European Union lawmakers have voted 612-18 in favor of stricter cybersecurity rules on digital asset providers and other financial institutions. First published in September 2020 as part of the EU’s Digital Finance Package (DFP) , the Digital Operational Resilience Act, or DORA , aims to improve the ‘digital resiliency’ of the financial system, in particular cybersecurity vulnerabilities, reporting and testing shortcomings, and a lack of oversight of third-party providers. The Act will introduce a common set of standards to manage digital risks across the financial sector and ensure the necessary measures are in place to protect against cyberattacks and other sources of disruption. With this lofty ambition as the driving force, the majority of financial institutions in the EU, as well as their supply chains, will fall within the Act’s purview. This includes digital asset companies, such as wallet providers, who will be regulated under the EU’s Markets in Crypto Assets Regulation (MiC
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