The South Korean arm of global crypto giant Huobi has acquired an ISMS certification to comply with the upcoming Special Payment Act.
Huobi Korea, the South Korean arm of the world’s second-largest cryptocurrency exchange by trading volume, has been certified by a major regulator.
According to an announcement on Jan. 18, the Korea Internet and Security Agency, or KISA, has granted Huobi Korea an information security management system, or ISMS, certification.
The ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Special Payment Act — new legislation requiring local crypto businesses to report transactions in line with revised Know Your Customer and Anti-Money Laundering policies.
Specifically, exchanges must report the real names of their users to the Korean Financial Intelligence Unit in addition to verifying them against personal data, such as resident registration numbers. The Special Payment Act will come into force in March 2021.
Park Si-deok, CEO of Huobi Korea, said that the acquisition of ISMS will further strengthen the company’s position as a provider of institutional-level crypto services. As previously reported, Huobi Korea officially launched trading in March 2018.
While Huobi continues to cement its position in South Korea, some global crypto exchanges have faced some issues in maintaining their business in the country. Binance KR, the South Korean wing of the world’s largest crypto exchange Binance, shut down operations due to low volumes in January 2021.
by Helen Partz