TechFlow News, Pay Protocol AG (Pay Protocol), the issuer of PayCoin (PCI), has obtained preliminary certification for its Information Security Management System (ISMS) as a new Virtual Asset Service Provider (VASP).
This preliminary certification allows new virtual asset operators that have passed initial ISMS review to meet the reporting requirements for virtual asset operators under the Specific Financial Information Act.
Previously, Korea's Financial Services Commission Financial Intelligence Unit (FIU) stated it would not accept Pay Protocol's report on change of virtual asset operator status, demanding the company shut down related services by February 5. Pay Protocol committed to making every effort to secure real-name accounts before the deadline, or otherwise apply to the authorities for a temporary injunction. Originally a virtual asset wallet and custody company, Pay Protocol plans to expand its operations into a virtual asset exchange.
