Hana Bank and Upbit Global Partner on Travel Rule Infrastructure for Crypto Transfers

Hana Bank and Upbit Global announced a partnership to build and test a Travel Rule infrastructure that enables secure, compliant transfers of digital assets between banks and virtual‑asset service providers (VASPs). The collaboration will focus on verifying sender and recipient information, securely transmitting required data, and linking traditional financial institutions with crypto businesses both domestically and abroad.

Technology and Roles

Upbit Global will contribute its VerifyVASP solution, which already validates sender and recipient details and protects personal data during transfers. Hana Bank will leverage its foreign‑exchange, payments and settlement capabilities to integrate the compliance layer into existing banking systems.

Scope of the Project

• Develop and test mechanisms for sender‑and‑recipient verification.
• Implement secure data transmission between VASPs and banks.
• Create a framework for regulatory information sharing and joint response to changes in digital‑asset laws.
• Explore use cases involving domestic and overseas VASPs.

Broader Digital‑Asset Initiatives by Hana Bank

Hana Bank has been expanding its crypto‑related activities, including custody services with BitGo, a stake in Dunamu (operator of Upbit), and proof‑of‑concept work on a won‑backed stablecoin using the XRP Ledger. The bank also holds a 25% stake in BitGo Korea, a registered VASP.

Regulatory Context

South Korea’s Travel Rule mandates that VASPs collect and retain sender and recipient information for covered transfers and share that data securely with the counter‑party VASP. The new infrastructure aims to meet these requirements while supporting the broader push by Korean banks to integrate blockchain‑based payment, settlement and stablecoin solutions.