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Hong Kong SFC mandates crypto platforms to replace OTP logins with passkeys. · Cyprus Report

Tech · World

Hong Kong SFC mandates crypto platforms to replace OTP logins with passkeys.

1 sourceFirst reported 13 days agoUpdated 13 days ago

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Hong Kong's Securities and Futures Commission (SFC) has mandated that crypto platforms and online brokers eliminate one-time password (OTP) logins.
The replacement must be completed within 12 months and will require the use of passkeys instead.
This directive follows a reported 57% increase in spoofing incidents related to OTP usage.
The SFC aims to enhance security measures in the online trading and cryptocurrency sectors.
Affected platforms must comply with the new requirements to continue operations legally in Hong Kong.

Generated by AI from the 1 sources below · always verify with the originals

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Hong Kong SFC orders crypto platforms, online brokers to phase out OTP loginsThe Block · 13 days ago

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AI summary: catch up in 20 seconds

Hong Kong's Securities and Futures Commission (SFC) has mandated that crypto platforms and online brokers eliminate one-time password (OTP) logins.
The replacement must be completed within 12 months and will require the use of passkeys instead.
This directive follows a reported 57% increase in spoofing incidents related to OTP usage.
The SFC aims to enhance security measures in the online trading and cryptocurrency sectors.
Affected platforms must comply with the new requirements to continue operations legally in Hong Kong.

Generated by AI from the 1 sources below · always verify with the originals