Bank of Hope, Upbit Global Join Forces to Pursue the 'Safe Transfer' of Digital Assets

[Financial News] Bank of Hope is joining forces with Upbit Global to build Travel Rule technology and infrastructure for the secure transfer of digital assets. 
On the 22nd, Bank of Hope said it had signed a memorandum of understanding with Upbit Global at its headquarters in Jung District, Seoul, on the 15th. The agreement focuses on the Travel Rule and aims to establish a foundation for the secure transfer of digital assets and regulatory compliance.
The Travel Rule is a regulation that requires relevant service providers to obtain and retain sender and recipient information when virtual assets are transferred and securely transmit the necessary information to the other service provider. Its purpose is to reduce the risk of money laundering and terrorist financing by ensuring that information about the parties to a transaction is transferred along with the assets.
Upbit Global operates a Travel Rule solution through its subsidiary VerifyVASP that verifies sender and recipient information when virtual assets are transferred. The solution is designed to support the transmission of information required for regulatory compliance while protecting personal data.
The two companies plan to cooperate on joint research and pilot implementation of technologies and infrastructure supporting regulatory compliance, including anti-money laundering and personal data protection.
Under the agreement, the companies will cooperate on four areas: jointly responding to changes in laws, systems and regulations concerning digital assets; conducting joint research and pilot implementation of technologies and infrastructure for secure digital asset transfers, including the Travel Rule; reviewing ways to connect financial institutions with domestic and overseas virtual asset service providers; and exchanging information related to regulatory compliance.
Bank of Hope and Upbit Global plan to jointly examine matters required for applying the Travel Rule, including the verification and secure transmission of digital asset sender and recipient information.
A Bank of Hope official said, "This agreement is significant because traditional financial institutions and the virtual asset industry are taking the lead in establishing strict regulatory standards, including anti-money laundering measures, and creating an effective new cooperation model. We will continue to strengthen a regulatory-friendly foundation for cooperation and identify innovative digital asset services based on Bank of Hope’s advanced financial infrastructure and overseas network."
[email protected] Lee Hyeon-jeong Reporter