A coalition of some of the US’s largest crypto firms is rolling out a solution to heightened anti-money laundering standards.
The so-called Travel Rule Universal Solution Technology, or “TRUST,” allows crypto firms to securely collect and transmit customer data in accordance with the travel rule.
Last year, the Financial Action Task Force recommended that participating nations implement a travel rule for virtual asset service providers (VASPs) — essentially entities that facilitate transactions — in its finalized guidance. The travel rule seeks to curb money laundering and terrorist financing by requiring VASPs to gather and transmit names, account numbers and location information for both the sender and the recipient in a transaction.
The travel rule has long been part of the banking world, but until recently, crypto lacked the infrastructure to comply.
Now, a group of the US’s biggest crypto players have rolled out their solution in the form of TRUST. Anchorage, Avanti,…