EU Tightens Security Requirements for Crypto Wallets

The European Union has introduced a new regulation requiring cryptocurrency wallet providers to disclose critical security incidents within 24 hours.

According to the new rules, detailed reports must be submitted within 72 hours of an incident, while final reports are due within 14 days after corrective actions have been taken.

Crypto wallet providers that fail to comply with these regulations could face fines of up to €15 million or 2.5% of their global turnover.