To comply with Financial Action Task Force (FATF) travel rules

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With digital assets playing a bigger role in the world due to rapid digitization necessitated by the COVID-19 pandemic, it’s now also more important than ever to comply with the regulatory requirement for AML. This is why as a virtual asset provider (VASP), Pundi X is now a member of the VerifyVASP Alliance, a governing body meant to give further transparency into the world of digital transactions.

Specifically, VerifyVASP offers an easy way for VASPs to comply with the newly instituted “Travel Rule,” introduced by the Financial Action Task Force (FATF). Financial institutions must share and report relevant transaction information in the hopes of cutting down on money laundering activities. VerifyVASP makes this process easier by facilitating the transfer of information between VASPs within seconds while protecting the data via public key encryptions. Other members of the VerifyVASP Alliance include Bitkan, Indodax, Legatus Global, Merkle Science, Pintu, Skybit, Sparrow, Upbit APAC, VCC, and Zipmex.

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The Singapore-based VerifyVASP works in partnership with Lambda256, a subsidiary of Dunamu and the operator of Asia’s largest blockchain-as-a-service platform.

“Pundi X is all for creating an interconnected world made more efficient by cryptocurrency and other digital assets, but transparency is a must for compliance. VerifyVASP makes sure we can continue to do what we do best without running afoul of any regulations,” said Zac Cheah, CEO and Co-Founder, Pundi X.

“Working with VerifyVASP will help ensure that transactions done with Pundi X are up to the most stringent standards,” concluded Cheah. “Not only does this offer the company peace of mind, but our customers as well.”

About VerifyVASP

VerifyVASP Pte. Ltd. is a “Travel Rule” solution provider, focusing on a decentralized protocol for virtual asset service providers to instantly and securely share data. The company’s solution, also named VerifyVASP, is specifically designed to comply with the “Travel Rule” requirements introduced by the Financial Action Task Force in 2019. VerifyVASP is a member of Blockchain Association Singapore and the Singapore FinTech Association.

About Lambda 256

Lambda256 was established in 2018 to solve a wide range of problems that exist with current blockchain platforms and focus on R&D of BaaS 2.0, which aims to provide an all-in-one solution for commercialization of blockchain. A subsidiary of Dunamu Inc., Lambda256 and launched BaaS 2.0 platform Luniverse in 2019 to facilitate the development of decentralized services in a secure and easy-to-use manner with the need to create a separate blockchain ecosystem.