Korean crypto exchanges are now in compliance with the Travel Rule | Coinparative
Coinparative

  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀
No Result
View All Result
  • About Us
  • Contact
  • bitcoin
    Bitcoin(BTC)
    $0.00-0.72%
  • ethereum
    Ethereum(ETH)
    $0.00-1.92%
  • usdex-stablecoin
    USDEX(USDEX)
    $0.00-0.53%
  • tether
    Tether(USDT)
    $0.000.040%
  • usd-coin
    USD Coin(USDC)
    $0.00-0.08%
  • binancecoin
    BNB(BNB)
    $0.00-0.59%
  • ripple
    XRP(XRP)
    $0.00-0.65%
  • binance-usd
    Binance USD(BUSD)
    $0.000.00%
  • cardano
    Cardano(ADA)
    $0.000.460%
  • dogecoin
    Dogecoin(DOGE)
    $0.001.69%
  • matic-network
    Polygon(MATIC)
    $0.00-2.87%
  • okb
    OKB(OKB)
    $0.007.11%
  • solana
    Solana(SOL)
    $0.00-1.42%
  • staked-ether
    Lido Staked Ether(STETH)
    $0.00-1.75%
  • polkadot
    Polkadot(DOT)
    $0.00-1.09%
  • shiba-inu
    Shiba Inu(SHIB)
    $0.000.740%
  • avalanche-2
    Avalanche(AVAX)
    $0.0010.94%
  • litecoin
    Litecoin(LTC)
    $0.00-0.28%
  • tron
    TRON(TRX)
    $0.00-1.60%
  • dai
    Dai(DAI)
    $0.00-0.10%
View All
Coinparative
Home News

Korean crypto exchanges are now in compliance with the Travel Rule

March 25, 2022
in News
245 7
A A
0
Korean crypto exchanges are now in compliance with the Travel Rule
Share on FacebookShare on Twitter

South Korean crypto exchanges have reached the government-mandated deadline to come into compliance with the so-called Travel Rule, but not all industry players are pleased with the measure.

Starting today, Korean exchanges will flag any crypto transfers worth more than roughly $821. Transfers higher than that value will be restricted to user-verified wallets and a select number of exchanges that have adopted their anti-money laundering system.

The Travel Rule is a set of guidelines issued by the international financial watchdog Financial Action Task Force (FATF) designed to help authorities track the movement of virtual assets between virtual asset service providers (VASP) such as crypto exchanges or digital asset issuers.

A source from a local centralized exchange today praised the regulatory measure as a step forward for the country’s crypto industry, telling Cointelegraph that:

“The industry is now taking a step towards institutional acceptance and will work harder for mass adoption.”

There may be a problem for South Korea’s traders, who racked up $45.8 billion in crypto market value in 2021, in figuring out which exchanges they can transfer funds to and from. Among the big four exchanges (Upbit, Bithumb, Coinone, and Korbit), there are two Travel Rule systems. Each system functions slightly differently and requires international exchanges to follow its guidelines. If those guidelines are not followed, transfers will not be allowed.

According to the CEO of South Korea-based crypto VC Hashed, Simon Kim, these differences are likely to cause confusion and frustration among domestic traders. He feels that the Korean crypto community sees the mandate as “clearly over-regulation,” as he emphasized to Cointelegraph that:

“In a state where the infrastructure was not prepared, a regulatory body with low understanding was forced to push forward. It is expected that revisions will follow to an appropriate level with criticism from the Korean community.”

The Hashed crypto and Web3 portfolio includes blockchain ecosystems Klaytn and Ethereum, NFT game Axie Infinity, and decentralized exchange dYdX.

Upbit is the largest exchange in the country with over 78.3% of the exchange market share according to local analyst Jun Hyuk Ahn. It has adopted its home-grown Verify VASP program. As of today, Upbit allows transfers to and from its affiliates in Singapore, Indonesia, and Thailand, Bblock, Gopax, Cashierest, Flat Thai Exchange, Aphrobit, Binance, Bybit, Okcoin, Crypto.com, Coinbase, BITFRONT, Bittrex, Bitbank.cc, Gate.io, Kraken, BitMEX, FTX US, and HARU Invest.

Meanwhile Bithumb, Korbit, and Coinone all have adopted the CODE system. This allows transfers between Coinbase, Kraken, Coincheck, bitFlyer, Bybit, Gemini, Coinlist Pro, Phemex, Bitbank, Line bitmax, Bitfront, FTX, Binance.

Domestic transfers are blocked until April 8.

Related: Bank of England and regulators assess crypto regulation in raft of new reports

The rules may hit decentralized finance (DeFi) traders hardest as they rely on personal wallets to make trades. Among all exchanges, no transfers to or from private wallets will be allowed unless the user verifies the address in-person.



Source: Coin Telegraph

Share196Tweet123Share34Pin44ShareSend

Related Articles

US Federal Reserve Board Issues Policy Statement That Limits Banks’ Crypto Related Activities – Regulation Bitcoin News
News

US Federal Reserve Board Issues Policy Statement That Limits Banks’ Crypto Related Activities – Regulation Bitcoin News

January 28, 2023
1.4k
FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News
News

FTX Co-Founder Sam Bankman-Fried Seeks Removal of Bail Restrictions on Crypto Asset Transfers – Bitcoin News

January 28, 2023
1.4k
How crypto turned Portugal into a promised land for entrepreneurs
Blockchain News

How crypto turned Portugal into a promised land for entrepreneurs

January 28, 2023
1.4k
Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit – Altcoins Bitcoin News
News

Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit – Altcoins Bitcoin News

January 28, 2023
1.4k
Biggest Movers: DOGE up to 6-Week High, as AVAX Jumps 13% on Saturday
News

Biggest Movers: DOGE up to 6-Week High, as AVAX Jumps 13% on Saturday

January 28, 2023
1.4k
Token unlocks: short-term volatility brings long-term growth
Blockchain News

Token unlocks: short-term volatility brings long-term growth

January 28, 2023
1.4k
Load More

Discussion about this post

Coinparative

2022 © All Rights Reserved.

Coinparative specializes in the digital News and research on cryptocurrency, Digital Assets and Blockchain

  • Advertise
  • Privacy Policy
  • Terms
  • About Us
  • Contact

Follow Us

No Result
View All Result
  • News
    • Crypto News
    • Blockchain News
    • Altcoin News
    • Press Release
    • NFT News
    • Metaverse
    • Web3.0 News
    • Trending
  • Insights
    • Explainer
    • Research
  • Guides
  • Market
    • Market analysis
    • Market News
    • Reviews
    • Price Index
  • Videos 🚀

2022 © All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
DON’T MISS OUT!
Subscribe To Newsletter
Be the first to get latest updates and exclusive content straight to your email inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.