Here’s what SOC 2 compliance audits mean for crypto projects

While spot successful the crypto abstraction was severely damaged by a bid of planetary incidents, immoderate inactive anticipation to regain this spot by going done processes that supply assurances of compliance with definite concern standards similar the due handling of lawsuit data. 

A fig of firms person published property releases to denote their compliance with the Service and Organization Controls (SOC) 2 Type 2 audit, which was created to attest to the information and data-handling prowess of their firms.

To larn much astir what this benignant of information audit means for the industry, Cointelegraph reached retired to Eric Lister, the manager of work transportation astatine audit steadfast A-LIGN, to spot what this benignant of certification could bash for crypto companies.

In a statement, Lister highlighted immoderate of the elements they're looking for during this audit, what this means for the crypto abstraction and however this helps crypto companies to bash better. According to Lister: “At a precise basal level, we are looking for policies and procedures that outline regular concern procedures that usher the cognition of the business.” 

In addition, the auditors look for documentation that shows controls that guarantee that the procedures are operating efficaciously and are ensuring the extortion of the firm’s strategy and its corresponding data. He said:

“Crypto faces a situation with quality of power issues astatine exchanges successful the past 12 months. SOC 2 audits let crypto companies to show spot and transparency with customers, particularly erstwhile it comes to safeguarding lawsuit information and assets.”

Lister noted that the palmy SOC 2 audit would amusement information and strategy security. Moreover, the enforcement said that it would besides attest to information implicit lawsuit funds which is the topmost interest of customers and authorities agencies.

Related: BitGo completes further SOC 2 compliance certification twelvemonth aft Deloitte award

While the audit provides assurances, Lister clarified that it does not amended concern systems. “The SOC certification does not amended concern systems, but it gives comfortableness to users and funny parties that controls are successful spot and operating effectively,” helium explained.

Many salient crypto companies person already passed this audit process. On July 6, crypto lending steadfast Nexo said that it has strengthened its information information by passing this process. According to Nexo, this lawsuit is simply a caller milestone that enhances idiosyncratic information wrong their platform.

— Nexo (@Nexo) July 6, 2023

In 2022, crypto speech crypto.com besides announced that it passed the SOC 2 Type 2 audit. Back then, the steadfast highlighted that passing the audit proves its committedness to gathering highly regulated standards. 

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.

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