EU requires crypto wallet makers to report vulnerabilities within 24 hours
Hardware and software crypto wallet makers in the EU must now report actively exploited vulnerabilities and serious security issues within 24 hours of becoming aware of them. Companies that fail to comply face fines of up to €15 million ($17.3 million) or 2.5% of their global annual turnover.
According to the official website, the new rules are part of the EU's Cyber Resilience Act (CRA). The vulnerability reporting requirements took effect on September 11 and apply to products with digital elements made available on the European market.
The European Commission said the changes are intended to strengthen protection for consumers and businesses against cyber threats. The requirements are not limited to the crypto industry but also apply to manufacturers of hardware and software wallets.
Companies get 24 hours for initial warning
When a serious vulnerability is discovered, manufacturers must submit an early warning within 24 hours. A full notification must follow within 72 hours.
After the issue has been fixed or mitigated, the company must submit a final report within 14 days. For serious incidents, final documentation must be provided within one month.
Failure to comply can result in an administrative fine of up to €15 million or 2.5% of the company's total worldwide annual turnover, whichever is higher. Providing incorrect, incomplete or misleading information can result in a separate fine of up to €5 million.
The new requirements took effect after several incidents involving crypto wallet providers. In September, Trezor said a data breach at logistics partner ShipMonk may have affected an additional 67,000 U.S. customers, compared with an initial estimate of 14,000.
Trezor and BitBox also warned users about phishing emails disguised as urgent security alerts following the suspected compromise of third-party email services. In June, Zilliqa identified a vulnerability in its Ledger app that could have allowed attackers to recover private keys using publicly available onchain data.
EU tightens oversight of crypto market
European regulators are also increasing scrutiny of other segments of the digital asset market. ESMA has questioned the mechanisms used by the largest prediction market platforms to restrict access for users in certain EU countries.
The regulator noted that the largest operators generally lack the necessary authorization to market and sell such contracts in the European Union. ESMA has also raised concerns about the effectiveness of the geographic restrictions platforms use to control access to their products.
Earlier, we reported that Poland's parliament failed to override a presidential veto of a crypto regulation bill. The vote came amid a widening scandal surrounding crypto exchange Zondacrypto.
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