Tokenization platform Tokeny, based in Luxembourg, has achieved SOC2 Type I compliance, marking an important milestone in its security and compliance strategy. With this certification, Tokeny claims to be the world’s first tokenization platform to receive SOC2 compliance.
Tokeny’s primary objective is to support digital securities and other digital assets. As the Chief Technology Officer, Toney Malgem, explains, while being the first to achieve this certification is significant, the real value lies in the trust and assurance it brings to their users and clients. Malgem states, “Our journey is only just beginning, and we are committed to delivering the most secure platform to foster confidence and innovation.”
Tokeny intends to continue seeking third-party validations to uphold its commitment to security. In fact, it previously had its ERC3643 standard audited by Web3 code auditor Hacken, which resulted in a perfect 10/10 score. This open-sourced standard is now available for scrutiny.
SOC2 Type 1 compliance evaluates an organization’s cybersecurity controls to assess the effectiveness of customer safeguards. Tokeny’s next objective may be SOC2 Type 2 compliance, which involves reviewing security protocols over an extended period, typically taking up to a year to complete.
Tokeny’s compliance review encompassed various areas, including HR (hiring), Production (code), IT (data handling), and Customer Management (communication and continuity plans).
Tokeny has successfully partnered with several large issuers and asset managers, facilitating the transition to digital securities. Although the complete digitization of securities is anticipated in the future, the slow pace of change in entrenched processes has impeded this transition.
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