VASPs can now take advantage of Veriscope’s User Signing feature to comply with the FATF Travel Rule. This feature not only assists VASPs in meeting their Travel Rule obligations but also equips them to directly request cryptographic proof from users’ non-custodial wallets, which is essential for validating withdrawals and reinforcing the self-custody process.
The Travel Rule, as established by the Financial Action Task Force (FATF), requires Virtual Asset Service Providers to share specific information about the originators and beneficiaries of virtual asset transfers. It is aimed at adding transparency to digital asset transactions, which is a key consideration for VASPs that strive to align with international standards while preserving the integrity of their operations.
To address these regulatory requirements, Shyft Veriscope is specifically designed to help VASPs comply with the FATF Travel Rule, with a keen focus on user privacy and data security. This balanced approach is significant in the crypto industry, where the exchange of personally identifiable information (PII) among VASPs is a sensitive matter.
Through its innovative features like User Signing, Veriscope not only provides a secure and transparent method for compliance but also sets a new standard in the crypto compliance space, demonstrating how regulatory needs can be met without compromising on user privacy.
However, User Signing is just the beginning, as it paves the way for future developments, such as user consent features based on cryptographic keys, furthering our vision of a more empowered, secure, and transparent digital asset ecosystem.
User Signing streamlines the Travel Rule compliance process by providing a VASP-branded interface that guides users from the initial withdrawal request on the VASP’s platform to creating a Veriscope Address Proof with their hardware wallet or other non-custodial wallet, such as those supporting WalletConnect, Metamask, or bitcoin hardware wallets such as Ledger and Trezor.
The interface seamlessly directs users to the Veriscope User Signing application, where clear instructions and animation help them complete the signing process with their personal crypto wallet. After this, they are automatically redirected back to the VASP’s withdrawal page.
For more technical details, please refer to our documentation on address proofs.
Here's a brief on the installation process to implement our new feature:
For further detailed information, please refer to our user signing documentation.
Click here to explore the User Signing feature in action at our demo site.
The User Signing feature is more than just an addition—it's a testament to our dedication to ensuring unparalleled security, user empowerment, and regulatory compliance. By spearheading advancements like the User Signing feature, we reaffirm our promise to both our partners and users, ensuring they always stay ahead in the realm of crypto compliance.
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VASPs need a Travel Rule Solution to comply with the FATF Travel Rule. Have you zeroed in on it yet? Check out Veriscope, the only frictionless crypto Travel Rule compliance solution.
Visit our website to read more, and contact our team for a discussion.
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