South Korea’s Financial Services Commission (FSC) has taken another step: if virtual asset service providers discover a security incident, they must immediately notify the Financial Supervisory Service (FSS) and the Financial Security Institute (FSI), in addition to KISA. Guidelines will be issued in November, and incident reports must include the time the incident was detected, details of the incident, and the estimated type and scale of losses.
The bigger move is the Digital Financial Security Act, with a draft proposal targeted for completion in the first quarter of 2027. It would bring virtual asset providers, insurance agents, lenders, and others closer to the security standards of the Electronic Financial Transactions Act. Meanwhile, around 580 finance-related companies will undergo comprehensive security inspections, and registered external interfaces must be scanned by the end of November.
After Binance’s latest move, South Korea clearly doesn’t want to rely solely on damage control after the fact anymore. #韩国监管 #加密安全
The bigger move is the Digital Financial Security Act, with a draft proposal targeted for completion in the first quarter of 2027. It would bring virtual asset providers, insurance agents, lenders, and others closer to the security standards of the Electronic Financial Transactions Act. Meanwhile, around 580 finance-related companies will undergo comprehensive security inspections, and registered external interfaces must be scanned by the end of November.
After Binance’s latest move, South Korea clearly doesn’t want to rely solely on damage control after the fact anymore. #韩国监管 #加密安全
