South Korea plans to allow exchanges to suspend deposits and withdrawals in the event of suspected cyberattacks.

On November 12 that, according to Cointelegraph, the Korea Financial Services Commission plans to issue a no-action letter, allowing cryptocurrency exchanges to preemptively pause deposits and withdrawals due to suspected hacking attacks upon meeting certain conditions, without needing to wait for confirmation of an attack.

The commission also requires exchanges to enhance 24/7 monitoring and incident response, increase the proportion of assets held in cold wallets, and strengthen insurance coverage and reserves. Exchanges unable to maintain continuous monitoring will only process deposits and withdrawals during staffed hours, with advance notice to users.