South Korea plans to prepare incident-reporting guidelines for virtual asset service providers in November. A report summary shared on November 5 describes a plan for providers to notify the Financial Supervisory Service (FSS) and the Financial Security Institute immediately upon discovering a security incident, alongside reporting to KISA.
Some providers currently report incidents to KISA under the information and communications network law because they fall outside the Electronic Financial Transactions Act. The planned process aims to support faster incident investigation, information sharing and consumer protection as links between crypto services and other financial sectors grow closer.
The reported notification fields are the time of discovery, incident details, and the expected type and scale of harm. Providers can review who handles notifications and prepare to record these details in their response procedures. These steps are suggestions for preparation.
The guidelines are planned for November. The report does not establish that a new requirement is already in force. Providers should check the final scope and procedures when published.
Users can check their service's official notices for incident updates and response information.
Photo: Government Complex Seoul, Seoul Institute, Wikimedia Commons (CC BY 4.0)
