Bithumb, Coinone and Korbit have set up a joint venture to set up a common travel rule system.

Bithumb, Coinone and Korbit have created CODE, a joint venture to set up a common travel rule system.

The three cryptocurrency exchanges announced on August 31 that they had formed them through joint investments, the total investment is 900 million won and they will share equal shares and voting rights in the joint venture.

The first head of the joint venture is Coinone CEO Cha Myung-hoon. The term of office of the CEO of the joint venture is two years, with the three exchanges alternating between positions.

They have individually developed travel rule systems that are required by the Financial Action Task Force. In the joint venture, the systems will be combined into one by the end of March next year.