The South Korean National Assembly has proposed an amendment to reduce the fines for crypto exchanges attacked by hackers from 10% to 3%, as suggested by FSC.

Techub News reports that, according to the Seoul Economic Daily, the Korea Financial Services Commission (FSC) has released the “Key Issues Coordination Plan for the Basic Digital Asset Law.” Under the coordination plan, the minimum capital for stablecoin issuers has been set at 5 billion KRW, the same as that for electronic money issuers. The proposed regulations also include fines of up to 10% of turnover for cryptocurrency exchanges that suffer hacking incidents. The FSC pointed out that “there is currently insufficient regulation of IT system security for exchanges, and the accountability mechanism for hacking incidents is also inadequate.” Therefore, the FSC stated that IT security standards comparable to those of financial institutions should be established, and strict damages liability and punitive fines should be introduced in the event of hacking incidents. However, the 10% turnover fine is significantly higher than the fines stipulated in the Electronic Financial Transactions Act for financial institutions affected by hacking incidents. Currently, the Korean National Assembly has proposed an amendment to the Electronic Financial Transactions Act, which would impose fines of up to 3% of turnover on financial institutions that suffer hacking incidents.