VerifyVASP

Under the guidance of the FATF (Financial Action Task Force), “Travel Rule” compliance is being made mandatory in a growing number of jurisdictions as a way to reduce ML/FT risks in the field of digital asset transfers. Given that it is necessary to secure the Travel Rule-compliant connection in a timely manner, the implementation of this regulatory requirement has revealed its significant problems. From the technical protocol for counterparty due diligence, personal data protection, secure and instant data sharing, to the various Travel Rule regulations in the jurisdictions, multiple issues have arisen that further increase the challenge and make it even more daunting.

VerifyVASP in Singapore since 2019, digital asset business from over 24 countries around the world 70 counterparty due diligence, risk monitoring and integrated messaging rule covering travel, a one-stop travel rule solution. So far, the company has processed more than 1,500,000 Travel Rule-compliant digital asset transfers with a value of US$40 billion, making it a leading global Travel Rule solution provider.

VerifyVASP Architecture

Travel Rule compliance greatly increases the transparency of the digital asset ecosystem. With its tested technological solution and hands-on experience, VerifyVASP aims to accelerate the global adoption of the Travel Rule for responsible and stimulating incentives.

The company believes that all compliance, including the Travel Rule, is a front-to-back framework, beyond just technology solutions, which is why they lead industry working groups in various jurisdictions to create consistent interpretation of regulations that form the basis of industry best practices. 

VerifyVASP’s industry-proven patented TravelRule and VerifyNAME solutions help members comply with FATF’s Travel Rule Recommendations and global data privacy and protection laws as they are developed through legal and regulatory engagements.

verify decentralized architecture
Image 1: Verifyvasp’s Decentralized Architecture (Image Credit: https://docs.verifyvasp.com)

Funding

VerifyVASP, the global leader of the digital asset “Travel Rule” compliance solution, has completed its Series A investment led by FTX Ventures with a valuation of US$ 100 million. FTX Ventures has invested $5 million together with Peak Capital and Bcharu.

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Image 2: VerifyVASP and FTX Ventures Partnership (Image Credit: https://medium.com/verifyvasp)

With the closing of the Series A investment, VerifyVASP will increase its efforts to ensure compliance with the Travel Rule, an inclusive industry initiative. As part of an effort to make Travel Rule compliance accessible to small and medium-sized digital asset businesses, VerifyVASP will introduce a Travel Rule dashboard along with an advisory service. In October, the integrated risk monitoring service with add-ons to third-party solutions and Travel Rule analytical tools will greatly improve compliance efficiency for larger enterprises. Continued geographic expansion, as well as VerifyVASP, by sharing experiences and best practices, in the field of the digital asset, primarily to act as a conduit to facilitate encourage cooperation between businesses and regulatory agencies will continue.

Summary

Headquartered in Singapore, VerifyVASP strives to be the leading RegTech solution provider for virtual asset service providers (VASPs); its patented Travel Rule products provide a cost-effective, efficient and scalable solution for major VASPs, both Travel Rule Required and Non-Travel Rule Obliged. 

By accepting only trusted VASPs through a comprehensive due diligence process, it facilitates secure data transfers between members for Travel Rule compliance with its members-only decommissioned network.

References

  • https://verifyvasp.com/
  • https://medium.com/verifyvasp

 

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