FATF enforced Travel Rule on crypto exchanges can be eased up using CipherTrace framework TRISA
CipherTrace, a leading blockchain security solution provider introduced a new open-source Travel Rule Information Sharing Architecture (TRISA) to help crypto exchanges to comply with the FATF’s new “Travel Rule” requirements. TRISA would enable exchanges to reliably share transaction details of consumers while still maintaining confidentiality on sensitive Bitcoin transaction data like personally identifiable information and trading patterns, reported HelpNetSecuriy.
The newly introduced “Travel Rule” by FATF came into being this June which requires crypto-focused service providers in all G20 countries to share the details of the sender and receiver of any cryptocurrency transactions above 1000 US dollars or Euros. The new set of regulatory guidelines had become a cause of worry for exchange operators and consumers alike as it violated user privacy.
Dave Jevans. CEO of CipherTrace said,
“CipherTrace developed TRISA to help the virtual asset community meet the daunting task of complying with the Travel Rule, and many are very interested in testing it. By applying the team’s deep security expertise to this challenge we help avoid major technical and process pitfalls.”
CipherTrace’s TRISA helps exchanges comply with FATF regulations without infringing user privacy
TRISA has been developed in a way to help crypto exchanges and service providers with the new Travel Rule with minimal impact on the transaction flow. It has been designed to scale with the increasing trading volumes on any exchange. Given the reliable design and architecture of the TRISA framework, major exchanges like Binance are looking to incorporate it to meet the regulatory standards.
TRISA makes use of tried and tested methods of cryptography and has applied trusted Public Key Infrastructure (PKI) to mutually authenticate sensitive transaction data. CipherTrace has also collaborated with ShyftNetwork as a technology partner to release TRISHA. ShyftNetwork has designed a core architectural solution for the TRISHA framework which would enable cross-platform user interoperable authentication, help in user sign-ups for the platform, and privacy-preserving identity credential attestation to enable encrypted communication and compliance.