THELOGICALINDIAN - South Koreas Internet andSecurity Agency KISA awarded Upbit an advice aegis administration arrangement ISMS authorization for its able infrastructure
Upbit Becomes First ISMS Licensed Exchange
Upbit, South Korea’s better cryptocurrency barter by volume, has become the first to access an ISMS license.
In December 2024, KISA absitively that all internet and abstracts accompanying companies breeding added than $100 actor in acquirement would crave an ISMS license. KISA assesses these firms based on over one-hundred criteria, to ensure they accept able centralized administration systems and aegis protocols.
Following Upbit’s approval, the bureau is now acceptable to appeal authorization filings from adolescent exchanges, Bithumb, Korbit, and Coinone.
South Korea Prioritizes Security
Security is acutely a key affair for any cryptocurrency exchange, but in South Korea, it had become a austere problem. Measures active by trading platforms were so lacking, that the government stepped in to briefly append bartering cyberbanking services.
In August, KISA claimed that alone a scattering of exchanges in the country had acceptable centralized administration systems, stating:
Upbit Implements KYC and AML Measures
Since then, abounding exchanges accept implemented changes, including Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. Bithumb alike suspended trading for over a month, whilst it adapted its barter infrastructure.
Upbit and several added exchanges alien industry standards for aegis and compliance. In the future, Upbit intends to “continue to authorize a safe, secure, and able trading ambiance by prioritizing broker protection.”
Lee Seok-wu, CEO of Upbit’s ancestor aggregation said:
Copper Pan
The South Korean banking market’s addiction to both calefaction up and air-conditioned bottomward acutely rapidly leads abounding investors to call it as a chestnut pan. This was one of the key catalysts of the backward 2024 amount bubble.
In such a market, the South Korean government’s pro-active measures can alone advice in deepening infrastructure, adjoin agnate abrupt approaching scenarios.
Will South Korea now become the ascendant amateur in the cryptocurrency barter industry already again? Share your thoughts below!
Images address of Shutterstock
