The FSC of South Korea proposes to apply a no-fault liability for cryptocurrency exchanges, requiring compensation for customers when losses occur due to cyberattacks or system failures, equivalent to banking standards.
The regulations were tightened after the Upbit incident (November 27) where more than 104 billion Solana tokens (approximately 44.5 billion won) were lost and 20 incidents in 2023 affected over 900 individuals. The bill raises IT security standards and could impose fines of up to 3% of revenue.
The National Assembly is also pushing forward the stablecoin bill ahead of the deadline of December 10.
