Key Insights
- South Korean crypto and blockchain businesses have started partnering with CODE, a joint venture, to meet FATF travel guidelines
- Financial Action Task Force’s guidelines for virtual asset service providers (VASPs) are designed to combat money laundering and terrorist financing
- CODE’s travel rule solution uses blockchain to record transactions and customer data on nodes operated by member entities in a distributed server
With the crypto regulatory landscape changing in South Korea, merchants and organizations are working alongside regulators to steer clear of forceful closures.
Around 30 South Korean crypto and blockchain firms have partnered with CODE to meet the Financial Action Task Force (FATF) travel rule to bring more transparency to the scene.
Crypto Travel Rules
FATF’s travel rule is a global set of guidelines for virtual asset service providers (VASPs) designed to combat money laundering and terrorist financing by requiring crypto firms to collect…