Seoul, South Korea, December 24, 2021 / PRNewswire / – Hyperithm, a digital asset manager based in Tokyo and Seoul, announced that it has acquired the Virtual Asset Service Provider (VASP) license from the Korean Financial Intelligence Unit (KoFIU).
In accordance with the revised law on the declaration and use of specific information on financial transactions, which entered into force in March 2021 In Korea, crypto-related companies must acquire the VASP license to continue operating. Qualifications for the license consist of an Information Security Management System (ISMS) certification and examination by financial authorities. Hyperithm applied for the license in September of this year.
According to the aforementioned law, virtual asset service providers are now classified as âfinancial institutionsâ in Korea and must adhere to the Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines at the financial institution level. “We plan to faithfully fulfill our obligations to comply with relevant regulations, such as the travel rule, which will be implemented from March next year,” said Lloyd lee and Sangrok Oh, the co-CEOs of Hyperithm.
Founded in january 2018, Hyperithm offers digital asset management and execution brokerage services dedicated to institutional investors and high net worth individuals. Co-founded by a former Morgan Stanley investment banker and serial entrepreneur, Hyperithm has an engineering talent pool made up of several International Math Olympiad medalists. On the recent Series B round he lifted $ 11 million from investors such as Hashed, Wemade Tree, Coinbase Ventures and Samsung Next.
According to the KoFIU, at 23 december, 29 companies have acquired the VASP license in Korea, including Hyperithm.
SOURCE Hyperithm Co., Ltd.