South Korea’s Hana Bank has signed an agreement with cryptocurrency exchange Upbit Global to jointly develop travel rule infrastructure for digital asset transfers, according to Techub News. The partnership is aimed at advancing transaction compliance and transfer technology, while extending Hana Bank’s work in South Korea’s crypto sector into the compliance layer. Under the travel rule, virtual asset service providers must share information on both senders and recipients when processing transfers. The requirement is designed to help combat money laundering and terrorist financing. The move was described as the latest case of deeper compliance cooperation between a South Korean financial institution and a crypto exchange, with Crypto.news cited in the report.
South Korea’s Hana Bank has signed an agreement with cryptocurrency exchange Upbit Global to jointly develop travel rule infrastructure for digital asset transfers, according to Techub News.
The partnership is focused on transaction compliance and transfer technology, and extends Hana Bank’s work in South Korea’s crypto sector into the compliance layer.
Travel rule requires sender and recipient data sharing
The travel rule requires virtual asset service providers to share information on senders and recipients during transfers to help combat money laundering and terrorist financing.
Citing Crypto.news, the report said the deal is the latest example of deeper compliance cooperation between a South Korean financial institution and a crypto exchange.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
