On November 27, 2024, BYDFi made waves by officially joining South Korea’s CODE VASP Alliance. The collaboration features a seamless integration with the Travel Rule compliance solution, guaranteeing alignment with South Korea’s regulatory framework for cryptocurrency transactions. CODE officially embraced BYDFi’s involvement, coinciding with a recent announcement. This pivotal moment showcases BYDFi’s strong commitment to compliance and decisive action, signaling the crypto industry’s steady advancement toward a more transparent, secure, and reliable future.
CODE VASP: A Fundamental Pillar for Regulatory Adherence in Korea
The CODE VASP, established by Korea’s leading crypto exchanges—Bithumb, Coinone, and Korbit—stands as the sole industry platform in Korea dedicated to ensuring compliance with “Travel Rules.” The Alliance is focused on delivering essential technical support to Virtual Asset Service Providers (VASPs) to ensure they meet the Global Travel Rules established by the Financial Action Task Force (FATF).
By integrating VerifyVASP’s compliance services, BYDFi is aligning itself with the stringent regulations established by South Korea under the Act on Reporting and Using Specific Financial Transaction Information. This initiative enhances safety and transparency for cross-platform asset transfers, positioning BYDFi as a secure and compliant platform in the evolving digital landscape.
BYDFi Official Insights: Why Joining the CODE Alliance Matters
Michael, Co-founder of BYDFi, emphasized the importance of this partnership: “After a year of dedicated effort, we are thrilled to announce our successful integration with CODE VASP’s compliance solution. This milestone ensures that BYDFi fully complies with South Korea’s latest AML regulations, marking significant progress in our global compliance strategy. This collaboration not only strengthens our platform but also enhances user security, underscoring our commitment to delivering a world-class crypto trading experience.”
This marks a significant milestone for BYDFi, showcasing its forward-thinking strategy in compliance and innovation. The exchange is set to deliver a secure and transparent platform for trading, aiming to meet the specific demands of the South Korean market.
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