Travel Rule’ solution company CODE unveils technology roadmap

Published on : Thursday, December 9, 2021

CODE, a company launched jointly by Bithumb, Coinone, and Korbit to develop compliance solutions for the FATF Travel Rule, unveiled its roadmap for solution development at a news conference on Dec. 8.

The FATF Travel Rule, officially accepted by the Financial Action Task Force in June 2019, requires crypto companies to share personally identifiable information (PII) for transactions over a certain amount.

CODE announced that it will actively secure member companies and promote linkage to overseas solutions to ensure that Korean virtual asset service providers (VASPs) observes the Travel Rule without difficulty beginning from next year.

Cha Myung-hoon, CEO of Coinone who also heads CODE, stressed the need for a Korean-style solution that meets domestic standards, as different countries are introducing regulations on the Travel Rule at different paces and using different methods.

As a result, Cha said, a rough sailing is expected for global standardization. At a time when a customized solution is needed for each country, CODE has developed a blockchain-based system that allows Korean corporate customers to comply with the rule safely and cheaply, Cha said.

CODE has designed a Travel Rule system that enhances customer convenience, Cha added. CODE’s advantage is the convenience of securing scalability through smooth connections to other solutions and verifying customer identities in real time.

Currently, CODE has successfully completed the final service test and is working on linking its system to virtual asset exchanges. It plans to operate its system in earnest beginning in January 2022.

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