Bithumb, Coinone and Korbit Interconnect Travel Rule Solutions
Bithumb, Coinone and Korbit interconnected their travel rule solutions on April 8, allowing users to send and receive cryptocurrencies among themselves, regardless of the amount. CODE, their joint venture, is planning to expand the interconnection to cover more exchanges.
According to the Act on Reporting and Using Specified Financial Transaction Information, the travel rule is mandatorily applied to every cryptocurrency transfer that is one million won or more and each cryptocurrency exchange must run a cryptocurrency movement tracking solution such as the CODE solution.
VerifyVASP of Lambda 256 is another domestic travel rule solution. A total of 13 exchanges, including UPbit, are currently running the solution. Cryptocurrency transfer between an exchange using VerifyVASP and an exchange using CODE is likely to become possible on April 25 or later.
According to Lambda 256, the number of VerifyVASP members is slated to increase to 28. According to CODE, seven cryptocurrency exchanges are using or preparing to use the CODE and 13 have submitted their letters of intent to do so. According to the Financial Services Commission, a total of 29 domestic cryptocurrency exchanges are currently doing business. In other words, multiple exchanges are expected to use both solutions.