September 18, 2023
By Anjali Kochhar
In a recent development, worldwide full-cycle verification platform, Summsub has announced a six-month free trial of its Travel Rule compliance solution as a significant step to strengthen compliance in the bitcoin industry. The goal of this launch is to increase security and transparency in cryptocurrency transactions. It is timed to coincide with the UK’s implementation of the Crypto Travel Rule legislation.
According to the company, a single console is available during the free trial for up to 10,000 outbound transactions, an unlimited number of inbound transactions, free anti-money laundering (AML) checks, and the creation of an infinite number of rules specific to regulatory and business requirements. Additionally, Sumsub will release premium and enterprise plans that have larger outbound transaction limits and more features. The initial Travel Rule solution, which enables safe data transfers between VASPs to satisfy compliance requirements, was presented in March 2023.
By forcing both senders and recipients of virtual asset (VA) transfers to share identifying data, confirm its accuracy, and provide it to authorities when appropriate, the Travel Rule seeks to promote openness and accountability in cryptocurrency transactions. Beyond the UK, Asian-Pacific countries have embraced the rule; Singapore, Japan, and Hong Kong have all implemented it locally.
The Travel Rule solution from Sumsub automates the transfer of information between transaction participants, such as names and wallet addresses. It simplifies communication with VASPs and helps identify and verify them, even those without a Travel Rule solution.
Jacob Sever, Co-Founder & Chief Innovation Officer at Sumsub, stated, “With the escalating risks of fraud and digital financial crimes, driven by emerging technologies like AI and deep fakes, addressing compliance challenges has become significantly complex. The demand for innovative verification solutions has surged, supporting regulators in creating a robust regulatory environment.
“Crypto businesses also need flexible solutions to navigate compliance regulations, especially with the growing number of cross-border transactions across nations with distinct legislations. Our free product trial reflects our commitment to ensuring a compliant VASP ecosystem, extending globally, including vibrant markets like APAC. We remain dedicated to anticipating regulatory changes and introducing visionary solutions ahead of implementation.”
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
