South Korea’s Financial Services Commission plans to allow cryptocurrency exchanges to suspend deposits and withdrawals when hacking is suspected, without waiting for confirmation of a breach. The regulator will issue a no-action letter establishing these preventive measures as permissible under certain conditions. It also called for continuous monitoring, rapid incident response, higher cold-wallet holdings, and stronger insurance coverage and reserves. The decision follows GOPAX’s service suspension after a hacking threat and the loss of about $70,000 suffered by Prabang. The regulator also identified cybersecurity deficiencies at 130 of 555 financial companies reviewed nationwide.
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