South Korea Approved Its First Cryptocurrency Exchange Upbit
Tuesday, November 27, 2018
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South Korea Approves Its First Cryptocurrency Exchange Upbit-South Korea’s Internet and Security Agency (KISA) offered Upbit an news safety management gadget (ISMS) license, for its stable infrastructure.
UPBIT BECOMES FIRST ISMS LICENSED EXCHANGE
Upbit, South Korea’s greatest cryptocurrency substitute by volume, has turn into the primary to attain an ISMS license.
In December 2017, KISA decided that each one web and guide associated services generating extra than $100 million in sales could require an ISMS license. KISA assesses those corporations founded mostly on over one-hundred criteria, to guarantee they have stable inside management methods and safety protocols.
Following Upbit’s approval, the firm is now seemingly to request license filings from fellow exchanges, Bithumb, Korbit, and Coinone.
SOUTH KOREA PRIORITIZES SECURITY
Security is of course a key situation for any cryptocurrency exchange, but in South Korea, it had turn into a extreme problem. Measures hired by buying and selling platforms have been so lacking, that the govt. stepped in to temporarily suspend commercial banking services.
In August, KISA claimed that just a handful of exchanges within the nation had enough inside management systems, stating:
There nonetheless exists many cryptocurrency exchanges with subpar safety methods and as such, investors are counseled in investing by way of unrecognized platforms. The government will hold to observe and overview cryptocurrency exchanges to enhance the basic of safety hired by buying and selling platforms.
UPBIT IMPLEMENTS KYC AND AML MEASURES
Since then, many exchanges have implemented changes, adding Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. Bithumb even suspended buying and selling for over a month, while it up to date its substitute infrastructure.
Upbit and a couple of different exchanges brought business criteria for safety and compliance. In the future, Upbit intends to “continue to determine a safe, secure, and green buying and selling environment by prioritizing investor protection.”
Lee Seok-wu, CEO of Upbit’s discern brand said:
Since early 2018, Upbit has been operating tirelessly to enhance the platform’s inside management gadget and safety measures to attain the ISMS license. With ideal magnificence safety mavens and examined safety systems, the brand will hold to create a secure buying and selling environment and shield the guide of its investors.
COPPER PAN
The South Korean monetary market’s tendency to equally warmth up and funky down tremendous hastily leads many investors to describe it as a copper pan. This was one in all the important thing catalysts of the overdue 2017 fee bubble.
In such a market, the South Korean government’s pro-active measures can basically assist in strengthening infrastructure, towards same unexpected destiny scenarios.
UPBIT BECOMES FIRST ISMS LICENSED EXCHANGE
Upbit, South Korea’s greatest cryptocurrency substitute by volume, has turn into the primary to attain an ISMS license.
In December 2017, KISA decided that each one web and guide associated services generating extra than $100 million in sales could require an ISMS license. KISA assesses those corporations founded mostly on over one-hundred criteria, to guarantee they have stable inside management methods and safety protocols.
Following Upbit’s approval, the firm is now seemingly to request license filings from fellow exchanges, Bithumb, Korbit, and Coinone.
SOUTH KOREA PRIORITIZES SECURITY
Security is of course a key situation for any cryptocurrency exchange, but in South Korea, it had turn into a extreme problem. Measures hired by buying and selling platforms have been so lacking, that the govt. stepped in to temporarily suspend commercial banking services.
In August, KISA claimed that just a handful of exchanges within the nation had enough inside management systems, stating:
There nonetheless exists many cryptocurrency exchanges with subpar safety methods and as such, investors are counseled in investing by way of unrecognized platforms. The government will hold to observe and overview cryptocurrency exchanges to enhance the basic of safety hired by buying and selling platforms.
UPBIT IMPLEMENTS KYC AND AML MEASURES
Since then, many exchanges have implemented changes, adding Know Your Customer (KYC) and Anti-Money Laundering (AML) measures. Bithumb even suspended buying and selling for over a month, while it up to date its substitute infrastructure.
Upbit and a couple of different exchanges brought business criteria for safety and compliance. In the future, Upbit intends to “continue to determine a safe, secure, and green buying and selling environment by prioritizing investor protection.”
Lee Seok-wu, CEO of Upbit’s discern brand said:
Since early 2018, Upbit has been operating tirelessly to enhance the platform’s inside management gadget and safety measures to attain the ISMS license. With ideal magnificence safety mavens and examined safety systems, the brand will hold to create a secure buying and selling environment and shield the guide of its investors.
COPPER PAN
The South Korean monetary market’s tendency to equally warmth up and funky down tremendous hastily leads many investors to describe it as a copper pan. This was one in all the important thing catalysts of the overdue 2017 fee bubble.
In such a market, the South Korean government’s pro-active measures can basically assist in strengthening infrastructure, towards same unexpected destiny scenarios.
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