[Pangyo Tech] Wemade Tree to complete registration as a virtual asset service provider

On the 27th, Wemade Tree announced that it is completed registration as a virtual asset service provider on the 24th.

Wemade Tree is providing a cryptocurrency wallet service called “WEMIX Wallet”.

The company obtained an ISMS certification which is an acronym of Information Security Management System of KISA(Korea Internet & Security Agency) on the 8th. And it completed registration on the 24th according to the regulation that a virtual asset service provider application must be submitted to Financial Intelligence Unit affiliated with Financial Services Commission until 24th.

Kim Seok-Hwan CEO of Wemade Tree said, “as the Act on Reporting and Use of Certain Financial Transaction Information has taken effect, we have completed not only obtaining ISMS certification but also registering as a virtual asset service provider. Wemade Tree would follow legal regulations and lead the blockchain industry in a transparent and reliable way.”

According to the company, Know Your Customer and Anti-Money Laundering functions demanded by the Act on Reporting and Use of Certain Financial Transaction Information are applied to WEMIX Wallet. So Korean users should verify their identities through smartphone verification to use WEMIX Wallet.

Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.

Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.

With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.

Source: Pangyo Techno Valley Official Newsroom