South Korea to impose strict liability on crypto firms for data breaches

South Korea plans to introduce a strict liability rule for digital asset service providers, holding them accountable for personal data breaches with fines of up to 3% of their revenue, Blockmedia reported exclusively. According to the report, which cited the National Assembly and financial authorities on Dec. 4, the new provision is a response to a recent major data leak at e-commerce giant Coupang and will be included in the country's forthcoming Digital Asset Basic Act. The rule stipulates that in the event of a security incident, a company will be held liable for damages unless it can prove it was not intentional or negligent, shifting the burden of proof to the service provider.