Three crypto exchanges launch joint venture for travel rule system Bithumb, Coinone, and Korbit create CODE to jointly develop solutions for the system
이 기사는 2021년 09월 03일 08:04 더벨 유료페이지에 표출된 기사입니다.South Korea’s three top cryptocurrency exchanges - Bithumb, Coinone, and Korbit – launched COnnect Digital Exchanges or CODE, a joint venture to co-develop solutions for a travel rule system.
The travel rule is a global standard imposed by the Financial Action Task Force (FATF), an intergovernmental anti-money laundering watchdog, on virtual asset service providers such as crypto exchanges to combat illegal movement of funds. Virtual asset service providers are required to collect information on senders and recipients when transferring virtual assets.
Under the Act on Reporting and Using Specified Financial Transaction Information, South Korean virtual asset service providers are required to establish a travel rule system by March 2022.
CODE plans to officially kick off this month, according to industry sources on Wednesday. The three crypto exchanges invested 300 million won ($258,486) each in the new joint venture, each holding 33.3% of the voting rights. The size of the workforce and the location of the headquarters have not been finalized yet.
The newly established joint venture will be led by Coinone chief executive officer Cha Myung-hoon. Coinone will be responsible for technology and development while Bithumb will handle marketing and business strategy. Korbit chief financial officer Kim Hoi-seok will oversee overall finances of the joint venture.
Coinone has taken charge of the technology and development part given that Cha is a renowned developer. In order to create synergy, it is appropriate for Cha, who has a better understanding of technology than CEOs of Bithumb and Korbit, to lead the joint venture.
Bithumb will lead the business strategy and marketing activities as it is one of the two largest exchanges in Korea and has the largest number of users and trading volume among the three crypto exchanges.
Korbit has the largest number of anti-money laundering specialists among South Korea’s top four crypto exchanges. As of August, six Certified Anti-Money Laundering Specialists (CAMS) and one Certified Global Sanctions Specialist (CGSS) worked for Korbit. (Reporting by Sang-woo Seong)
최신뉴스 in 전체기사
- '현장진단' 타스컴, 50억 조달…890억 밸류
- '일동제약 자회사' 아이디언스, 150억 시리즈B 마무리
- OK저축은행, 외부서 IB 인력 수혈…수익 다각화 착수
- 조용병 신한금융 회장, 3연임 탄탄대로 열렸다
- 전영묵 삼성생명 사장 "부동산PF 안전히 체크 중"
- [수출입은행장 후보군 분석]기재부 '국제금융' 라인 독차지 관행…내부출신 가능성은?
- 에디슨이노, 제이스페이스 대표 사내이사로 선임
- [대동을 움직이는 사람들]'30년 생산 현장통' 노재억 전무, 매출 1조 '숨은 공신'
- 대상라이프사이언스, '이사회 정비' 해외 공략 시동
- [격변기 홈쇼핑 생존전략]GS리테일, '고객통합 속도' 홈쇼핑BU 성장동력은?
Translated by Kim So-in 의 다른 기사 보기
- McDonald’s Korea up for sale with focus on its real estate
- Consus Asset Management likely to acquire Jack Nicklaus GC
- MBK Partners seeks to acquire Kakao Mobility
- Hanwha Energy USA to issue $300 mil green bond
- Wemade seeks to register as VASP
- BGF Retail to bolster its presence in Mongolia
- Eyes on SKC's Suwon plant
- Samsung SDI, Stellantis to form battery joint venture in US
- Korea Investors Service upgrades outlook on Kia to positive
- Investment bankers move to unicorn startups
더벨 서비스 문의
02-724-4102유료 서비스 안내