TechFlow news, January 9 — According to Dlnews, the South Korean Financial Services Commission (FSC) has drafted a bill proposing to fine cryptocurrency exchanges up to 10% of stolen assets when they suffer hacking incidents.
The proposal aims to raise exchanges' cybersecurity standards, requiring them to meet security levels comparable to traditional financial institutions. Under the new rules, if applied during the hack suffered last November by Upbit, South Korea's leading exchange, the $36 million loss could have resulted in a maximum fine of $3.6 million—700% higher than the current maximum penalty of $456,000.
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