Huobi Korea – the South Korea-based division of the top-tier crypto exchange Huobi – has reportedly successfully obtained an ISMS certification, to stay in compliance with the upcoming Special Payment Act.

Specifically, the Korea Internet and Security Agency (KISA) has reportedly provided the certification of ISMS – information security management system – to Huobi Korea. 

The ISMS certification will reportedly equip Huobi Korea with a comprehensive management system, to make sure their security and compliance are appropriate for the Special Payment Act – a new rule making it mandatory for crypto entities in the nation to report transactions, which stays in line with updated Know Your Customer and Anti-Money Laundering policies. 

Particularly, exchanges are reportedly obliged to report the identities of their users to the Korean Financial Intelligence Unit, along with running verifications against personal information, nominally resident registration numbers. 

The Special Payment Act will reportedly be officially effective starting March 2021. 

Park Si-deok – Head of Huobi Korea – reportedly remarked that the initiative to obtain ISMS will be a step to reinforce the firm’s position, as a provider of institutional-level crypto services.

Prior to the above development, Huobi Korea officially made trading available in March 2 years ago.