South Korea has introduced a proposed Digital Financial Security Act aimed at strengthening the security of digital assets following the recent Upbit hack. The legislation mandates virtual asset providers to implement cold storage solutions and conduct regular penetration testing. Additionally, the act enhances Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to combat cross-border financial crimes. The proposed law seeks to bring greater clarity to the liquidity and cryptocurrency markets, including establishing rules for stablecoins. While the initiative is viewed as a positive step towards securing the digital financial landscape, there are concerns that smaller exchanges may face challenges in meeting the new compliance requirements.
South Korea Proposes Digital Financial Security Act to Enhance Crypto Security
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