SINGAPORE , Oct. 8, 2024 /PRNewswire/ — VerifyVASP, a leader in virtual asset compliance solutions, has reached an important milestone in the implementation of the Travel Rule. Since launch in 2022, $200 billion in verified transfers have been processed with 10 million successful verifications. This rule is an AML/CFT regulatory requirement that requires financial institutions and virtual asset service providers (VASPs) to share and verify certain user information when transferring funds and virtual assets.
Elsa Madrolle, GM EMEA, commented:
VerifyVASP
“This means that $200 billion of virtual assets are continually reaching their intended verified counterparties, where other implementations do not always receive message responses. With an average success rate of 92%, our members report increased user confidence that the Travel Rule can be achieved at scale, while actually improving the user experience, leading to EU adoption. can be demonstrated.”
To achieve these milestones, VerifyVASP has built a suite of solutions that verify the identity of all parties – both virtual asset service providers (VASPs) and end users – before sending or depositing money. A fully decentralized peer-to-peer protocol ensures immediacy and security. These solutions solve the main problem of the sunrise problem by allowing travel rules to verify both mandatory and non-mandatory entities, while always respecting the legal basis.
In an era of unprecedented levels of fraud, fraud and illegal activity across the virtual and traditional realms, the implementation of effective travel rules is already mitigating some of these risks. VerifyVASP members report that user-reported identity fraud has been largely eliminated.
Implementing travel rules has a significant impact on users. The new requirements require some changes to the user experience, but if implemented correctly, they also build trust and confidence in using compliant member VASPs for transfers.
As implementation deadlines approach in various jurisdictions, including the European Union, VerifyVASP’s work demonstrates that the correct implementation of the Travel Rule is not just about compliance, but a key element in building a safer and more prosperous ecosystem. It shows that there is.
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About VerifyVASP Pte. Ltd.:
VerifyVASP is a decentralized messaging protocol for Travel Rule compliance supported by regulated VASPs. VerifyVASP provides comprehensive Travel Rules solutions, including counterparty due diligence, messaging protocols, on-chain risk analysis, and consulting on Travel Rules/Personal Data Protection requirements. VerifyVASP, headquartered in Singapore with subsidiaries in Tokyo and Paris, expects network growth and verification to accelerate.
Photo – https://mma.prnewswire.com/media/2524419/VerifyVASP.jpg
Media Contact: Elsa Madrolle, (email protected), +33 752079903
