Huobi Korea has acquired an information security management system (ISMS) certification to comply with the upcoming Special Payment Act.
It has been reported that the ISMS certification will provide Huobi Korea with a comprehensive management system to ensure security and compliance with the Special Payment Act, new legislation requiring local crypto businesses to report transactions in line with revised Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.
However, exchanges must report the real names of their users to the Korean Financial Intelligence Unit in addition to verifying them against personal data, such as resident registration numbers. The Special Payment Act will come into force in March 2021.
Huobi South Korea has adopted a slew of new national KYC/AML regulations. Users may frown at tracking personal data, but the exchange is not taking any chances as crypto increases in popularity. https://t.co/oBdrDfJvy7 — Cointelegraph (@Cointelegraph) January 19, 2021
Park Si-deok, the CEO of Huobi Korea, said that the acquisition of ISMS will further strengthen the company’s position as a provider of institutional-level crypto services.
As previously reported, Huobi Korea officially launched trading in March 2018.
While Huobi continues to cement its position in South Korea, some global crypto exchanges have faced some issues in maintaining their business in the country.
Thus, Binance KR, the South Korean wing of the world’s largest crypto exchange Binance, shut down operations due to low volumes in January 2021.