Blockchain Report on Nostr: South Korea's Financial Security Institute (FSI) is set to establish detailed ...

South Korea's Financial Security Institute (FSI) is set to establish detailed security regulations for smart contracts by the end of the year. This initiative aims to prevent unauthorized access to administrative privileges and the illicit issuance of tokens, with provisions including the suspension of stablecoin issuance and asset freezes. The FSI is also slated to release a comprehensive digital asset security framework in late August or early September, encompassing 15 key areas such as smart contract security, internal controls, and Know Your Customer (KYC) procedures. This regulatory push follows a recent incident where the Wemix Dollar experienced unauthorized token issuance due to a compromise in its smart contract management permissions.

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