Users of Huobi Korea, the South Korean branch of the world’s second-biggest crypto exchange by trading volume, will soon face tighter scrutiny.
The Korea Internet and Security Agency (KISA) has granted Huobi Korea an information security management system (ISMS) certification, Cointelegraph reports, citing a January 18 announcement.
The ISMS certification means Huobi Korea now has a comprehensive management system to ensure security and compliance with the Special Payment Act – new legislation requiring local crypto firms to report transactions in accordance with updated know-your-customer and anti-money-laundering policies, says the company.
Exchanges must now report the real names of their customers to the Korean Financial Intelligence Unit as well as verify them against personal data, such as resident registration numbers. The Special Payment Act will come into effect in March 2021.