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).
According to the revised Law on the Declaration and Use of Specific Financial Transaction Information, which entered into force in March 2021 in Korea, crypto-related companies must acquire the VASP license to continue their operations. 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. âWe plan to faithfully fulfill our obligations to comply with relevant regulations, such as the Travel Rule, which will be implemented from March next year,â said Lloyd Lee and Sangrok Oh, 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 comprised of several International Math Olympiad medalists. In the recent Series B round of funding, it raised $ 11 million from investors such as Hashed, Wemade Tree, Coinbase Ventures, and Samsung Next.
According to KoFIU, as of December 23, 29 companies have acquired the VASP license in Korea, including Hyperithm.
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