US-based crypto firms join forces for Travel Rule compliance
“We ... adding new members so that TRUST can provide comprehensive compliance across the crypto industry,” said the joint announcement. Many major crypto companies based in the United States have released a solution for the Financial Action Task Force's Travel Rule.In a Wednesday blog post, crypto services provider Paxos announced the launch of the Travel Rule Universal Solution Technology, or TRUST, with members, including Coinbase, BlockFi, Gemini, Kraken, Robinhood, Circle and Fidelity Digital Asset Services. The endeavor is aimed at ensuring crypto firms are in compliance with the....
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A great number of cryptocurrency businesses are preparing for the upcoming Financial Action Task Force (FATF) rules toward cryptocurrencies, specifically the Travel Rule. This month 25 Virtual Asset Service Providers (VASPs) published a paper that outlines how American-based VASPs aim to comply with the FATF Travel Rule. Digital currency companies, otherwise known as Virtual Asset Service Providers (VASPs) in the eyes of global regulators are concerned about regulation and compliance this year. In fact, in the recent report written by the Digital Currency Group (DCG), the survey’s....
On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST, which stands for “Travel Rule Universal Solution Technology.” The plan is described as an “industry-driven solution” developed to comply with the Financial Action Task Force (FATF) Travel Rule. There are currently 18 crypto firms that have joined TRUST so far, and the collaborative effort is welcoming other companies to join the initiative. 18 VASPs Launch TRUST in Order to Comply With FATF’s Travel Rule For quite some time now,....
Tether, the operator of one of the leading stablecoins in the crypto market has announced it will commence trials of a system that will allow the company to comply with the Financial Action Task Force (FATF) travel rule. The system, that is provided by Notabene, a company that offers ID and travel rule compliance solutions, will allow Tether to automatically communicate travel rule data between Virtual Asset Service Providers (VASPs).
Tether Eyes Compliance Solution
Tether, the company behind the issuance of the biggest stablecoin by market cap in the cryptocurrency market, USDT,....
A new report claims that about 70% of respondents are either practicing the travel rule or planning to complete their compliance in Q1/Q2 2022. The cryptocurrency industry is eager to comply with the Financial Action Task Force's (FATF) so-called Travel Rule, and appears willing to work with regulators in order to expedite the process, a new survey found.As per a survey conducted by Notabene, a crypto compliance firm based in New York, most of the crypto industry will be Travel Rule-compliant by Q2 2022. Currently, the report claims that about 70% of respondents are either practicing the....
Payment giant PayPal joined the Coinbase-led compliance initiative called Travel Rule Universal Solution Technology (TRUST). Launched in 2022, the solution was created to “protect the security and privacy” of its members’ customers while complying with the Travel Rule. Related Reading: Bitcoin Sinks Below Realized Price, Bear Not Over Yet Afterall? The latter is a U.S. […]