EU cyber rules put crypto wallet makers on 24-hour reporting clock

The EU is telling cryptocurrency hardware and software wallet providers that they have 24 hours from awareness to report actively exploited bugs or severe security vulnerabilities affecting their products.

The measure is part of the EU’s Cyber Resilience Act (CRA), which took effect on Friday, according to an announcement from the European Commission.

Manufacturers must submit an early warning for severe vulnerabilities within 24 hours, followed by a full notification within 72 hours. A final report will be required 14 days after corrective or mitigating measures are available and within one month for severe incidents.

The EC said the new reporting requirements aim to better protect consumers and businesses from cyber threats. The measure extends to all products “with digital elements made available in the EU” and builds on the EU’s broader cybersecurity strategy.

Cointelegraph has approached the European Commission for more details surrounding the cybersecurity measures.

Related: German finance ministry proposes 25% crypto tax starting 2028: Report

Fines could reach $17 million

Companies that fail to adhere to the cybersecurity measures under Articles 13 and 14 may face an administrative fine of up to 15 million euros ($17.3 million) or 2.5% of worldwide annual turnover, depending on which figure is higher, according to the penalties section of the final draft.