TRP Has Vendors Connected and Talking
More and more Virtual Asset Service Providers (VASPs), also known as Crypto Asset Service Providers (CASPs) in the EU, are using the leading decentralized protocol: Travel Rule Protocol (TRP),
As it is a free standard for permissionless communications, TRP is implemented by various vendors and VASPs. For starters, it meets the regulatory requirements stipulated by the Financial Action Task Force’s (FATF) Travel Rule by enabling compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, aligning with industry standards.
Moreover, it allows VASPs to accept or decline a transaction before it takes place, making it the obvious choice for serious VASPs who want to reduce costs and overheads.
Read: 5 Reasons Why Top VASPs Choose TRP
TRP Has Vendors Connected and Talking
It is through implementation and testing that the Travel Rule Protocol evolves.
Recently the Blockchain Intelligence Group (BIG) and 21 Analytics AG conducted interoperability testing of their TRP implementations with great success. It was this testing that prompted BIG to integrate TRP into their offering.
The BIG team reported an excellent experience while testing TRP with 21 Analytics.
The team explained that it wasn’t just the easy implementation of TRP that they enjoyed but the whole package - TRP is open-source, decentralized and collaborative, has no royalties and is supported by VASPs and Travel Rule solutions all around the world.
“By implementing OpenVASP's Travel Rule solution, cryptocurrency businesses can not only meet regulatory requirements but also gain a competitive advantage by demonstrating a commitment to transparency, security, and compliance. This not only protects the business from potential fines or legal action but also instills trust and confidence in customers and partners, ultimately leading to a stronger, more resilient ecosystem for all.”
Lance Morginn, Blockchain Intelligence Group President / Co-Founder / CCI
Who Is the Blockchain Intelligence Group (BIG)?
The Blockchain Intelligence Group, a digital assets company, develop technology to support compliance and intelligence in a future revolving around blockchains. Leaders use their products in the ecosystem to conduct investigations into illicit virtual asset transactions. Additionally, BIG's technology is used by banks and cryptocurrency businesses to monitor transaction risks.
BIG has the vision of creating technology that offers research and businesses a competitive edge.
Worldwide banks, cryptocurrency companies, law enforcement, fintech companies, regtech companies, and governments rely on BIG.
How 21 Analytics Facilitated BIG
The recent intercontinental interoperability testing between BIG and 21 Analytics was a great success due to the knowledgeable teams involved.
21 Analytics guided BIG through the process of implementing TRP. With the input of BIG, the TRP specifications have received further clarifications, making it easier for others to implement TRP in their stack.
“We're happy to see the growing adoption of TRP from VASPs and solution providers. 21 Analytics enables implementing TRP with our tools and support as part of our effort to establish TRP as the open Travel Rule standard”.
Lucas Betschart, 21 Analytics CEO
Who Is 21 Analytics?
21 Analytics AG is a Swiss company headquartered in Zug. Founded by Bitcoiners who have been working in the blockchain industry since 2014, 21 Analytics leverages its experience to advance its idea of combining compliance with data protection. 21 Analytics’ focus is building solutions for those regulatory requirements in a privacy-preserving way. They are the leading contributor to TRP.
The Future Is Bright with TRP
"We built TRP with core blockchain ideals in mind: decentralised, permissionless and being open source. We see these as key drivers of adoption. There are no central parties or networks, making it truly decentralized with no honeypots of user private data. Anyone can run their own instance of TRP software or write their own implementation of TRP without asking for any permission or paying any royalties. The whole TRP specification is published with a permissive open-source license, so anyone can contribute to it or even fork it so TRP can evolve as needed by the industry. Combined with a formal governance model and support provided by the non-profit OpenVASP association, implemented by multiple solution providers and being in active use daily by multiple VASPs, we feel its a compelling solution for any VASP to adopt with the future in mind."
Andrew Davidson, OpenVASP Association
Through interoperability testing, the OpenVASP Association, along with other ecosystem contributors, can truly develop a robust and future-proof Travel Rule protocol.
Due to this ideology and TRP’s functionality and permissionless design, many VASPs are migrating to TRP.
Click here to find out how to start implementing TRP today.
Read: What Is the Travel Rule Protocol (TRP)?