OSL, Pioneer Digital Asset Platform Achieves SOC 2 Type 2 Certification, Accredited by A Big Four Accounting Firm

(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 control frameworks. 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 defence-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, ongoing activity monitoring and threat hunting are integral components of OSL's cybersecurity strategy. By hosting its server infrastructure in ISO27001-certified data centres 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.