TechFlow news, December 7 — According to Yonhap News Agency, the Financial Services Commission of South Korea is advancing the "Virtual Asset Second-Phase Legislation Bill," planning to impose the same "strict liability" system on virtual asset exchanges as that applied to financial institutions. This move aims to fill existing regulatory gaps, as it is currently difficult to hold exchanges accountable in cases of hacking attacks or system failures. Data shows that from 2023 to September 2025, the top five exchanges in South Korea experienced a total of 20 system incidents affecting nearly 900 users. The new bill will also require exchanges to enhance their security standards and may increase the maximum fine for hacking incidents from the current 5 billion won to 3% of their revenue.
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