MeconCash to Become First Blockchain Company in South Korea to Achieve Compliance with the FATF’s Travel Rule Guidelines in Partnership with CipherTrace
MeconCash and CipherTrace will collaborate on supporting other virtual asset service providers in Korea to implement the FATF’s Travel Rule guidelines, helping to make the cryptocurrency space safer for everyone
MENLO PARK, CALIF. (PRWEB) JULY 29, 2020
In partnership with leading cryptocurrency intelligence company CipherTrace, MeconCommunity’s MeconCash becomes the first blockchain company in South Korea to apply the Financial Action Task Force’s (FATF) Travel Rule recommendations. By adopting these standards, MeconCash will be in compliance with the FATF’s Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and sanctions requirements, which aligns with South Korea’s bill to regulate the crypto industry.
Additionally, CipherTrace and MeconCash will collaborate to support the Korean blockchain industry in becoming more transparent and safe by supporting other blockchain companies to meet the FATF’s Travel Rule guidelines.
Jae Do Cho, MeconCash (MeconCommunity) Chairman, said, “We are thrilled to work with CipherTrace in making the blockchain field a more clear and safe place. With CipherTrace’s cutting edge technology, MeconCash will be preparing upcoming cryptocurrency regulations more comprehensively and work together in the Korean and global market.”
Dave Jevans, CEO of CipherTrace, said, “We fight the confusion created by different jurisdictions implementing regulations at different times by working hand-in-hand with blockchain companies like MeconCash to implement the FATF’s Travel Rule guidelines. We are enthusiastic about collaborating with MeconCash to support the entire blockchain community in Korea to adopt best compliance practices.”
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MeconCash is a cryptocurrency and platform used for payments, rewards and transactions of online and mobile services and is currently being integrated into a wide variety of services, including over 13,000 ATMs in Korea, game applications, e-commerce and hospital payments at over 20 major cosmetic clinics. With focus in real life usability of cryptocurrencies, MeconCash strives to provide fitting products that are needed in the market.
CipherTrace, leading cryptocurrency intelligence company, protects financial institutions from crypto laundering risk and is helping to grow the crypto economy by making virtual assets trusted by governments and safe for mass adoption. CipherTrace delivers the world’s most comprehensive cryptocurrency intelligence to detect money laundering, inform law enforcement investigations, and enable regulatory supervision. CipherTrace founders are dedicated to protecting consumer privacy, while defending against illicit finance. Deep expertise in cybersecurity, eCrime, payments, banking, encryption, and virtual currencies form the foundation for CipherTrace’s commercial offerings. For more information, visit http://www.CipherTrace.com or follow us on Twitter @CipherTrace.