Huobi has again scored a big one in its certification bid across South Korea, following the latest announcement from the Asian country. According to the recent publication from several news outlets in the country, Huobi has been awarded a rare license, which would see the Korea arm of the crypto exchange follow several rules and regulations in the country.
According to a recent release by the digital exchange company, it would henceforth be awarded the Information Security Management System license. With this, Huobi Korea will use several systems to mitigate and manage the trading crypto risks for its customers.
South Korea wants to check several illicit activities carried out using crypto
The Korea based entity also mentioned that its customer data and other things would also be safely guarded under the new law. The Financial Services Commission of South Korea announced last year that it had passed a new law which would see several crypto exchanges across the region comply with simple customer identification exercise.
With the new law, crypto exchanges must enforce several guidelines that would be used to safeguard their crypto holding and reduce money laundering while trading crypto. In the coming days, the agency has mentioned that all the crypto exchanges across the country would be asked to reveal several details of their clients, which they would cross-check with their respective social security numbers.
Huobi says the new license was due to its excellence and good work
Members of the crypto community have frowned on the latest rule that the government has passed, as most of them are noting that the government is trying to pry into their affairs.
Experts and analysts have also waded into the issue, stating that the government is trying to infringe on their rights because it is not legally heard anywhere that a government of a country is asking for details of members trading crypto in their country. However, to breach the government and their clients’ gap, Huobi Korea has moved forward to lobby for certification from the government.
With the ISMS certification, Huobi will not only be able to shield their customer data but would be able to make trades on their platform secure. With the certificate already in the bag, Huobi prides itself as the first ISMS certified crypto exchange in the Asian country. Huobi mentioned that it is for the latest license because of its good conduct and excellence among other crypto exchanges.
Coming side by side with this news is the recent expansion news that the digital asset exchange shared on its website. Late last year, Huobi Labuan launched services across Malaysia, with the new update noting that the exchange is now faring well with a huge base of customers. The exchange has also completed all the needed license registration and provides customers with spot and derivatives market.
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