Bitcoin vault and exchange Netagio has met the ISAE 3000 standard for its storage solution, becoming the first Bitcoin business to do so. In a world of crypto where security incidents are still common, the achievement adds another layer of certainty for prospective investors.
The standard was met following an audit by BDO LLP, who deemed that Netagio had adequate controls in place to meet the control objectives set by the directors. George Quigley, Partner at BDO, commented, “As a Bitcoin exchange, it’s important for Netagio to be able to assure customers that the relevant controls are in place for the Bitcoin storage environment. It is good to see Netagio leading the way for the industry by commissioning an external assurance review.”
ISAE 3000 is an international standard developed by the International Auditing and Assurance Standards Board (IAASB), to ensure the quality of assurance work in areas such as report verification, corporate governance and internal compliance.
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Netagio’s CEO, Simon Hamblin said:
“We are delighted to have our Bitcoin storage environment be positively assessed in line with the ISAE 3000 standard. This latest recognition reinforces our commitment to growing our secure, peer-to-peer exchange platform on which to trade Bitcoin, gold and sterling, and is a stepping stone towards maturity in the community of companies operating in the Bitcoin space. As the Bitcoin economy is gathering pace, with various jurisdictions considering regulatory frameworks, any steps we can take to achieve internationally recognized standards and assurances will give further credibility to Bitcoin’s place in financial and retail industries.”
Netagio also says that its Bitcoin-gold-sterling exchange meets the European Payment Services Directive through its know-your-client (KYC) and anti-money laundering (AML) controls, as well as trade monitoring surveillance.