KODA Meets Security Requirements of Nation's First Virtual Asset Protection Act

KODA (Korea Digital Asset), a domestic specialized virtual asset custody company, has set a new industry milestone by becoming the first in Korea to meet the highest level of security standards stipulated by the 'Act on the Protection of Virtual Asset Users, etc. (Virtual Asset User Protection Act)'. This achievement officially recognizes KODA as the sole institution to have passed the strict security requirements prescribed by presidential decree. With this certification, KODA has become the exclusive partner for domestic virtual asset businesses to securely entrust and store users' virtual assets. This is because, according to Article 7, Paragraph 4 of the Virtual Asset User Protection Act, virtual asset businesses are mandated to entrust customer virtual assets only to institutions that meet 'security standards prescribed by presidential decree'. These security standards go beyond simple regulation, demanding thorough safety comparable to financial institutions. Key requirements include: ▲disclosure and implementation of clear operational guidelines for secure virtual asset custody, ▲system safety and security checks and evaluations at least once a year in accordance with standards announced by the Financial Services Commission, and, particularly important, ▲measures to store all entrusted virtual assets in cold wallets separated from the internet. Furthermore, in accordance with Article 11, Paragraph 2, Subparagraph 2 of the Enforcement Decree, vulnerability analysis and evaluation by a specialized information security evaluation agency and reporting to the Financial Supervisory Service must be completed. In December last year, KODA successfully completed all security vulnerability analyses and evaluations in cooperation with Han Security Co., Ltd., a specialized information security company, and submitted the results to the Financial Supervisory Service, thereby fully meeting the legal requirements. This clearly demonstrates KODA's strong commitment and capability to protect customer assets in the virtual asset market, where hacking risks are ever-present. Kim Mal-dong, CEO of Han Security, stated, "It is very meaningful to contribute to strengthening security in the virtual asset industry," and Cho Jin-seok, CEO of KODA, emphasized, "This achievement is a turning point that will dramatically enhance the transparency and safety of the virtual asset market," adding, "We will continue to maintain the highest level of security and play a leading role in the development of the virtual asset ecosystem." Through KODA's achievement, domestic virtual asset businesses can now manage user assets more safely and transparently through a reliable third-party specialized institution. Leveraging this certification, KODA plans to actively collaborate with domestic and international partners, provide high-quality virtual asset custody services, and contribute to building a healthy virtual asset ecosystem.