Share this article
Operator of South Korea's Largest Exchange Rolls Out 'Travel Rule' Solution in Singapore
The blockchain research arm of Upbit's operator has launched its VerifyVASP in Singapore, a solution for combating crypto money laundering.
Updated Sep 14, 2021, 1:40 p.m. Published Aug 17, 2021, 7:36 a.m.
The operator of South Korea’s largest exchange by trading volume is reportedly rolling out an anti-money laundering solution to help appease financial regulators.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Blockchain technology research arm Lamda 256, of cryptocurrency exchange Upbit's operator Dunamu, has launched its VerfiyVASP solution for its exchange trading activity in Singapore.
Meanwhile, South Korea will see Dunamu's "travel rule" solution rolled out for Upbit next month, according to a report by The Korea Herald on Tuesday.
The rule, which went into effect in 2019, applies to all virtual asset service providers (VASPs) and is enforced by the Financial Action Task Force (FATF) an intergovernmental anti-money laundering watchdog. It requires crypto companies to share personally identifiable information for transactions above a certain amount.
VASPs within the industry such as crypto exchanges, wallet providers and financial service providers need to report on transactions above $3,000 in the U.S. and €1,000 in Europe.
Read more: Upbit, Bithumb Delist Numerous Coins Ahead of South Korean Regulatory Review
On the advice of the FATF, South Korea’s Financial Services Commission introduced its own anti-money laundering safeguards on March 25.
In June, Upbit, Bithumb, Coinone and Korbit engaged in a joint venture to develop a solution for the travel rule. A month later Dunamu opted out for fear of regulators anticipating the move as industry collusion, per the report.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
