WuShuo has learned, according to Yonhap News Agency, that due to a recent hacking incident involving approximately 40 billion KRW on Upbit exposing regulatory gaps, the Korean Financial Services Commission is advancing the 'Virtual Asset Phase 2 Legislation.' The proposal aims to require platforms to bear 'strict liability for damages' in cases of hacking or system accidents at virtual asset exchanges, applying the same standards as financial institutions. The second phase of legislation is expected to strengthen security obligations, IT compliance requirements, and discuss raising hacker fines to a maximum of 3% of revenue, referencing the Electronic Financial Transactions Act—far higher than the current cap of 500 million KRW. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=53087