CODE, launch a Travel Rule compliance mornitoring service for virtual asset fund transfers.
CODE, which is the one and only Travel Rule solution company in Korea, has announced the launch of the “Travel Rule Operation Supporting System” for its subscribed members. Korea is the first country to legally implement the Travel Rule, which is a tool that checks the transmission and reception of virtual assets. This can also prevent money laundering of virtual assets.
CODE’s management system is designed for its members to manage the status of their Travel Rule operations more conveniently. The system features a dashboard UI design that allows its members to view the status and statistics of their Travel Rule at a glance. Furthermore, it allows to manage data for each transmission and/or reception type by different conditions, including but not limited to inquiry period, type of virtual assets, and virtual asset service providers. The system is also accessible in both Korean and English languages for Virtual Asset Service Providers (VASP) in various countries.
An affiliated official from CODE stated, “We hope that through the Travel Rule operation supporting system, AML managers of CODE members will be able to easily check and manage the details of transaction history of virtual assets and to prevent money laundering use of virtual assets.” Also added, “We plan to develop Reg-tech services that will allow CODE members to effectively comply with regulations and focus on their business operations.”
CODE was co-founded by Bithumb, Coinone, and Korbit to jointly respond to and comply with regulations of financial supervision and regulatory agencies related to Travel Rules. Currently, CODE has about 30 exchanges and wallet companies as its members.
