Global cryptocurrency exchange Huobi announced it has acquired an ISMS certificate from the Korea Internet and Security Agency (KISA).
According to the company’s press release, this is the first time a digital asset exchange received such certification.
The ISMS certification will provide the exchange with a comprehensive management system that ensures security for its customers. Aside from acting as a security assurance certificate, ISMS will also make it easier for Huobi to comply with Korea’s Special Payment Act.
South Korea’s Financial Services Commission (FSC) announced new amendments to the act in November 2020, banning digital asset service providers from handling assets with high money laundering risks. Cryptocurrency exchanges were also required to provide the names and personal information of their users to the Korean Financial Intelligence Unit.
The company said the certificate was necessary for Huobi Korea to be accepted as a virtual asset business operator (VASP) under the Special Payment Act. Acquiring the ISMS certification will help position the exchange as a provider of institutional-level cryptocurrencies, said Park Si-deok, the CEO of Huobi Korea.