On November 12, South Korea's Financial Services Commission (FSC) held a digital asset security policy meeting chaired by Vice Chairman Shin Jin-chang, pushing virtual asset service providers (VASPs) to maximize offline wallet storage. The FSC's current regulation mandates an 80% cold wallet holding requirement, but operators already exceed this with holdings above 95%. The FSC plans to strengthen security standards to align with traditional financial institutions, including continuous monitoring systems, insurance coverage expansion, and IT safety obligations. Additionally, the FSC will issue non-action letters to allow exchanges to preemptively block deposits and withdrawals in suspected hacking incidents, and will expand membership eligibility for the Financial Security Institute to all VASPs except KRW-market exchanges.

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