Hana Bank Partners with Upbit Global for Secure Digital Asset Transfers

On September 22, Hana Bank announced that it had signed a business agreement at its Euljiro headquarters in Jung-gu, Seoul with Upbit Global, primarily focused on establishing a secure transfer framework and regulatory compliance for digital assets through the Travel Rule.

Kim Gukhyun, CEO of Upbit Global (left), and Eom Taesung, Head of AI Digital Innovation Group at Hana Bank, pose for a commemorative photo at the business agreement ceremony for mutual cooperation in the digital asset sector held at Hana Bank headquarters in Euljiro, Jung-gu, Seoul on the 15th. Courtesy of Hana Bank

The Travel Rule is a regulation that requires virtual asset service providers to collect and store information on both senders and receivers during asset transfers, and to securely transmit necessary information to the counterpart business. Based on recommendations from the Financial Action Task Force (FATF), it aims to ensure that information about transaction parties travels with the asset transfers, thereby reducing the risks of money laundering and terrorist financing.

Upbit Global operates its own Travel Rule solution through its affiliate.

Through this agreement, the two companies plan to jointly respond to changes in laws, systems, and regulations related to digital assets, cooperate on technological and infrastructure research and proof-of-concept for secure digital asset transfers such as the Travel Rule, and explore ways to connect financial institutions with domestic and overseas virtual asset service providers.

A Hana Bank representative stated, "This agreement is significant as it creates an effective new framework for cooperation, with traditional financial institutions and the virtual asset industry taking the lead in strict regulatory standards including anti-money laundering. Moving forward, we will continue to lay a foundation for regulatory-friendly collaboration and leverage Hana Bank's advanced financial infrastructure and global network to continuously develop innovative digital asset services."

This content was produced with the assistance of AI translation services.