Korea password Exchange to emulate Coinone to verify Private Wallet

Korea password Exchange to emulate Coinone to verify Private Wallet Major South Korean crypto exchanges, including Upbit, Bithumb and Korbit, will follow Coinone’s lead in banning transfers to non-verified wallets, industry analysts said. On Wednesday, Coinone announced that it would reject deposits from unverified private wallets starting Jan. 24, 2022, to reduce the risk of money laundering. Korean blockchain industry analyst Jun Hyuk Ahn told Cointelegraph, “Korean exchanges are creating their own Travel Rule solutions in order to meet the requirements to operate post-March.” According to Anti-Money Laundering compliance service Sygna, the Travel Rule stipulates that national governments must “ensure domestic exchanges share real-identity information with transmittal counterparties or face increased AML/CFT monitoring.” These compliance stipulations for exchanges are part of a long series of regulatory restrictions for crypto exchanges that started with the real-name bank account requirement for all users. The country has grappled with global FATF compliance issues related to nonfungible tokens as well. Financial regulators flip-flopped on their policy direction regarding NFTs until the latest statement from the Financial Services Commission stated on Nov. 24 that it would explore its options to regulate and tax NFTs.