Veriscope "Sunrise Issue"

While the sun rises for everyone on Earth, it doesn’t happen for all at the same time. As with the rising sun, global crypto regulation, specifically anti-money laundering (AML), takes shape and is implemented in different ways and at different times, depending on what country or jurisdiction you are in.

The main challenge is how to prepare for and comply with the regulation.

Veriscope, Shyft Network’s Travel Rule solution, was developed to solve this very issue.
Veriscope’s frictionless approach protects customers and empowers local and global VASPs to be compliant when processing transactions regardless of when their counterparty VASPs agree to start using a Travel Rule solution or where they operate across the world.

How do we do this?

Using an innovative technology called “historic look back,” Veriscope allows VASPs to obtain information on any transaction regardless of when the transaction happened, even if it happened before the receiving VASP signed on with Veriscope or another Travel Rule solution.

Veriscope achieves historic lookback through immutable on-chain records, providing an open, permanent audit trail of every request for information submitted by VASPs.

To obtain these details, originator VASPs post information requests that will be responded to when the beneficiary VASP joins the network. As a new VASP joins, they receive these historical requests and can respond with the necessary information.

No other Travel Rule solution can do this!

In addition, Veriscope permits ultra-secure VASP-to-VASP communication and has the broadest VASP network reach by integrating with other Travel Rule protocols.

While we use Blockchain technology to drive Veriscope and power this feature, no customer private information is stored on chain; instead, this information is exchanged over a direct peer-to-peer communication between VASPs.

Veriscope allows you to transact when the sun rises for you but based on a time when the sun rose for the other party, generates the supporting material that shows that you are compliant, and enables a globalized network of VASPs to remain at the vanguard of this technological movement.