<p>Elliptic, a global blockchain analytics and crypto compliance solutions provider, has <a href="https://www.khgames.co.kr/news/articleView.html?idxno&#61;221451" rel="noopener noreferrer nofollow">partnered</a> with CODE, a Seoul-based Travel Rule solution provider, as part of efforts to expand its operations into the Korean market. Under this agreement, the two companies aim to actively support virtual asset service providers (VASPs) in South Korea in their attempts to adapt to the evolving international regulatory landscape for anti-money laundering (AML) and the crypto Travel Rule.</p><h2 id="header-0">Crypto Travel Rule</h2><p>The Travel Rule refers to the Financial Action Task Force’s (FATF) Recommendation #16, which outlines that VASPs must share certain personal information about customers — including names and account numbers — when facilitating crypto transactions that exceed a certain amount.</p><h2 id="header-1">Empowering VASPs through risk mitigation</h2><p>Elliptic and CODE will work together on comprehensive regulatory technology-based (RegTech) solutions to enable VASPs to identify AML and Counter Financing of Terrorism (CFT) risks among virtual asset transactions, ultimately leading the sustainable growth of the crypto asset industry. In particular, CODE will be able to leverage Elliptic’s services to ensure compliance with Travel Rule regulations. Elliptic offers solutions like wallet screening, transaction monitoring, crypto investigations and VASP screening for big names like Coinbase, Binance and BitGo, as well as law enforcement agencies.</p><p>“This partnership with Elliptic allows us to expand our compliance services beyond Travel Rule-related solutions for VASPs. Elliptic’s advanced technology and expertise will help our corporate members achieve regulatory compliance more efficiently, contributing greatly to enhancing transparency and security throughout the larger virtual asset industry,” said CODE CEO Lee Sung-mi.</p>

Elliptic and CODE join forces to propel crypto compliance in Korea

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