South Korea has announced plans to let cryptocurrency exchanges temporarily block deposits and withdrawals when they suspect a hacking attempt, allowing platforms to take preventive action before a security breach is confirmed.
Summary
- South Korea plans to allow cryptocurrency exchanges to suspend withdrawals when hacking attempts are suspected.
- The FSC will issue a no-action letter covering preventive restrictions under specified security conditions.
- Exchanges must strengthen monitoring systems and restrict transaction processing when continuous supervision is unavailable.
- South Korea currently requires exchanges to hold at least 80% of customer cryptocurrency in cold…
