EU tightens security rules for crypto wallet providers

The European Union has mandated that crypto hardware and software wallet providers file an initial report within 24 hours if they are hacked or discover a major security vulnerability, Cointelegraph reported. Under the Cyber Resilience Act, which took effect on Sept. 11, manufacturers must submit an early warning within 24 hours of becoming aware of a severe vulnerability and complete a formal report within 72 hours, according to the European Commission. Once remediation or mitigation measures are in place, they must file a final report within 14 days, while major incidents require a final report within one month. Companies that violate the rules could face fines of up to €15 million ($17.3 million), or 2.5% of annual global revenue, whichever is greater.