As digital assets and cryptocurrencies continue to evolve and innovate, adherence to established standards and frameworks is critical to ensure security, transparency, and operations.
For the digital asset industry, ISO (International Organization for Standardization) has established several standards such as ISO 27001 for information security management, ISO 27701 for privacy information management, ISO 23635 for governance guidelines for blockchain and decentralized ledger technology, and ISO 29151 for personal privacy protection. These standards provide comprehensive guidance on conducting audits, assessments, and compliance checks, including wallet security, data protection, and transaction integrity. Organizations can also leverage industry-specific frameworks, such as the Cryptocurrency Security Standard (CCSS), to ensure that their digital asset practices are in line with generally acknowledged security benchmarks. Such audits and assessments help identify vulnerabilities, enhance cybersecurity measures, and build trust among stakeholders.
As digital assets and cryptocurrencies grow in popularity and personal data privacy acts continue to improve in various countries and regions, data privacy compliance becomes increasingly important. Maintaining user privacy, obtaining consent for data processing, and securely managing personal information in blockchain networks all face new challenges. Additionally, organizations should proactively address compliance and risks related to financial assets such as Anti-Money Laundering (AML) and Know Your Customer (KYC) to build user trust.
Ankura has contributed to a newly released report published by Amber and Thoughtworks, providing insight and case studies for regulators, cybersecurity, and data privacy professionals to enhance understanding of digital asset practices, security measures, investigative techniques, and compliance strategies to promote a more transparent and safer digital asset ecosystem.
© Copyright 2023. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.