<p>CODE, the only Travel Rule solution provider in South Korea, together with blockchain consulting firm Catalyze Research, <a href="https://medium.com/codevasp/travel-rule-research-d6d6b338a08c" rel="noopener noreferrer nofollow">published a report</a> that sheds light on global trends in Travel Rule legislation and popular online keywords associated with the Travel Rule. The Travel Rule is a set of guidelines that virtual asset service providers (VASPs) and financial institutions are obligated to observe in order to counteract money laundering and terrorist financing. These guidelines require these entities to share information about both the sender and the recipient of cryptocurrency or financial transactions.</p><p>The authors of this report gathered online comments related to the Travel Rule from January 1, 2019 to July 31, 2023. They conducted this analysis across news outlets, media platforms, online forums, and various social media channels, encompassing over 200 countries and 150 languages.</p><h2 id="header-0">Key events driving discussions</h2><p>According to the report, online discussions concerning the Travel Rule intensified around the time of several key events. These events include the enforcement of the Travel Rule in South Korea in March 2022, the approval of the Markets in Crypto-Assets Regulation (MiCA) and Transfer of Funds Regulation (TFR) by the European Union in April 2023, endorsements of the Travel Rule by G7 countries in Japan in May 2023, and the subsequent implementation of the Travel Rule in Hong Kong and Japan in June 2023.</p><p>Notably, South Korea, Japan, and France experienced the most substantial surges in Travel Rule-related discussions during the first half of 2023. In South Korea, comments were prompted by <a href="https://medium.com/&#64;coinness.gl/a-korean-lawmakers-crypto-holdings-worth-4-5m-spark-controversy-29549db01b1b" rel="noopener noreferrer nofollow">a lawmaker’s scandal</a> related to cryptocurrency trading. Meanwhile, Japan and France observed a rise in comments linked to the enforcement of their respective local Travel Rule regulations in the second quarter.</p><h2 id="header-1">Negative market responses</h2><p>In addition, markets responded more negatively than positively to the tightening of Travel Rule regulations. The concerns about the market contraction were stronger than the positive outlook on the advantages of preventing money laundering.</p><p>Lee Sung-mi, CEO of CODE, highlighted the growing significance of Travel Rule solution providers in ensuring the compliance of virtual asset service providers (VASPs) with the regulatory demands of various jurisdictions. Particularly, with the Financial Action Task Force (FATF), G7 nations, and the EU at the forefront, countries have been making noteworthy strides in Travel Rule implementations since 2023, she further noted. Lee emphasized CODE’s commitment to aiding its member VASPs in adhering to Travel Rule regulations by delivering secure and convenient services that align with the evolving global regulatory landscape.</p>

Report Reveals Global Trends and Online Discourse on Crypto Travel Rule

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CoinNess Global

Інші статті, опубліковані 1 вер. 2023 р.

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