🇰🇷 South Korea equates cryptocurrency exchanges to banks in terms of responsibility

💼 The country is preparing new rules under which exchanges must compensate customers for losses on a no-fault liability basis — even if they are not formally at fault

⚡ The impetus was the Upbit hack on November 27, when hackers withdrew SOL worth ~$30 million in less than an hour

🚨 Since 2023, five top Korean exchanges have experienced 20 systemic failures, affecting over 900 users with total losses exceeding 5 billion won

📉 What they want to implement

🟠 Enhanced requirements for cybersecurity and operational standards

🟠 Fines up to 3% of the exchange's annual income, instead of the current cap of $3.4 million

🟠 Greater responsibility for delays in reporting incidents — Upbit notified the regulator only after 6 hours

🧩 Parliament also demands that regulators present a draft law on stablecoins by December 10

🧩 If the government delays again — deputies promise to bring the document themselves

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#BNB #BTC #ETH