TRUST will be added to Luno’s existing technology stack aiming to comply with the Travel Rule. The company has been a member of Notabene, a Travel Rule solution provider since January 2021 and the addition of TRUST to its stack will enable Luno to interact with an additional network of virtual asset service providers and demonstrate the firm’s commitment of complying with the Travel Rule objectives.
Company officials have stated that the TRUST network membership will enable the broadening of their existing Travel Rule capabilities, while also allowing them to set up for UK Travel Rule compliance ahead of the September 2023 deadline, as well as across Europe.
Designed to deliver safeguards to customers’ privacy and security, the Travel Rule compliance solution includes the following capabilities:
No central store of personal data: customer sensitive information is not centrally stored, avoiding thus to be targeted by an attacker or have it misused by a third-party. The information that is required is sent from one TRUST member to another directly, through means of end-to-end encrypted channels, with the receiver being required to safeguard it.
Proof of address ownership: TRUST includes a mechanism that requires the receiving member to prove that they are the owner of the receiving crypto address ahead of the customer information being sent, thus ensuring that the right member is sent the right information.
Core security and privacy standards: Before joining the solution, all TRUST members are required to meet core requirements related to anti-money laundering, sanctions, security, and privacy.
TRUST is a global, industry-driven solution designed with the aim of complying with the Travel Rule requirement in mind, while simultaneously prioritising customer security and privacy. The Travel Rule requires the collection of details regarding the parties of a crypto transaction by a virtual asset service provider and the exchange of that information with the provider that is on the other side of the transaction, similar to what banks do.
Launched in the US earlier in 2022, TRUST expanded short after to Canada and Singapore, and most recently to Europe. As the TRUST membership is attracting virtual currency exchanges, brokerages, custodians, and wallet providers globally, Luno believes the Travel Rule compliance across the industry to accelerate in the future.
Luno is a global cryptocurrency investment app looking to make crypto accessible to everyone, having introduced over 10 million people to crypto in more than 40 countries across the US, Europe, Africa, Asia, and Australia since its founding in 2013. The company is part of the Digital Currency Group, the world’s largest blockchain investor, and has over USD 40 billion in crypto under management. Luno’s products and services offering aims to secure and simplify the buying, storing, and learning about cryptocurrencies such as Bitcoin and Ethereum, and the company undergoes independent proof reserves audits on a quarterly basis to offer customers the assurance that their crypto is safe.
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