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Internet and South Korea The Security Agency (KISA) has given Upbit a license for the information security management system (ISMS), due to its solid infrastructure.
The ups becomes the first Exchange with an ISMS license
The upbit, the largest cryptocurrency exchange in South Korea by volume, became the first to obtain an ISMS license.
In December 2017, KISA decided that all companies connected to the Internet and data generating more than $ 100 million in revenue would require an ISMS license. KISA evaluates these companies on the basis of over one hundred criteria, to ensure that they have robust internal management systems and security protocols.
Following the approval of Upbit, the agency is now able to request the registration of licenses from other exchanges, Bithumb, Korbit and Coinone.
South Korea gives priority to security
Security is obviously a key problem for any exchange of cryptocurrencies, but in South Korea it has become a serious problem. The measures adopted by the trading platforms were so lacking that the government intervened to temporarily suspend commercial banking services.
In August, KISA claimed that only a handful of trade in the country had sufficient internal management systems, stating:
There are still many cryptocurrency exchanges with secondary security systems and, as such, investors are warned to invest through unrecognized platforms. The government will continue to monitor and evaluate cryptocurrency exchanges to improve the security standard employed by trading platforms.
Excess Measurements KYC and AML Measurements
Since then, many exchanges have implemented changes, including Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. Bithumb has even suspended trading for over a month while updating its exchange infrastructure.
The upbills and numerous other exchanges have introduced industry standards for security and compliance. In the future, Upbit intends to "continue to establish a safe, secure and efficient trading environment giving priority to investor protection".
Lee Seok-wu, CEO of Upbit's parent company, said:
From the beginning of 2018, Upbit worked tirelessly to improve the internal management system of the platform and the security measures to obtain the ISMS license. With high-level security experts and proven security systems, the company will continue to create a secure trading environment and protect its investors' data.
Copper Pan
The tendency of the South Korean financial market to heat and cool extremely quickly leads many investors to describe it as a copper pan. This was one of the key catalysts of the price bubble at the end of 2017.
In such a market, the South Korean government's proactive measures can only help strengthen infrastructure, against similar unforeseen future scenarios.
Will South Korea once again become the dominant player in the cryptocurrency trade? Share your thoughts below!
Images courtesy of Shutterstock
