Coinbase announced the expansion and integration of Travel Rule Universal Solution Technology Technology (TRUST), which is a group of large crypto companies that are compliant with FATF’s Travel Rule.
According to the official blog, TRUST was launched in Canada and Singapore. It is also looking at other international jurisdictions, including Europe. According to Coinbase, the entity is currently working on providing compliance services to virtual asset service provider (VASPs), around the globe, as well as its security safeguards.
TRUST has expanded its global platform membership to 36. The original Coinbase, BitGo and Kraken were added to the coalition.
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“The rapid expansion and internationalization of TRUST is a major milestone on the road to becoming the industry-standard solution in Travel Rule compliance. This is just the beginning. We expect that TRUST will be welcoming many new members over the next year.”
This latest development follows the call of central bank governors and finance ministers from the G-7 for fast implementation of FATF’s “travel rules” with stricter disclosure and reporting requirements. This rule is currently being debated in the European Union.
Origin of TRUST
Financial Action Task Force, a global anti-money laundering watchdog, updated its guidance in mid-2018 to clearly state that all VASPs (that includes exchanges, trading desks and custodians) collect personal information from both the sender as well as the recipient for transactions exceeding $1,000.
Many platforms were not able to comply with the Travel Rule. The proposed law was so broad that the crypto community raised concerns.
Many major crypto companies located in the United States have released Travel Rule Universal Solution Technology (TRUST) as a solution to their international reach. This solution meets the requirements while maintaining the privacy and security of our customers.
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