[March 21, 2023] New Huo Technology Holdings Limited(“New Huo Tech”, 1611.HK) is pleased to announce today that its subsidiary, New Huo Trust Company Limited ("New Huo Trust"), has completed its SOC2 Type 2 Security System Control Validation Report and passed the SOC audit by an independent AICPA accredited CPA firm to ensure that the business operations and the SOC audit was conducted by an independent AICPA-certified CPA firm to ensure that business operations and structures are compliant with strict industry security standards.
The SOC standard is an internal control report established by the American Institute of Certified Public Accountants (AICPA) that applies to the systems and organizational controls of service organizations and is a globally recognized, highly professional and authoritative industry service standard. The security assessment is based on the following five principles: security, availability, processing integrity, confidentiality and privacy. New Huo Trust's SOC 2 Type 2 report is related to system security, availability and confidentiality.
Digital assets security always needs to be prioritised in the industry, and the incidence of black swan incidents such as the FTX event has boosted investor demand for secure and compliant custodial solutions. New Huo Trust holds the Hong Kong Trust or Company Service Provider (TCSP) license and Certificate of Registration as a Trust Company issued by Hong Kong company registry, to provide secure and compliant enterprise-level digital assets custody services to global clients. In addition, New Huo Trust is a member of the Hong Kong Trustees' Association and its custodial services include insurance coverage to enhance the security of clients' assets. In 2022, its crypto custody technology solution was also awarded the Super Star in the "Ecosystem Excellence" category of the TADS Award. This SOC2 Type 2 compliance certification demonstrates New Huo Tech's stringent requirements for business operations and security processes. We are excited to provide a secure and compliant channel for more clients to access the digital assets world.
About New Huo Tech
New Huo Technology Holdings Limited ("New Huo Tech", Stock Code: 1611.HK) is a leading one-stop crypto asset service platform. We are committed to leading traditional finance into the world of crypto assets, with professional, compliant, secure, and efficient services. Currently, the company services cover SaaS, virtual asset management, custody, OTC, lending and strategic investment.
New Huo Tech has a strong point of view on the importance of compliance. We have been actively applying for several virtual asset and finance-related licenses in major global markets. Up to now, New Huo Tech's subsidiaries have successfully obtained: (i) approval from the Securities and Futures Commission of Hong Kong to conduct Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities and to manage portfolios that invest 100% in virtual assets; (ii) registered as a Trust or Company Service Provider ("TCSP") License (Hong Kong) and registered as a Trust Company in Hong Kong；and (iii) registered the Money Services Business (MSB) from the Financial Crimes Enforcement Network (FinCEN) in the United States.