117 Interactions, 2 Today
If a corporation wants to prosper in the present legal environment surrounding the bitcoin industry, regulation and compliance are the name of the game. As a result, many businesses throughout the world are increasing their efforts at both self-regulation and rule compliance in order to stay in the good graces of the law.
With that goal in mind, a crypto-trust company recently became the first to be authorised in South Korea.
Hyperithm, an asset brokerage firm in South Korea, became the first of its kind to receive an Information Security Management System (ISMS) certification, according to updates on its website. Even as it’s the first crypto-trust company to be certified for information security by a public institution, it clearly shows the shift of regulatory focus from being exclusively on exchanges to other crypto-related businesses.
Previously, KODA (Korea Digital Assets) and Sandbank, a virtual assets-only bank, have achieved ISMS accreditation. Businesses must submit to a review conducted by the Korea Internet & Security Agency in order to do so (KISA).
It demonstrates that a company has adopted appropriate information-security precautions. In the case of cryptocurrency, this investor protection is focused at hacking, as hackers may target investors’ personal information in order to extract profits.
In any event, all crypto-related enterprises in the country must obtain this accreditation by the end of the month. It was mandated by Korea’s Financial Intelligence Unit (FIU) in March of this year as a prerequisite for licence authorisation, with a deadline of September 24.
After getting the certificate, Hyperithm can now register as a valid virtual asset operator with the FIU of South Korea.