EU Mandates 24-Hour Security Breach Reporting for Crypto Wallet Providers

The European Union (EU) has mandated that cryptocurrency hardware and software wallet providers must report hacking incidents or significant security vulnerabilities within 24 hours, according to CoinTelegraph. Under the Cyber Resilience Act (CRA), which came into effect on November 11, manufacturers are required to submit an initial alert within 24 hours of identifying a critical vulnerability and make a formal report within 72 hours. If remediation measures are implemented, a final report must be submitted within 14 days; for major incidents, a final report is due within one month. Companies violating the regulation may face fines of up to €15 million (approximately $17.3 million) or 2.5% of global annual revenue, whichever is higher.