50 Korean companies apply for a new license in the field of cryptocurrencies
Fifty South Korean-based cryptocurrency companies have applied for a new Information Security Management System (ISMS) license. The license is issued by the South Korean government and certifies companies that meet strict standards of information protection and privacy.
This regulation will come into force in September 2021 and is one of the first licenses for digital currency trading in Korea. With a large number of young people active in the digital currency market, it has the largest digital currency trading population in the world.
The Korean government has introduced or is about to introduce laws to better regulate local digital currency markets.
ISMS is one of them. This license evaluates jobs according to various criteria - including overall risk management, access control, server and security management, and more. 20 local exchanges have already received ISMS certification, including UpBit and Kobit, and 30 other exchanges have applied and are waiting in line.