🚨 JUST IN: 🇰🇷 South Korea to Impose Bank-Level Legal Liability on Crypto Exchanges After Upbit Hack
South Korea is moving to significantly tighten its cryptocurrency regulations by imposing bank-level legal responsibilities on crypto exchanges, following the recent security breach involving Upbit. $DOGE The move signals a tougher regulatory stance, aiming to strengthen consumer protection and restore trust in the country’s digital asset market. $XRP
Under the proposed framework, crypto exchanges would be held to similar standards as traditional banks, including stricter requirements for security systems, internal controls, risk management, and accountability in the event of hacks or customer losses. Regulators believe this approach will force exchanges to invest more heavily in cybersecurity and compliance while reducing systemic risks. $SOL
The decision could mark a major shift for South Korea’s crypto industry, potentially raising operating costs for exchanges but also accelerating market consolidation and professionalism. Analysts note that while smaller platforms may struggle to meet the new standards, the long-term effect could be a safer and more regulated trading environment for investors.
