PayCoin issuer Pay Protocol has completed the preliminary certification of ISMS

ChainCatcher news, according to foreign media reports, PayCoin (PCI) issuer Pay Protocol AG (Pay Protocol) has obtained preliminary certification for its new Virtual Asset Service Provider (VASP) Information Security Management System (ISMS). Pay Protocol had previously obtained ISMS certification for its Paycoin wallet services (excluding Paycoin issuance) in 2021.

It is reported that according to the Special Financial Information Act implemented in September 2021, virtual asset operators must meet reporting requirements such as ISMS certification and must report to and be accepted by the Financial Intelligence Unit (FIU) to operate. However, to obtain ISMS certification, a company needs to have at least two months of service operation performance, which creates a conflict between the two systems. With the introduction of the preliminary certification system, new virtual asset operators who cannot enter the market due to a lack of accumulated operating performance can obtain "preliminary certification" after passing the ISMS preliminary certification, thus meeting the reporting requirements for virtual asset operators under the Special Financial Information Act.