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South Korea Eyes Bank-Style No-Fault Liability for Crypto Exchanges After Upbit Hack
South Korea's Financial Services Commission is reviewing draft rules that would impose bank-level no-fault compensation standards on cryptocurrency exchanges after a late November hack at Upbit. Under the proposals, platforms could be required to reimburse users for losses caused by hacks or system failures even when they are not directly at fault, according to the Korea Times. Exchanges could also face fines of up to 3% of annual revenue, replacing the current 5 billion won cap.