Regulation and compliance are the buzzwords if a company is to be successful in the current legal environment of the cryptocurrency industry.
Many companies around the world are stepping up their self-regulatory and enforcement efforts to comply with the law. Presumably a crypto trust company in South Korea was the first to be certified for this purpose.
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. Although 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 on exchanges to other affiliated companies to cryptocurrencies.
Previously, the crypto custodian KODA (Korea Digital Assets) and the bank Sandbank had also received ISMS certification, exclusively for virtual assets. For the same reason, companies should be screened by the Korea Internet and Security Agency (KISA).
This is evidence that a company has taken the appropriate measures to protect information. In the case of cryptocurrencies, this investor protection is aimed at hacking as hackers could target investors’ personal information for a profit.
Either way, this certification is a requirement for all crypto-related companies in the country to earn it this month. It was commissioned in March of this year by the Korean Financial Intelligence Unit (FIU) as a prerequisite for licensing with a deadline of September 24th. After receiving the certificate, Hyperithm can now register with the South Korean FIU as a legitimate operator of virtual assets.