After a comprehensive audit by an Oceania-based certification body, Australia’s CoinSpot crypto exchange has gained the coveted ISO 27001 certificate.
The Melbourne-based cryptocurrency exchange was awarded the ISO 27001 certification by SCI Qual International on Monday, March 30. The certification was awarded after an extensive audit that involved the checking of practices in regards to digital asset storage, handling of confidential information, securing employees’ data, and assessing intellectual property (IP) rights, among others.
These rigorous policies are intended to stop unauthorized access, use, destruction, modification, and closure of the organization’s information management systems; in short, the policies are designed to ensure that the company meets high standards in handling sensitive data in an information technology landscape.
It marks an important milestone in the fast-changing history of Australian cryptocurrency as CoinSpot is the first crypto-related business based in the country to attain the much-desired ISO certification.
SCI Qual International is an Australia-based body that provides ISO certifications to companies based in multiple countries, most notably in the Oceania region.
What is CoinSpot?
CoinSpot is a cryptocurrency exchange company in Australia. Coinspot users can buy and sell more than a hundred different cryptocurrencies on the said exchange.
At the moment, real-world fiat deposits are only accepted from Australian residents. However, non-Australian residents can still participate by funding their CoinSpot account with cryptocurrency.
What is ISO 27001 and why is it important?
ISO 27001 is an international standard that is used to indicate that a company or enterprise has met proper procedures for the handling of information technology data.
The procedures tested include documentation, management responsibility, internal auditing, continuous improvement, and corrective and preventive action. This certifies that a company has achieved ‘best practice’ security controls for their respective information technology businesses.
What’s next for CoinSpot?
CoinSpot is arguably the market leader in Australia today when it comes to the field of cryptocurrency exchange.
According to Australian FinTech, the company has supported initiatives such as AML regulation development, maturing of taxation laws, and stabilizing banking relationships with the regular banking sector.
The ISO certification is a welcome development and is seen to solidify CoinSpot’s position in the Australian cryptocurrency market.
The certification shows that even impartial auditors trust the level of service that CoinSpot brings to its current customers, and the company hopes to use this proof of quality to leverage the ever-growing market in Australia, which has been reported to include over one million users at the time of this writing.
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