South Korean Exchanges Complies New Crypto Travel Rule

South Korean crypto exchanges have finally reached an agreement to come into compliance with the ‘Travel Rule’ which was introduced by the Financial Action Task Force (FATF). Travel Rule is a cluster of guidelines issued by global financial watchdog FATF (Financial Action Task Force) to assist regulators trace movement of digital assets among VASPs (Virtual Asset Service Providers) such as cryptocurrency exchanges or virtual asset issuers. Starting from today, Korean exchanges need to report any crypto transfers worth over $821. Transfers higher than that will be restricted to user-verified wallets, with a select number of exchanges adopting their Anti-Money Laundering (AML) system. A source from a local centralized exchange praised the move to a crypto publication saying that the sector is marching ahead towards institutional acceptance and will work more for mass adoption: “The industry is now taking a step toward institutional acceptance and will work harder for mass adoption.”The post South Korean Exchanges Complies New Crypto Travel Rule appeared first on Cryptoknowmics-Crypto News and Media Platform.