The European Union has mandated that cryptocurrency hardware and software wallet manufacturers report serious security vulnerabilities or active exploits to authorities within 24 hours of becoming aware of them. Violations can result in fines of up to €15 million (approximately $17.3 million) or 2.5% of global annual revenue, whichever is greater.

The measure is based on the EU’s Cyber Resilience Act (CRA), with the European Commission implementing the related reporting requirements starting on the 11th. Crypto wallet manufacturers supplying products to the EU market must submit an early warning within 24 hours of discovering an actively exploited vulnerability or serious security issue, followed by a formal notification within 72…