1) Although published in 2019, very few countries have enforced the #FATF Travel Rule till now!
But that will change soon as ⚠️ Crypto #regulations are discussed at as high a level as the #G20.
And #Shyft will be there to educate policymakers and look for regulatory solutions.
But that will change soon as ⚠️ Crypto #regulations are discussed at as high a level as the #G20.
And #Shyft will be there to educate policymakers and look for regulatory solutions.
2) Once countries begin enforcing the crypto regulations, including the Travel Rule, #VASPs will have no option but to comply
However, there are some major issues that must be highlighted during Travel Rule compliance:
#1 Attribution 🚨
#2 Data Transfer 🚨
However, there are some major issues that must be highlighted during Travel Rule compliance:
#1 Attribution 🚨
#2 Data Transfer 🚨
3) These issues put #VASPs in a fix!
So, what is the Attribution problem? 🤔
It refers to the difficulty beneficiary #VASPs face in proving they own the respective wallet address
And thus, Originator VASPs, too, have no way to verify the identity of counterparty #VASPs
So, what is the Attribution problem? 🤔
It refers to the difficulty beneficiary #VASPs face in proving they own the respective wallet address
And thus, Originator VASPs, too, have no way to verify the identity of counterparty #VASPs
4) It goes without saying solving the #attribution problem is crucial for Travel Rule compliance!
After all, user data that #VASPs share is sensitive info
Interestingly, banks 🏦 rely on #SWIFT, #BIC, #IBAN to solve the attribution problem in the traditional financial industry
After all, user data that #VASPs share is sensitive info
Interestingly, banks 🏦 rely on #SWIFT, #BIC, #IBAN to solve the attribution problem in the traditional financial industry
5) And what's the issue with the data transfer between #VASPs? 🤔
Just like how there's no global framework for attribution in the #crypto space, there's none for data transfer between VASPs either
So, the problem is how to reliably & securely transfer user data between #VASPs
Just like how there's no global framework for attribution in the #crypto space, there's none for data transfer between VASPs either
So, the problem is how to reliably & securely transfer user data between #VASPs
6) Some Travel Rule Solutions do exist in the market
But there’s a problem with some of those, which you must know about
When using some Travel Rule solutions, the user data that #VASPs share with each other may pass through the internal servers of the Travel Rule Solution ⚠️
But there’s a problem with some of those, which you must know about
When using some Travel Rule solutions, the user data that #VASPs share with each other may pass through the internal servers of the Travel Rule Solution ⚠️
7) Yes, you read that right!
And this is clearly a no-no for #VASPs from a #data security perspective
Guess what, #Veriscope solves both of these problems!
And later this week, We will share a Twitter thread on how Veriscope solves these issues
And this is clearly a no-no for #VASPs from a #data security perspective
Guess what, #Veriscope solves both of these problems!
And later this week, We will share a Twitter thread on how Veriscope solves these issues
8) Overall, Shyft Network is playing a key role in the #crypto ecosystem
Realizing its role, the #Shyft core team is at the #G20 meeting to educate authorities and collaborate with them to solve the bottlenecks preventing the #crypto industry from realizing its true potential
Realizing its role, the #Shyft core team is at the #G20 meeting to educate authorities and collaborate with them to solve the bottlenecks preventing the #crypto industry from realizing its true potential
9) Comment below in case you have any questions!
We will keep an eye out for them 👀 and will answer them asap
We will keep an eye out for them 👀 and will answer them asap
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