A major regulator has approved Huobi Korea, the South Korean arm of the world’s second largest cryptocurrency exchange by trading volume.
According to a January 18 statement, the Korea Internet and Security Agency, or KISA, has awarded certification to Huobi Korea for an information security management system or ISMS.
The ISMS certification would include a comprehensive management system for Huobi Korea to ensure security and comply with the Special Payment Act, recent legislation requiring local crypto firms to record transactions in compliance with updated policy for Know Your Customer and Anti-Money Laundering.
In general, exchanges must report to the Korean Financial Intelligence Unit the actual names of their customers, in addition to checking them for personal details, such as resident registration numbers. In March 2021, the Special Payment Act will come into effect.
Park Si-deok, CEO of Huobi Korea, said the acquisition of ISMS would further improve the role of the organization as a supplier of crypto services at the institutional level. Huobi Korea officially launched trading in March 2018, as previously stated