[Announcement] Upbit APAC Joins VerifyVASP Alliance

We’re excited to share the news that Upbit APAC has joined the VerifyVASP alliance. In partnership with Lambda256, a subsidiary of Dunamu, VerifyVASP offers a “Travel Rule” solution based on a decentralized protocol that allows for secure and instant data-sharing among alliance members.

VerifyVASP facilitates information transfer between VASPs in seconds via API communication while utilizing public key encryption to secure data without accessing any personal information.

Introduced by the Financial Action Task Force last year, the Travel Rule is an anti-money laundering initiative that requires virtual asset service providers (VASPs) to share and report relevant transaction information.

Travel Rule compliance is undoubtedly a major priority for Dunamu and Upbit, and we look forward to establishing an effective and secure network with other VerifyVASP alliance partners.

In addition to Upbit APAC, the VerifyVASP alliance includes a wide range of blockchain and virtual asset service providers including exchanges, fintech platforms, and data analysis firms.

The full list: Bitkan, Indodax, Legatus Global, Merkle Science, Pintu, Pundi X, Skybit, Sparrow, Upbit APAC, VCC, Zipmex, and the Indonesian Blockchain Association.

While currently focusing on the APAC region, VerifyVASP and Lambda 256 plan to rapidly expand the alliance to include service providers in North America and Europe.

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