Korea Digital Asset (KODA, CEO Jin-seok Cho), a virtual asset custody business jointly established by Hashed and Kookmin Bank in November 2020, announced on the 18th that it has signed a contract with Samil PwC (CEO Hoon-soo Yoon) for SOC1 (Type 2) certification review. This contract is noteworthy in that it is a preemptive measure to build a reliable custody environment as financial authorities are raising the possibility of allowing virtual asset corporate accounts for listed corporations and approving Bitcoin spot ETFs starting in the second half of this year.
Through this contract, Samil PwC will review whether Coda's internal control system for custody services complies with the COSO Framework's financial reporting reliability criteria from a materiality perspective. In particular, SOC1 (Type 2) certification is considered an international standard that objectively verifies the reliability of the internal control of the custody business operator when a listed company stores virtual assets with a third party.
As the number one domestic virtual asset custody business, Coda has focused on the safe management of customer assets. Through this SOC1 certification audit, the company plans to further strengthen its internal control and security system by undergoing strict audit procedures by Samil PwC, and plans to expand capital and subscribe to insurance to meet the standards of trust companies under the Capital Market Act, thereby building a system that can compete with traditional financial trust companies.
CEO Cho Jin-seok of Koda said, “Based on the principle of safely managing customer assets, we have grown into Korea’s number one custody service provider,” and “Through this certification audit by Samil PwC, we will further enhance our internal control and security levels to ensure stability comparable to that of traditional financial institutions.”
Hong Jun-ki, head of the audit division at Samil PwC, said, “We are delighted to be the first domestic virtual asset custody business operator to undergo Corda and SOC1 certification audits,” and added, “We hope that the safety and transparency of the virtual asset ecosystem will be strengthened through an objective and independent certification process.”
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