Copy link
Increase text size
Decrease text size
Link copied

CipherTrace unveils open source solution for crypto Travel Rule compliance ‘TRISA’

Tue, 10 Sep 2019, 13:00 pm UTC

Crypto intelligence firm CipherTrace has announced a new solution to assist cryptocurrency exchanges to comply with the FATF’s “Travel Rule.”

In June 2019, the Financial Action Task Force (FATF) proposed rules regarding the sharing of beneficiary and originator information between Virtual Asset Service Providers (VASPs), inspired by regulation from the U.S. Financial Crimes Enforcement Network (FinCEN). It basically requires VASPs in all G20 countries to store and share sender and receiver information related to every cryptocurrency transaction.

CipherTrace today introduced “Travel Rule Information Sharing Architecture” (or TRISA) – an open-source solution for Travel Rule compliance. According to the TRISA whitepaper:

“The goal of the Travel Rule Information Sharing Architecture (TRISA) is to enable compliance with the FATF and FinCEN Travel Rules for cryptocurrency transaction identity information without modifying the core blockchain protocols, and without incurring increased transaction costs or modifying virtual currency peer-to-peer transaction flows.”

The solution would enable VASPs to reliably share payment details while maintaining the confidentiality of personal information and whale trades. It enables immediate compliance with minimal impact on transaction flows and without the need to fork existing blockchains, CipherTrace explained.

“CipherTrace developed TRISA to help the virtual asset community with the daunting task of complying with the Travel Rule,” said CipherTrace CEO, Dave Jevans. “Rather than trying to modify blockchains, we are proposing a reference architecture that creates a separate out-of-band security mechanism to augment existing blockchains and cryptocurrencies for compliance purposes.”

According to a press release, TRISA’s framework has been designed to scale to the volume and reliability demands of crypto exchanges and custodial wallets to avoid expensive downtime and resist denial of service attacks.

TRISA applies trusted Public Key Infrastructure (PKI) to mutually authenticate VASPs and securely transmit sensitive transaction data. Moreover, its security design minimizes the risks of VASPs sending PII (Personally Identifiable Information) to the incorrect entity with the VASP Address Confirmation Protocol. Digital signatures provide digital proof of delivery and have been accepted globally for nonrepudiation, it said.

“TRISA is provided free of charge as open source software. VASP authentication services, revocation and security services are offered by CipherTrace, but can also be provided by other companies, government agencies or consortia due to the open source nature of TRISA and its independent governance model,” the company said.

CipherTrace said that major exchanges and wallets, such as Binance, are already considering TRISA as a viable option for compliance.

Just recently, Netki also updated its TransactID solution to ensure compliance with the FATF “Travel Rule.” TransactID uses open-source standards to enable a secure, encrypted, peer-to-peer exchange of identity information between parties prior to transactions.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,083.92 (-0.33%)
  • Ethereum (ETH) $227.77 (-0.30%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $221.99 (-1.10%)
  • Bitcoin SV (BSV) $153.74 (-0.75%)
  • Bitcoin (BTC) $9,083.92 (-0.33%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft