Bithumb Korea Obtains the Initial Certificate of ‘Compliance Management System’ in the Virtual Asset Industry

July 28 10:43 2021
The CEO of Bithumb Korea (Heo Baekyeong), a virtual asset exchange, announced that they obtained the initial certificate for compliance management system (ISO 37301) in the virtual asset industry.

On the 13th, Bithumb received the certificate from the Korea Compliance Initiative Co., Ltd. (Director Kim Minsuk) at its headquarters in Gangnam, Seoul. The Korea Compliance Initiative Co., Ltd. is Korea’s first compliance organization designated as an ISO 37301 certification body by the U.S.-based International Accreditation Service (IAS). 

ISO 37301 is the international standard for compliance management enacted last April by the International Organization for Standardization (ISO). It provides requirements and guidelines for establishing, developing, implementing, evaluating, maintaining, and improving an effective compliance management system for an organization.

Obtaining the certificate of compliance management system indicates that an organization has a system to prevent factors causing risk by checking possible compliance risks during work and managing them in advance through monitoring. 

Bithumb introduced a compliance monitoring system at the end of 2017 and established a company-wide compliance system. The company has recently strengthened internal control, such as prohibiting investment purpose trades using employees’ own accounts.
A Bithumb representative said, “We strengthened the reliability and transparency of virtual asset exchange operation by obtaining the certificate of compliance management system. We will work hard to take an ethical and legal responsibility of the exchange through compliance management.”

Meanwhile, a Korea Compliance Imitative representative said, “ISO 37301 certificate helps to prove an organization’s will to carry out ESG management. We expect that the value of ISO 37301 will increase as the demand for responsible investment and transparent information disclosure reflecting non-financial factors (environmental, social, governance) expands.”

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Company Name: Bithumb Korea
Contact Person: Kang Da-yoon
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Country: Korea