VerifyVASP has officially launched its travel rule compliance solution today. VerifyVASP is a Singapore-based B2B service provider that is established specifically to assist virtual asset service providers (“VASP”) to comply with FATF’s Travel Rule requirements. The Travel Rule is an AML-initiative that requires VASP to share or exchange relevant information to mitigate against AML and CFT risks. The FATF Travel Rule Recommendation has been adopted into Singapore regulation via MAS Notice PSN02.
VerifyVASP was developed in close collaboration with Lambda256 Inc. and the design architecture is based upon a decentralized protocol that facilitates information sharing between VASP, immediately and securely, via API communication while utilizing strong encryption algorithm to secure data in transmission. On its decentralized architecture, VerifyVASP protocol mitigates the risk associated with the sharing and transmission of personal data whilst supporting the transfer of all types of digital asset. Additionally, in collaboration with Chainalysis, VerifyVASP will highlight AML/CFT risk related information upon any alerted digital asset transfer. VerifyVASP adopts the interVASP Messaging Standard (IVMS101) data format which help harmonise common messaging standard, paving the way for future inter-operability with other solution providers. To demonstrate its robustness, effectiveness, security and governance, VerifyVASP is in the process of an independent audit of its solution under SOC2 and OSPAR standard.
“With the increasing focus by most governments and regulators to implement FATF’s travel rule, the VerifyVASP solution is a very timely initiative for the digital asset industry to enable VASP to foster their monitoring control and be regulatory compliant, whilst minimising the disruption on the business operation of the VASPs,” said VerifyVASP spokesperson.
VerifyVASP is currently open to onboard VASPs, who are required to comply with FATF’s Travel Rule or MAS Value Transfer and will provide exclusive benefit to commemorate its official launch. As a member of Singapore’s Fintech Association and Blockchain Association of Singapore, VerifyVASP welcomes the opportunity to collaborate with VASPs, other solution providers, various regulatory authorities, industry bodies, blockchain associations and other stakeholders from the industry. VerifyVASP will regularly consult and solicit feedback in its bid to continuously strive towards facilitating a smooth, expedient and cost friendly regulatory compliant solution.