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- Hana Bank and Upbit Global partnered to research and test Travel Rule infrastructure for digital asset transfers.
- VerifyVASP will support sender and recipient verification and secure transmission of transaction information under the agreement.
- The partnership remains in the research and testing stage without an announced launch date or commercial service.
Hana Bank has partnered with Upbit Global to research and test Travel Rule infrastructure for digital asset transfers, bringing the South Korean bank’s financial infrastructure experience together with crypto compliance technology.
The companies signed a memorandum of understanding on Sept. 15 at Hana Bank’s headquarters in Seoul and disclosed the agreement on Sept. 22. The partnership remains focused on technical research, testing and regulatory cooperation rather than the immediate launch of a crypto transfer service.
VerifyVASP Will Support Sender and Recipient Verification
Upbit Global operates Travel Rule technology through its subsidiary VerifyVASP, which provides compliance infrastructure for virtual asset service providers.
The system supports verification and secure exchange of sender and recipient information when digital assets move between participating providers, helping firms meet regulatory requirements while limiting unnecessary exposure of personal information.
Under the agreement, Hana Bank and Upbit Global will jointly research and test infrastructure covering sender and recipient verification and the secure transmission of transaction information.
The Travel Rule originates from Financial Action Task Force standards requiring identifying information to accompany qualifying digital asset transfers as part of anti-money laundering and counter-terrorist financing controls.
Hana Bank Explores Links With Domestic and Overseas VASPs
The two companies will also examine ways to connect financial institutions with virtual asset service providers in South Korea and overseas. They plan to exchange information on changes to digital-asset laws, regulations, and compliance requirements while studying technical requirements for Travel Rule implementation.
Hana Bank said it plans to draw on its experience in foreign exchange, payments and settlement, along with its existing financial infrastructure, when evaluating new digital-asset financial services.
Agreement Remains in Research and Testing Stage
Hana Bank has not announced a launch date, supported cryptocurrencies or specific transfer corridors tied to the partnership.
The memorandum establishes a framework for technical research, testing and regulatory cooperation before any commercial service is introduced.
For now, the work centers on validating Travel Rule technology and examining how banks could connect with domestic and overseas crypto service providers while meeting regulatory requirements.
