[Blockchain Today Correspondent Han Ji-hye] Virtual asset exchange Fobblegate (CEO Lee Cheol-i) announced on the 24th that it will introduce ‘VerifyVASP’, a travel rule (money movement tracking) solution of Lambda 256.
Travel Rule is a regulation imposed by the International Anti-Money Laundering Organization (FATF) on virtual asset providers to prevent money laundering. Verify BASF is a travel rule solution developed by Lambda256 that supports virtual asset providers to share data related to senders and receivers.
Verify BASF enables quick and easy interworking between participating companies by simply installing a file without interworking with a separate API (application program interface). Currently, about 10 virtual asset exchanges such as Upbit, Gopax, Hanbitco, Cordax, Probit, and Flybit are participating in VerifyBasf, and they are providing solutions to over 30 exchanges and projects including overseas partners. In addition, interworking between heterogeneous protocols with overseas travel rule solution companies is in progress.
Cheol-I Lee, CEO of PobleGate, said, “PobleGate supports customers to safely trade virtual assets while stabilizing and upgrading existing systems such as anti-money laundering (AML) system, suspicious and abnormal financial transaction detection system, and customer confirmation system. We will also have a system so that we can trust and entrust the transfer of assets between exchanges by applying travel rules,” he said.
PobleGate completed the acceptance of virtual asset business reports in November of last year and is now operating as an official virtual asset exchange.
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