VerifyVASP joins the Global LEI System as a Validation Agent

Friday 26 May 2023 13:32 CET | News

The Global Legal Entity Identifier Foundation (GLEIF) has announced that Singapore-based VerifyVASP joined the Global LEI System as a Validation Agent.


As the first Validation Agent to operate exclusively in the crypto and digital asset trading space, VerifyVASP will now be able to help obtain Legal Entity Identifiers (LEIs) for its VASP clients in a fast and efficient manner. The company can then incorporate its clients’ LEIs into its decentralised messaging service to offer identification data needed for early compliance with current and incoming regulatory requirements, including the Financial Action Task Force’s (FATF) Travel Rule. 

By taking on the role of Validation Agent, VerifyVASP can help contribute to the increasing adoption of the LEI before several regulatory deadlines across the APAC region and beyond. In May 2023, the European Union adopted the Markets in Crypto Assets (MiCA) regulation, providing a single regulatory framework for crypto assets, crypto asset issuers, and crypto asset service providers. MiCA also extended the scope of the Transfer of Funds Rule (TFR) to include transfers of crypto assets. By January 2025, Crypto Asset Service Providers (CASPs) must identify with the LEI when facilitating transactions.

The Legal Entity Identifier (LEI) is a 20-character, alpha-numeric code based on the ISO 17442 standard developed by the International Organization for Standardization (ISO). The LEI connects to key reference information that allows for the clear identification of legal entities participating in financial transactions. Each LEI incorporates information about an entity’s ownership structure, and it also provides a universally recognized identifier paired with essential entity data. 

In the company press release officials from VerifyVASP talked about the company’s role as a Validation Agent and highlighted the use of LEI data to streamline VASP identification while supporting counterparty identification. In essence, the company aims to make sure that its clients are compliant with upcoming regulations.


The Global Legal Entity Identifier Foundation (GLEIF) has announced that Singapore-based VerifyVASP joined the Global LEI System as a Validation Agent.


More information about the FATF Travel Rule

The Travel Rule was implemented to reduce the risks associated with the transfer of virtual assets, particularly when it comes to ownership identification. The rule mandates financial institutions and cryptocurrency firms involved in the transfer of virtual assets to provide reliable details of the originator and beneficiaries of the transaction before or during the transfer. 

Since the recommendation was published, companies from the private sector alongside several jurisdictions around the world have been working on implementing FATF’s Travel Rule and creating clear regulatory frameworks to combat and prevent money laundering while supporting customer protection.

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Keywords: virtual asset, regulation, compliance, regtech
Categories: DeFi & Crypto & Web3
Companies: VerifyVASP
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3


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