South Korea Tightens Crypto Rules with 5-minute Asset Verification Mandate
Cointelegraph
South Korea has mandated that crypto exchanges reconcile their internal ledgers with actual asset holdings every five minutes to improve security.Summary
Following an emergency inspection triggered by an error at Bithumb, the South Korean Financial Services Commission (FSC) has ordered all cryptocurrency exchanges to implement automated five-minute reconciliation cycles between internal ledgers and actual asset holdings. The move aims to mitigate risks associated with delayed balance checks and insufficient trading halt mechanisms. Additionally, exchanges must now enhance oversight for high-risk promotional activities, increase the frequency of external audits to a monthly basis, and provide more detailed disclosures regarding asset balances.
(Source：Cointelegraph)