BYDFi Joins CODE VASP, Advancing Regulatory Efforts in Korea

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BYDFi Joins CODE VASP, Advancing Regulatory Efforts in Korea
By chainwire -16 December 202402

Seychelles, Seychelles, December 16th, 2024, Chainwire

On November 27, 2024, BYDFi announced its official membership in South Korea’s CODE VASP Alliance. The partnership includes successful integration with the Travel Rule compliance solution, ensuring adherence to South Korea’s regulatory standards for crypto transactions. CODE formally welcomed BYDFi’s participation at the same time as a post. This important moment reflects BYDFi’s great attention to compliance and determined action and marks the crypto industry’s gradual progress toward a more transparent, secure, and trustworthy future.

CODE VASP: A Core Force for Compliance in Korea

The CODE VASP, founded by Korea’s top three crypto exchanges, Bithumb, Coinone, and Korbit, is Korea’s only industry platform focused on “Travel Rules” compliance. The Alliance aims to provide technical support to Virtual Asset Service Providers (VASPs) to fully comply with the Global Travel Rules requirements set by the Financial Action Task Force (FATF), thereby meeting stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) standards.

Integrating the compliance services of VerifyVASP, BYDFi moved in step with strict regulations set by South Korea under the Act on Reporting and Using Specific Financial Transaction Information. The move will improve safety and transparency for cross-platform asset transfers and establish BYDFi as a secure and compliant platform.