Dunamu to unveil travel rule solution next month

Dunamu, the operator of Korea’s largest cryptocurrency exchange Upbit, on Tuesday said it planned to unveil its own “travel rule” solution in September through its blockchain technology research arm Lambda256.

The travel rule is a global standard imposed by the Financial Action Task Force, an intergovernmental anti-money laundering watchdog, on virtual asset service providers such as cryptocurrency exchanges and digital wallet providers. The country’s virtual asset service providers are required to establish the travel rule system, which requires real-name verification of senders’ identities for international transfers, by March 25.

In June, the four major cryptocurrency exchanges -- Upbit, Bithumb, Coinone and Korbit -- decided to launch a joint venture to co-develop solutions for travel rule, but Dunamu opted out the joint venture in July, citing the move can be seen as collusion by major players.

Lambda256 on Tuesday said it launched its travel rule solution called VerifyVASP in Singapore first and plans to bring it to Korea next month, which will be used for Upbit.

By Park Ga-young (gypark@heraldcorp.com)