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Travel Rule discussed in South Korea mandatory from 25 March

In August, 3 of South Korea’s biggest exchanges, Bithumb, CoinOne and Korbit, introduced an initiative called CODE (Connect Digital Exchanges), so one can allow verbal exchange and data sharing among exchanges. thanks to this system, the tips of who won (and sent) the sent digital assets can be shared a number of the exchanges that have been traded.

In a gathering held these days, these THREE exchanges officially offered the CODE gadget. in the course of the Non-Public Monetary Transaction Data Law, it used to be said that those laws will cover all exchanges as of March 25.

Small and medium-sized companies have been closed

In South Korea, efficient from September 22 and there are currently 14 authentic exchanges that may conform to the new regulation rules and continue their lives, that are proven because the cause of the closure of dozens of exchanges. Here, these exchanges, including Upbit, Korbit, Bithumb and Coinone, can have to enforce the requirements of the CODE gadget as of March 25.

To be made only among regulated exchanges

Recently, transactions are classic However, after March 25, customer data will probably be shared among exchanges in detail. in addition, assets will simplest be allowed to be despatched and received between those regulated exchanges. Thus, a perfect regulate over the users can be equipped. on this way, it’s aimed to prevent money laundering and aiding terrorism. It used to be said that the transactions will probably be longer than normal because of this information sharing, however this time won’t be at a level that won’t disturb. They state that the Motion Task Force rules pose a threat and that if this collected data is stolen, very severe problems can stand up.

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