South Korea Awards Information Security License To Upbit For Strong Data Security
South Korea has issued an information security management license to Upbit for its strong infrastructure. The license shows that the Seoul-based cryptocurrency exchange has implemented effective data management and security procedures to protect South Korean crypto traders.
The license was issued by South Korea’s Internet and Security Agency (KISA). The information security management system (ISMS) license was awarded after an analysis of Upbit’s infrastructure.
That makes Upbit the first ISMS-licensed exchange in South Korea. Today, Upbit remains one of the country’s largest and most popular cryptocurrency exchanges, currently sitting just outside the top 10 worldwide exchanges for 24 hour trading volume.
This is a big deal for crypto. In December 2017, the South Korean government declared that all internet and data-related companies generating more than $100 million in revenue would require an ISMS license.
In order to receive a license from the KISA, internet and data-related companies are analyzed based on over 100 criteria. Companies are analyzed to determine if they have adequate data management and storage procedures, for example, and strong security protocols.
It’s possible that South Korea’s other major cryptocurrency exchanges, Bithumb, Korbit, and Coinone, will follow suit. As reported by Bitcoinist.com, it’s “likely” that the KISA will now request these three exchanges to request license filings.
It’s unclear if any other South Korean cryptocurrency exchanges are currently making their way through the ISMS licensing process.