SBS News reported that the Financial Services Commission urgently convened virtual asset exchanges on the 2nd in relation to the 'Binance hacking incident' and urged them to make additional provisions for reserves, etc. The Financial Services Commission focused on inspecting access controls for domestic virtual asset service providers' computer systems, as well as wallet withdrawal approval and signature systems for hot wallets, etc. In particular, to prevent the occurrence of security breaches similar to the Binance incident, it ordered an increase in the proportion of cold wallets that are not connected to the internet. According to the current Virtual Asset User Protection Act, virtual asset businesses must store more than 80% of customer deposited assets in cold wallets, but the ratio varies by company.
