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Korbit, one of South Korea’s leading crypto exchanges, has recently conducted an education session on anti-money laundering (AML) for its employees, local tech media outlet ZDNet Korea reported.  Held in the office lounge of Korbit, the session was led by Hwang Seok-jin, an expert in financial crime and anti-money laundering regimes. A professor at the Graduate School of International Information Protection of Dongguk University, he has served as a compliance officer and a consultant at Digital Asset eXchange Alliance (DAXA), a group consisting of five leading cryptocurrency exchanges in South Korea.  Photo by Viacheslav Bublyk on UnsplashEmphasis on the Virtual Asset User Protection Act  Mr. Hwang informed Korbit’s employees about the upcoming Virtual Asset User Protection Act, effective July, highlighting guidelines for investor protection, prohibitions against unfair transactions and the financial regulators’ authority and oversight. The session especially focused on explaining the Virtual Asset User Protection Act, given that the Act would deeply influence many departments of Korbits ranging from the accounting and finance unit handling customer deposits to blockchain-related units responsible for the custody of virtual assets.  Korbit maintains a no-negotiation policy that bars projects from interacting with exchange employees prior to their tokens being listed. This policy enhances the transparency of Korbit’s evaluation process, ensuring that the exchange assesses projects impartially, without third-party influence or external pressures. After listing an asset, Korbit conducts quarterly risk assessments on all crypto assets traded on the platform. Additionally, it plans to adopt a stricter approach to internal controls to enhance customer protection, in line with the upcoming enactment of the Virtual Asset User Protection Act. 

Jingdong Coinlink Technology Hong Kong Limited, a branch of JD Technology Group, has declared its intention to launch a stablecoin tied 1:1 to the Hong Kong dollar (HKD). Despite its status as a sandbox participant under the Hong Kong Monetary Authority (HKMA), Jingdong Coinlink has clarified that this does not imply endorsement or licensure for stablecoin issuance. The company aims to offer this blockchain-based stablecoin as a solution for businesses seeking efficient, cost-effective and secure payment methods.Photo by Ben Cheung on PexelsThe proposed stablecoin promises redemption on a 1:1 basis, supported by reserves of “highly liquid, highly-trusted assets” held in licensed financial institutions. Furthermore, Jingdong Coinlink commits to ongoing cooperation with global regulatory bodies to ensure compliance with existing and future legal frameworks. Cryptocurrency developments in Hong KongThis announcement comes amidst a series of significant cryptocurrency-related activities in Hong Kong. On July 23, CSOP Asset Management launched Asia’s first Bitcoin futures inverse product, following their successful Bitcoin Futures ETF in December 2022. Additionally, the cryptocurrency exchange HKX recently retracted its application for a license from the HK Securities and Futures Commission (SFC), advising users to withdraw their crypto assets. This withdrawal adds to the growing list of 12 other platforms that have either pulled back their license applications or had them returned by regulatory authorities. 

Korean Travel Rule Solution Provider Partners with ACAMS to Enhance AML MeasuresConnect Digital Exchanges (Code), the Korean Travel Rule solution provider, announced today that it has forged a partnership with the Association of Certified Anti-Money Laundering Specialists (ACAMS), the largest international membership organization of its kind.©Pexels/Savvas StavrinosTravel RuleThe Travel Rule, issued by the Financial Action Task Force (FATF) to prevent money laundering and terrorist financing, requires virtual asset service providers to screen the information of the senders and recipients of crypto transactions.Code’s collaboration with ACAMSCode will collaborate with ACAMS to develop more effective anti-money laundering (AML) measures in Korea by producing anti-financial crime experts, and enhancing Travel Rule regulations. ACAMS offers internationally recognized training programs, with more than 40,000 certified AML specialists in over 175 countries and regions.More about CodeCode was jointly established by Korea’s major crypto exchanges Bithumb, Coinone, and Korbit in August 2021. Code recently published a report containing the Travel Rule operation results over the past year in Korea and its recommendations.