VerifyVASP launches the Travel Rule Working Group (TRWG – Korea) in association with 14 operators who have completed the virtual asset service provider registration process in Korea. The Travel Rule Working Group will utilize VerifyVASP’s end-to-end encrypted messaging protocol to satisfy the Travel Rule requirement by the end of March, which is the deadline to comply with Travel Rule in Korea under the “Act on Reporting and Using Specified Financial Transaction Information”.
APROBIT, Beeblock, Cashierest, COIN & COIN, COREDAX, Flata, FLYBIT, FOBLGATE, GOPAX, Hanbitco, Huobi Korea, OkBit, TENNTEN, and PROBIT are among those who are participating in the Travel Rule Working Group. The VerifyVASP team anticipates additional participation from other businesses who have completed the virtual asset service provider reporting process. The Travel Rule Working Group plans to complete all the necessary integration and testing by mid-February before conducting a month long pilot, expecting stable operations in full compliance with the regulatory requirements before the end of March.
In December 2021, VerifyVASP attracted strategic investment from Chainalysis, the blockchain data platform. The company provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. VerifyVASP also adopted InterVASP Messaging Standard (IVMS101), the international messaging standard for transmitting Travel Rule Information, which is essential for the solution to link licensed VASPs not only in Korea, but also with other VASPs, globally. VerifyVASP’s end-to-end encryption technology seeks to protect personal information according to the requirements of various jurisdictions including the European Union’s GDPR.
“In accordance with FATF’s recommendations, compliance with the Travel Rules is a global trend, and over the past few years we have put our resources into develop a stable solution which fully complies with regulatory requirements,” said Jae-Hyeon Park, CEO of Lambda256, the technology partner of VerifyVASP. Ulisse Dell‘Orto, director of VerifyVASP and Managing Director Asia Pacific & Japan (APJ) at Chainalysis expressed his ambitions for the partnership with VerifyVASP: “We have been pioneering Travel Rule adoption in South Korea and plan to expand both regionally and globally to provide more transparency to the global virtual asset industry and help it grow safely and responsibly.”