Regulation and compliance are essential if a company wants to be successful in the current legal environment of the cryptocurrency industry. As a result, many companies around the world are stepping up their efforts towards both self-regulation and compliance in order to stay in the good books of law.
Presumably with this goal a crypto trust company was just the first to be certified in South Korea.
Hyperithm, an asset brokerage company in South Korea, is the first of its kind to be certified for Information Security Management System (ISMS), according to updates on its website. Even if it is the first crypto trust company to be certified by a public information security institution, it clearly shows the shift in the regulatory focus from exclusively exchanges to other crypto-related businesses.
The crypto-custody service KODA (Korea Digital Assets) and the bank Sandbank, which is only responsible for virtual assets, had also previously received ISMS certification. For this reason, companies must undergo verification by the Korea Internet & Security Agency (KISA).
It is proof that a company has taken appropriate measures to protect information. In the case of crypto, this investor protection is aimed at hacking as hackers could target investors’ personal information for profit.
In any case, this certification is a requirement for all crypto-related businesses in the country to acquire within that month. It was commissioned in March of this year by the Financial Intelligence Unit (FIU) of Korea as a prerequisite for license approval with a deadline of September 24th.
After receiving the certificate, Hyperithm can now register with the FIU of South Korea as a legitimate operator of virtual assets.