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Meconcash partners with cryptocurrency intel firm CipherTrace to comply with FATF guidelines

Meconcash aims to become the first FATF compliant blockchain firm in South Korea with its partnership with crypto intelligence firm CipherTrace.

Image by Pete Linforth from Pixabay

Thu, 30 Jul 2020, 11:03 am UTC

Blockchain firm Meconcash has entered into a partnership with CipherTrace, one of the leading cryptocurrency intelligence companies in the world. With the partnership in place, Mecon is on its way to becoming the first blockchain firm to comply with the Financial Action Task Force’s (FATF) Travel Rule guidelines.

Meconcash’s partnership with CipherTrace was announced via a press release on published on Thursday, July 30, 2020. The purpose of the partnership is for Meconcash to be fully compliant with FATF’s Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and other sanction requirements.

MeconCash and CipherTrace also announced their intention to collaborate and support the South Korean blockchain industry. They plan to support other blockchain firms to become more transparent and compliant with FATF’s Travel Rule guidelines.

MeconCash said that its partnership with CipherTrace makes it better prepared for future crypto regulations South Korean authorities will impose. “We are thrilled to work with CipherTrace in making the blockchain field a more clear and safe place,” said MeconCash Chairman Jae Do Cho. “With CipherTrace’s cutting edge technology, MeconCash will be preparing upcoming cryptocurrency regulations more comprehensively and work together in the Korean and global market.”

MeconCash is a cryptocurrency payments, rewards, and transactions platform for online and mobile services. The company’s system has been integrated with over 13,000 ATMs in South Korea, e-commerce, game apps, and hospital payment systems at over 20 major cosmetic clinics.

Meanwhile, CipherTrace expressed its pleasure working with blockchain and crypto firms in Korea to help them meet the government’s guidelines. “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,” Dave Jevans, CEO of CipherTrace, said. “We are enthusiastic about collaborating with MeconCash to support the entire blockchain community in Korea to adopt best compliance practices.”

CipherTrace is one of the leading cryptocurrency intelligence firms in the world. It aims to protect financial firms from crypto-related risks with its solutions capable of detecting money laundering, protecting privacy protection with top-of-the-line encryption, and assisting firms to meet regulatory requirements.

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