Add as a preferred source on GoogleSouth Korea Plans Immediate Incident Notices for Virtual Asset Service Providers
New guidance would require providers to notify two financial bodies immediately after discovering a security incident. Broader legislation is targeted for submission in the first quarter of 2027.
South Korea’s Financial Services Commission (FSC) plans new guidance requiring virtual asset service providers (VASPs) to notify the Financial Supervisory Service (FSS) and Financial Security Institute (FSI) immediately after finding a security incident.
On Nov. 5, the FSC said it would develop new guidance directing providers to alert the FSS and FSI immediately upon discovering an incident. Providers currently need only report such incidents to the Korea Internet & Security Agency (KISA).
Financial authorities also plan a digital financial security law that would apply security requirements comparable to those in South Korea's Electronic Financial Transactions Act to VASPs, insurance agencies and lending businesses that hold extensive customer information or could cause major asset losses. They aim to complete legislative work and submit a bill in the first quarter of 2027.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.