[South Korea Requires Virtual Asset Service Providers to Immediately Report Security Incidents to Financial Regulators] According to Digital Asset, South Korea's Financial Services Commission announced on November 5th that it will develop new guidelines requiring virtual asset service providers to immediately notify the Financial Supervisory Service and the Financial Security Service upon discovering a security incident. Currently, these companies only need to report to the Korea Internet & Security Agency. Financial authorities believe that as virtual assets become increasingly intertwined with the financial industry, it is necessary to rapidly transmit incident information to financial regulators for investigation, information sharing, and consumer protection. Financial authorities also plan to enact a "Digital Financial Security Act," applying security regulations equivalent to the current "Electronic Financial Transactions Act" to industries such as virtual asset service providers, insurance agencies, and lending businesses that hold large amounts of customer information or may cause significant asset losses. The legislation is planned to be completed and submitted to the bill in the first quarter of 2027.