Shyft Veriscope supports assets across all major blockchain networks, including BTC, ETH, MATIC, AVAX, ATOM & thousands of tokens.
The crypto industry has come a long way since the first virtual asset service provider Bitcoinmarket.com launched in 2010. Today, the number of active crypto exchanges alone has surpassed 500 by some estimates. And if we add other virtual asset service providers like custodians, brokers, and more, the number would surpass 35,000.
Crypto transactions can be abused by malicious actors for illicit activities like money laundering and terrorist financing. That’s where the Financial Action Task Force (FATF) guidelines for VASPs, known as the Travel Rule, come into the picture.
To date, few countries have adopted the Travel Rule for crypto transactions. However, many are having discussions at the highest level, and it’s only a matter of time before most jurisdictions globally enforce it under increasing pressure and scrutiny from the FATF, the global anti-money laundering watchdog. Crypto regulations are also expected to be key topics during G20 & V20 meetings under India’s presidency next year.
When in force, the FATF Travel Rule will require all VASPs to exchange originator and beneficiary transaction data with one another. However, two significant problems make crypto Travel Rule compliance challenging: Attribution and Data Security.
Shyft’s Veriscope - the only Travel Rule solution that is frictionless for users - has leveraged Address Proofs to solve these problems.
Address Proofs enable beneficiary VASPs to prove they actually control the crypto wallet address, which, in turn, helps originator VASPs ensure that transaction data is exchanged only with the right counterparty for Travel Rule compliance. This further ensures that VASPs comply with data protection regulations they may be subject to.
As for what difference this will make to Shyft Veriscope, address proofs will be automatically processed as a part of the Travel Rule compliance workflow.
Shyft Discover enables VASPs to search for counterparty VASPs based on the cryptocurrency address without requiring users to input additional information themselves. And Veriscope Share makes VASP-to-VASP user data exchange possible in a fully secured manner without storing user data in third-party servers.
Shyft Discover with Address Proofs is a fully functional Travel Rule address discovery solution that can enable originating VASPs to accurately determine control of a cryptocurrency destination address.
Address Proofs is available to all Shyft Veriscope customers.
Want to know more about the address proofs? Visit here: https://docs.veriscope.network/docs/main/learn/addressproofs.html, and click here to book a demo.
VASPs need a Travel Rule Solution to begin complying with the FATF Travel Rule. So, have you zeroed in on it yet? Check out Veriscope, the only frictionless crypto Travel Rule compliance solution.
Visit our website to read more: https://www.shyft.network/veriscope and contact our team for a discussion: https://www.shyft.network/contact
Also, follow us on Twitter, LinkedIn, Discord, Telegram, and Medium for up-to-date news from the world of crypto regulations. Also, sign up for our newsletter to keep up-to-date on all things crypto regulations.