THELOGICALINDIAN - An 18member accomplice of crypto companies has appear the barrage of TRUST the Travel Rule Universal Solution Technology
Several above crypto companies accept collaborated to barrage a new anti-money bed-making solution. The Travel Rule Universal Band-aid Technology aims to advice companies accede with the Financial Action Task Force’s Travel Rule.
Crypto Companies Launch TRUST
Some of the crypto industry’s better companies accept teamed up to accouterment money laundering.
A accumulation of 18 crypto companies and exchanges announced the barrage of the Travel Rule Universal Band-aid Technology Wednesday, an anti-money bed-making band-aid that will advice these companies accede with the Financial Action Task Force’s anti-money bed-making Travel Rule.
Announcements acquaint by Coinbase, Paxos, and others, detail how TRUST will acquiesce cryptocurrency exchanges to deeply accelerate advice accurately appropriate by the Financial Action Task Force. TRUST creates a absolute acquiescence framework to abode money bed-making and agitator costs apropos while additionally ensuring the aegis and aloofness of users’ claimed information.
The companies listed in the TRUST advertisement accommodate the crypto exchanges Coinbase, Gemini, Kraken, and Bittrex, as able-bodied as added crypto aegis companies acclimated by institutional investors such as Anchorage, Avanti, and Zodia Custody.
Under the FATF Travel Rule, all Virtual Asset Service Providers are appropriate to address specific chump abstracts amid counterparties for affairs over a assertive threshold. By basic TRUST, the 18 companies will be bigger able to accede with the Travel Rule while anniversary customers’ expectations over how their advice is handled.
The TRUST band-aid will not use a axial abundance of claimed abstracts and instead sends advice anon from one TRUST affiliate to addition through end-to-end encrypted channels. Additionally, TRUST includes a apparatus for a accepting barter to prove that it is the buyer of a assertive crypto abode afore chump advice is sent. This ensures the appropriate advice is beatific to the appropriate exchange, added bolstering the system’s security.
According to the TRUST announcement, the abutting footfall is abacus new associates so that TRUST can accommodate absolute acquiescence beyond the crypto industry. Notably, arch crypto exchanges Binance and FTX are currently absent from the TRUST associates list. It is alien whether these exchanges plan to accompany TRUST in the approaching or apparatus their own Travel Rule acquiescence procedures.
Compliance with the FATF’s Travel Rule is important for crypto companies aiming to account barter beyond country borders. In October, stablecoin issuer Tether announced affairs to accommodate Notabene’s Travel Rule band-aid to advice it clue cross-border transactions. As the crypto industry grows, acquiescence with all-embracing anti-money bed-making regulations is set to become more important.
Disclosure: At the time of autograph this piece, the columnist endemic ETH and several added cryptocurrencies.
