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- Hex Trust, a crypto-asset custodian located in Asia, announced today that it has completed its SOC 2 – SOC for Service Organizations: Trust Services Criteria examination, which was performed by Deloitte.
- Hex Trust has launched a Joint Venture with Animoca Brands to deliver institutional-grade wallet solutions for the GameFi economy as part of its licensed custody services for NFTs.
SOC 2 compliance, an auditing standard developed by the American Institute of Certified Public Accountants (AICPA), certifies that Hex Trust’s information security policies, procedures, and operations meet stringent standards for protection, availability, processing integrity, confidentiality, and privacy.
In highly regulated businesses such as the financial services industry, independent validation of organizational controls is critical. The SOC 2 assessment from Hex Trust ensures that important service obligations and system requirements are institutional-grade, ensuring the greatest level of security and confidentiality.
Hex position: talk of the town but what’s next?
Hex Trust’s position as the institutional gateway to digital assets is strengthened further by the SOC 2 certificate.
Allowing financial institutions and organizations to incorporate digital assets easily into their business processes in a highly secure, scalable, and regulatory way Hex Trust received the Cloud Security Alliance (CSA) STAR Level 1 Certification in February 2022, indicating that the firm is now a Trusted Cloud Provider with a commitment to achieving cloud security expertise and to the industry as a whole.
Hex Trust also has a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS), which allows it to provide custodial services governed by Singapore’s Securities and Futures Act. The digital asset custodian in Hong Kong is registered as a Trust Company under the Hong Kong Trust Ordinance and has a Trust or Company Service Provider (TCSP) license under the Anti-Money Laundering Regulations.
Hex Trust has launched a Joint Venture with Animoca Brands to deliver institutional-grade wallet solutions for the GameFi economy as part of its licensed custody services for NFTs.
What is SOC 2 certification?
SOC 2 (System and Organization Controls 2) is a form of audit report that attests to the dependability of a service organization’s services. It is frequently used to analyze the hazards of outsourced software solutions that keep client data online.
A clean report opinion shows that the auditing firm agrees with management’s assertions on the design (Type I and Type II) and operation of the controls (Type II only).
A clean report is a “pass” and is also known as a certification. In many circumstances, the assessment is favorable, and the CPA company agrees with the assumption made by management.
In certain circumstances, the CPA firm disagrees with management’s allegation and issues a qualified or negative opinion. See my previous blog article on qualified opinions for more information. Although a SOC 2 is actually an attestation report, many people refer to it as a certification. More information about attestation reports may be found on the AICPA’s website.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
