Travel Rule to Become Effective on March 25

The world’s first cryptocurrency travel rule becomes effective on March 25 at South Korean cryptocurrency exchanges. It is to reveal the names, nationalities and addresses of those who send and receive cryptocurrencies.

Once the rule is implemented, cryptocurrency movement between an exchange and a personal wallet is limited to those subject to the rule. As a result, transaction transparency can be enhanced, money laundering can be prevented, and person-to-person remittance and the use of foreign cryptocurrency exchanges are limited to some extent.

At UPbit, cryptocurrency remittance that is one million won or more will become possible only in relation to eight domestic exchanges and UPbit Singapore, Indonesia and Thailand. Bithumb, Coinone and Korbit are planning to come up with their lists soon. Remittance between the four major exchanges is likely to be allowed and their lists will be updated over and over.

UPbit, Coinone and Korbit do not apply the travel rule to a withdrawal of less than one million won. Bithumb applies the rule regardless of the amount of withdrawal. Metamask withdrawal is possible at UPbit and Korbit.