Travel Rule at Scale: VerifyVASP Achieves 10M Verifications Worth $200B
SINGAPORE, Oct. 8, 2024 /PRNewswire/ -- VerifyVASP, a leader in virtual asset compliance solutions, has reached significant milestones in Travel Rule implementation: $200 billion of verified transfers processed across 10 million successful verifications since its inception in 2022. The Travel Rule is an AML/CFT regulatory requirement mandating that financial institutions and virtual asset service providers (VASPs) share and verify certain user information when transferring funds or virtual assets according.
Elsa Madrolle, GM of EMEA, comments:
"That's $200 billion of virtual assets consistently reaching the intended, verified counterparties, at a time when message responses are not always received in other implementations. We average a 92% verification success rate, so our members are reporting increased user trust. In the lead-up to implementation in the EU, we can demonstrate that the Travel Rule can be achieved, at scale, whilst actually improving the user experience."
To achieve these milestones, VerifyVASP built a suite of solutions that verifies the identity of all stakeholders—both Virtual Asset Service Providers (VASPs) and end users—prior to transfers and deposits. A fully decentralised peer-to-peer protocol ensures immediacy and security. These solutions are able to verify both Travel Rule-obliged and non-obliged entities whilst always respecting legal basis, solving for a major problem of the sunrise issue.
In an era of unprecedented levels of scams, frauds, and illegal activities across virtual and traditional spheres, effective Travel Rule implementation is already mitigating some of these risks. VerifyVASP members are reporting a near-elimination of impersonation scams as reported by their users.
Travel Rule implementation has a significant impact on users: new requirements do require some changes to the user experience, but also build trust and confidence in using compliant member VASPs for transfers when correctly implemented.
As implementation deadlines approach in various jurisdictions, including the European Union, VerifyVASP's achievements demonstrate that correct Travel Rule implementation is not just about compliance but is a key factor in building a more secure and thriving ecosystem.
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About VerifyVASP Pte. Ltd.:
VerifyVASP is a decentralised messaging protocol for Travel Rule compliance supported by regulated VASPs. VerifyVASP provides comprehensive Travel Rule solutions that include counterparty due diligence, messaging protocol, on-chain risk analysis and consultation on Travel Rule / personal data protection requirements. Headquartered in Singapore with subsidiaries in Tokyo and Paris, VerifyVASP anticipates accelerated network growth and verifications.
Media Contact: Elsa Madrolle, [email protected], +33 752079903
SOURCE VerifyVASP
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