If a firm wants to flourish in the digital currency sector’s present legal climate, it must focus on regulation and compliance. To stay in the good graces of the law, many businesses worldwide are ramping up their plans at self-regulation and rule compliance.
A crypto-trust business just became the initial to be accredited in South Korea.
As per postings on its site, Hyperithm, a South Korean asset brokerage business, became the pioneer to acquire an Information Security Management System (ISMS) accreditation. Even though it is the first crypto-trust firm accredited by a public institution for information security, it demonstrates the movement in regulatory attention from platforms to other crypto-related enterprises.
KODA (Korea Digital Assets), a crypto-custody service, and Sandbank, a virtual assets-only bank, have already acquired the ISMS accreditation. Companies must also go through an assessment by the Korea Internet & Security Agency (KISA).
It is evidence that a company has taken the necessary precautions to secure personal information. In cryptocurrency, this investor safety is intended to prevent hacking, as attackers might use investors’ details to take profits.
In any event, all crypto-related firms in the nation must obtain this accreditation by the end of the month. It was imposed by Korea’s Financial Intelligence Unit (FIU) in March to need license approval before September 24.
Hyperithm can now file as a legal digital currency operator with the FIU of South Korea after receiving the certificate.