South Korean regulatory watchdogs have made stance pretty clear with the new travel rule in place. No, not for COVID. As the regulatory landscape changed in Korea, crypto businesses had to proactively work with regulators to avoid forceful closures. The latest development makes the crypto scene in Korea more transparent.
CODE-ing its way through
Different regulatory exchanges launched a joint venture to develop solutions for complying with the Financial Action Task Force’s (FATF) crypto travel rule. The travel rule sets a global standard for virtual asset service providers to combat money laundering and terrorist financing. It requires the exchanges to collect information of senders and receivers of crypto transactions.
Bithumb, CoinOne, and Korbit of South Korea had launched CODE, short for Connect Digital Exchanges last year in August. Interestingly, on 25 February, around 30 South Korean crypto and blockchain firms have officially partnered with CODE. In a note, the report…