(Hong Kong, 22 September, 2023) – OSL, the digital asset business division of BC Technology Group (863.HK), is pleased to announce it has successfully completed a System and Organization Controls (SOC) 2 Type 2 audit on its Custody and Automated Trading Service (ATS) offerings. The SOC 2 audit was conducted by a Big Four accounting firm, affirming that OSL meets the AICPA Trust Services Criteria relevant to security, availability, and confidentiality.
Earning the SOC 2 Type 2 certification underscores OSL’s commitment to setting a new standard in Digital Asset security and compliance. This accreditation gives institutions, professional and retail investors assurance that OSL subjects its core systems to independent audits based on one of the most rigorous and globally accepted controls framework. OSL’s report does not cover just its Custody services but the ATS/Exchange as well.
“Obtaining a SOC 2 Type 2 certification is a major milestone for OSL. While several other digital asset platforms have obtained SOC 2 accreditation, it’s worth noting that many of them exclusively extend this accreditation to their Custody services only,” said Eugene Tan, Head of Operations at OSL. “As the digital asset industry matures, qualifications like these differentiate the leading digital asset platforms from the rest.”
Protecting Digital Assets with Unwavering Commitment
OSL understands the profound importance of safeguarding users’ digital assets. To that end, the company has taken a defense-in-depth approach to protect information and system assets, including OSL’s Custody Service. The approach encompasses Digital Defence, Physical Defence, Process Defence, Slippage Prevention and Cybersecurity aspects. These stringent security measures underline OSL’s unwavering commitment to the integrity of customers’ digital asset storage. Furthermore, OSL also maintains strong levels of Digital Asset Insurance underwritten by a panel of insurers from Lloyds of London that are rated A and above.
Fostering Trust and Reliability
OSL is committed to preserving the security, confidentiality, and integrity of personal and user data. The company’s proactive vulnerability and patch management program ensures swift responses to potential risks. Web network protection, external penetration testing, and ongoing activity monitoring and threat hunting are integral components of OSL’s cybersecurity strategy. By hosting its server infrastructure in ISO27001-certified data centers and SOC 2-accredited cloud computing providers, the company sets a high standard for security. This commitment to security reflects OSL’s dedication to fostering trust and reliability among its valued customers.
Service Commitments and System Requirements
OSL further cements its commitment to customer safety through service commitments. The company pledges to keep clients’ funds safe, track and fully resolve incidents, and maintain appropriate safeguards for data security. OSL’s promise of a highly available exchange aims to facilitate digital asset trading in a fair and orderly manner. These commitments underscore the company’s dedication to maintaining the trust and confidence of its customers.
“We understand that regulatory compliance and independent attestation build greater trust and reliability in this emerging marketplace,” Eugene added. “Completing a SOC 2 Type 2 audit underscores our commitment to security, transparency, and responsibility. The Type 2 audit not only evaluates the suitability of OSL’s controls to meet the SOC criteria, but also effectiveness by testing the controls over a period of time.”
With this certification, OSL continues leading by example in the digital asset space. Effective from August 3, OSL has opened the doors for retail investors in Hong Kong to explore the digital asset realm, initially featuring popular assets such as Bitcoin and Ethereum. The company encourages other platforms and service providers to obtain independent validation of their operations, security, compliance, and risk management.
About OSL and BC Technology Group
Backed by Asia’s leading public fintech and digital asset company, BC Technology Group (863.HK), OSL is the world’s first SFC-licensed and insured digital asset platform. Founded in 2018, OSL has an established history in the sector and is recognized by many as the leader in providing comprehensive regulated and licensed digital asset solutions.
OSL offers Markets services (brokerage, exchange, and custody) and SaaS technology solutions, which deliver institutional clients in addition to professional and retail investors access to the best-in-class virtual asset platform, in addition to one of the world’s deepest and regulated liquidity pools. OSL’s secured and insured hot and cold wallet infrastructure also ensures the safekeeping of digital assets with timely transaction settlements.
As the digital asset industry continues to evolve, so do we. Our simple and tailored approach compliantly navigates international clients through the evolving digital assets environment.
For more information, visit: osl.com and bc.group