Crypto giant Huobi obtains ISMS approval in accordance with the special payment act.

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The South Korean arm of the multinational crypto giant Huobi has gained ISMS certification in order to comply with the forthcoming Special Payment Act.

Huobi Korea, the South Korean branch of the world’s second-largest trading volume cryptocurrency platform, has been accredited by a global regulator.

According to a Jan. 18 statement, the Korea Internet and Security Agency (KISA) has awarded Huobi Korea an Information Security Management System (ISMS) certification.

ISMS certification will provide Huobi Korea with a robust management framework to insure security and compliance with the Special Payment Act—a recent law compelling local crypto firms to report transactions in accordance with the updated Know Your Consumer and Anti-Money Laundering policies.

Specifically, exchanges must remind the Korean Financial Intelligence Unit of the actual names of their customers in addition to checking them against personal records, such as resident identification numbers. The Special Payment Act will enter into effect in March 2021.

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Park Si-deok, CEO of Huobi Korea, said that the purchase of ISMS would further improve the company’s role as an institutional supplier of crypto services. As previously reported, Huobi Korea officially began trading in March 2018.

Although Huobi continues to improve its role in South Korea, some of the global crypto exchanges have faced a variety of challenges in sustaining their company in the region. Binance KR, the South Korean wing of the world’s largest crypto exchange Binance, closed operations due to low volumes in January 2021.

 

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