22 Cryptocurrency Exchanges Complete ISMS Certification
People Power Party lawmaker Kang Min-kuk said on Sept. 22 that a total of 22 cryptocurrency exchanges have completed the Information Security Management System (ISMS) certification, they have 14,792,925 members, and their total deposits there were 61.7311 trillion won as of the end of last month.
According to the lawmaker, the deposits at the four major exchanges (UPbit, Bithumb, Coinone and Korbit) were 59.3815 trillion won and the deposits at UPbit were 42.9764 trillion won, consisting of 5.8313 trillion won in cash and 37.145 trillion won in cryptocurrencies. The number of UPbit members is 8,298,882 and those of Bithumb, Coinone and Korbit are 3,106,385, 995,681 and 175,364, respectively.
According to the Act on Reporting and Use of Certain Financial Transaction Information, cryptocurrency exchanges must report themselves to the Financial Services Commission by Sept. 24. UPbit was authorized on Sept. 17 and Bithumb, Coinone and Korbit are expected to be authorized soon.
Starting from Sept. 25, exchanges with the ISMS certification but without a real-name bank account cannot run their won-based cryptocurrency markets and their business is limited to cryptocurrency-based cryptocurrency trading. Won-based trading is likely to be available at five or six exchanges, including the four major.