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ING rolls out FATF-friendly protocol for crypto exchanges

Wednesday 24 June 2020 14:24 CET | News

ING has developed a protocol to assist with the Financial Action Task Force’s Travel Rule requirement for crypto transfers and companies dealing with digital assets.

The solution initiated by ING – the Travel Rule Protocol or TRP – is backed by Standard Chartered Bank, Fidelity Digital Assets, and BitGo, among other crypto companies. In October 2018, the FATF recommended to include virtual asset service providers (VASPs) within the scope of its anti-money laundering mandate, leading to the development of a raft of technical solutions and a messaging standard, according to coindesk.com.

The institutional focused TRP was also partly backed by the InterVASP working group which released the IVMS-101 standard, a way VASPs can agree on the format of the message payloads their solutions will transfer. The bank started looking at solutions to the FATF’s recommendation for digital assets in 2019. 

The protocol features a RESTful (Representational State Transfer) API, which is basically a way of transferring data from one place to another on the internet. Participating VASPs must be able to publish address entries; by doing so they associate an identity and data linked with that address entry.


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Keywords: ING, FATF, protocol, crypto, exchange, crypto transfer, Travel Rule, digital assets, Standard Chartered Bank, Fidelity Digital Assets, BitGo, VASPs, anti-money laundering, InterVASP, IVMS-101, RESTful, API, data transfer
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies