Shyft Launches Comprehensive Crypto Travel Rule Solution

Shyft’s new instrument – Veriscope – gives a complete answer for beforehand unsolvable “Sunrise Issue”

Exchanges can now seamlessly, effectively adjust to world AML and sanctions laws

BRIDGETOWN, Barbados, April 13, 2022 (GLOBE NEWSWIRE) — Shyft Network introduced as we speak the launch of Veriscope, a completely decentralized, open-source instrument that gives crypto exchanges a complete answer to the so-called “Sunrise Issue” – addressing what has till now been a vexing, unsolvable problem for crypto exchanges as they arrive into compliance with the Financial Action Task Force (FATF) Anti-money laundering (AML) Travel Rule.

The “Sunrise Issue” arose lately as crypto exchanges throughout the globe started work to undertake the Travel Rule at totally different occasions, leading to some exchanges coming into compliance with the requirement at totally different occasions than their counterparties. The Travel Rule necessities can solely be met if all (each) counterparties are in compliance. Regulators have demanded an answer to the problem.

“The ‘Sunrise Issue’ is a fancy drawback, and solely Veriscope has been capable of remedy it,” stated Malcolm Wright, Head of Veriscope. “Governments are deeply involved about crypto’s use in illicit finance, and sanctions evasion specifically – as they need to be – and with Veriscope, we’re capable of provide an environment friendly, elegant compliance answer for all the business.”

The FATF Travel Rule requires assortment and alternate of buyer particulars so as to adhere to worldwide guidelines towards cash laundering, sanctions evasion and different malicious actions.

With Veriscope, crypto exchanges can mechanically uncover which alternate, liquidity supplier or custodial pockets is the recipient of crypto belongings despatched by their prospects. Then, Veriscope permits these service suppliers to transmit the required buyer knowledge to one another to make sure that their prospects will not be concerned in cash laundering, sanctions evasion, or different illicit exercise.

Veriscope permits Travel Rule compliance whereas defending buyer knowledge by a peer-to-peer knowledge connection that doesn’t retailer any personally identifiable data (PII), makes use of encrypted communication, and is the one answer to supply for consumer consent for knowledge sharing and storage to adjust to GDPR laws. 

The business acclaimed characteristic comes as main exchanges and liquidity suppliers together with Binance, Deribit, Tether, Huobi, MoonPay, Nexo, Gate.io, Bitfinex, LocalBitcoins, GSR, Galaxy Digital, Coinhako, BTSE Nogle, and extra undertake Veriscope as their Travel Rule answer.

“Veriscope is already scaling globally as an increasing number of exchanges perceive the excellent advantages of the instrument,” stated Joseph Weinberg, co-founder of Shyft Network and veteran of crypto safety and regulatory options.

“The instrument takes a singular, decentralized strategy to figuring out counterparty exchanges solely from the crypto handle. Because we don’t require any further data from an alternate’s prospects, we are able to rebuild Travel Rule knowledge on historic transactions. The result’s that our consumer is in full compliance with the Travel Rule, and the shopper expertise is totally seamless, with no interruption to transactions, however providing bulletproof assurances of privateness and safety of buyer knowledge.”

This got here on the again of latest partnership bulletins with FIS Worldpay and DLA Piper. 

About Shyft Network

Shyft Network ($SHFT) is a public blockchain protocol designed to combination and embed belief, validation and discoverability into knowledge saved on private and non-private ecosystems, and permissioned and permissionless networks. By facilitating bridging throughout siloed datasets, Shyft permits for layering of context on prime of knowledge, in the end turning uncooked knowledge into significant data.

About Veriscope 

Veriscope is an open-source, decentralized journey rule answer. Veriscope permits Virtual Asset Service Providers (VASPs) to adjust to the FATF Travel Rule, protect knowledge integrity, keep knowledge sovereignty and allow a frictionless buyer expertise. Veriscope has been designed in collaboration with main world cryptocurrency exchanges.