commendations and certificates of appreciation for their contributions in areas ranging from cybercrime investigation and prevention to digital forensics.

On Thursday, South Korea’s Personal Information Protection Committee (PIPC) launched an investigation into Worldcoin’s personal data collection, processing and potential overseas transfer of sensitive personal data, the PIPC announced today via its official website. This comes after a number of complaints were filed against Worldcoin for its data collection practices.  Sam Altman’s crypto project Worldcoin gathers people’s personal data who signed up to have their irises scanned by “orbs” devices, which are currently installed in about 10 locations in Korea, including Yeouido, Pangyo and Apgujeong. The project started with the aim of distributing universal basic income to people whose jobs will be potentially replaced by artificial general intelligence (AGI) in the future. Photo by Colin Lloyd on UnsplashThe PIPC said the regulators will examine if any local privacy law has been violated by Worldcoin, and take further action in line with the Personal Information Protection Act. Following the launch of the investigation on Feb. 29, Worldcoin has withdrawn six orbs devices in Korea and stopped accepting new members. It has also suspended the distribution of the Worldcoin token (WLD) to members who have already signed up, media outlet Chosun Biz reported.  Free crypto tokens in exchange for personal data For individuals who have their irises scanned, Worldcoin rewards three WLD tokens every two weeks, which are worth approximately $22.5 (KRW 30,000) at the time of writing. The price of WLD has soared by nearly ten-fold from about KRW 1,300 last year to over KRW 13,000 today, according to the data from the local crypto exchange Bithumb. This price surge followed OpenAI’s launch of a text-to-video AI tool, Sora. The current circulating supply of WLD stands at around 100 million tokens. According to Worldcoin’s white paper, the WLD’s total supply cap will remain fixed at 10 billion tokens during the first 15 years following its launch.  The data collected from the eyeball scanning is shared on the Worldcoin blockchain, which is protected by the zero-knowledge proof technology that prevents the data from being tracked or shared with other applications. The personal data remaining in the orbs devices is deleted.  Ongoing overseas investigation on Worldcoin South Korea is not the only country that is examining Worldcoin’s personal data collection practices. The project’s processing of information has raised concerns in other jurisdictions as well, including the U.K., France, Argentina and Kenya. In the U.S., the issuance of WLD tokens has been banned by the country’s authority. 

KCC sets guidelines for user protection on metaverse platformsThe Korea Communications Commission (KCC) has established its latest guidelines for ensuring the protection and safety of users of metaverse platforms, dubbed the “Basic Principles for the Protection of Metaverse Users”.Photo by GuerrillaBuzz on UnsplashNavigating the metaverse landscapeAlthough metaverse platforms can create new economic and business opportunities by linking reality with the virtual realm and providing users with a realistic and immersive experience, the agency argued that various problems may arise due to the use of anonymous profiles or avatars.In response, the KCC assembled six voluntary principles for metaverse service providers to apply to their operations through discussions with a policy advisory group for metaverse ecosystem user protection. The group is composed of 29 members, including academics, legal experts and domestic and overseas companies. It has been active since last year.Fostering ethical metaverse environmentsThe principles cover topics like ensuring free yet respectful communication between users; granting users a platform for voicing their opinions on issues related to their rights and interests; and ensuring that transactions involving digital products and services are conducted on proper terms. They also urge companies to give users the right to use and manage their own data along with that of the metaverse.On a less technical level, the last principle mentions that companies should make efforts to study the long-term impact of the metaverse on users’ physical and mental health, and on society, culture, environment and economy.The agency has also proposed to draft a code of practice outlining more specific measures to protect users, such as prohibiting sexual harassment and stalking, reporting and punishing cyberbullying and transferring the right to purchase NFTs.Responsible governanceMajor metaverse platform operators like Naver, SKT and Meta, who are members of the agency, agreed to apply the guidelines and include them in their relevant terms and conditions documents and service operation regulations. The KCC stated that it plans to monitor whether or not these commitments are met.Although not mandatory, the guidelines are recommended as measures to resolve user inconvenience, enhance service reliability and provide standards for user protection. User protection includes that of children, adolescents and personal privacy.