Elliptic – the firm enabling blockchain analytics and data intelligence – and CODE – a South Korean Travel Rule solution provider – have launched a partnership which represents Elliptic’s entrance into the Korean market.
The new alliance will help companies in the country ramp up efforts “to comply with global Travel Rule and anti-money laundering (AML) standards, as Elliptic and CODE work together to enhance security and compliance in the industry.”
As key players in their respective fields, CODE and Elliptic recognize “the critical importance of collaboration to address emerging challenges in the rapidly evolving landscape of blockchain and cryptocurrency.”
The new partnership aims to “provide comprehensive solutions that not only meet regulatory requirements but also contribute to the long-term sustainability and growth of the digital asset space.”
Through this collaboration, Elliptic and CODE aim “to offer virtual asset service providers (VASPs) the enhanced ability to identify AML and countering the financing of terrorism (CFT) risk-related information for digital asset transfers, as well as satisfy their legal and regulatory obligations for the Travel Rule.”
All domestic and foreign VASPs operating “in South Korea are mandated by law to implement the Travel Rule.” This is a regulatory framework “that requires the sharing and collecting of information about customers’ virtual asset transfers, allowing VASPs to track them.”
With the “largest” blockchain identity dataset, Elliptic is best-placed “to help firms ensure compliance with these measures.”
It offers a unified view of value flows, “across all supported blockchains and cryptoassets, made up of more than 100 billion datapoints, which enables customers to make faster and more effective decisions.”
CODE is a Travel Rule solution jointly “adopted by three major crypto exchanges in South Korea: Coinone, Korbit and Bithumb.”
It provides VASPs with specialized technology solutions and customized services “in accordance with global Travel Rule standards that meet the criteria of the Financial Action Task Force (FATF) and regulatory agencies.”
SungMi Lee – CEO of CODE – said:
“We are pleased to partner with Elliptic, the leading blockchain analytics provider. Value-added services powered by Elliptic will allow CODE members to operate in a more compliant and effective manner. As front-runners, both Elliptic and CODE will thrive to make a contribution to regulatory compliance in the digital asset industry. Elliptic has been long-standing as the first and foremost global data analytics service provider suited to cryptoasset dealers. Its rich resources and expertise will be quintessential to the compliant operations and risk management of CODE members.”
Elliptic Co-founder James Smith added:
“This partnership with CODE represents Elliptic’s entrance into the South Korean market, and we couldn’t be more thrilled. Elliptic works with the world’s top Travel Rule providers, and with our state-of-the-art solutions, we can help crypto firms there turn their compliance practices into a competitive advantage.”