Blockchain security company CipherTrace announced on Tuesday the launch of its open-source Travel Rule Information Sharing Architecture (TRISA) solution. According to CipherTrace, TRISA enables cryptocurrency exchanges to comply with new funds Travel Rule requirements.
CipherTrace revealed that Virtual Asset Service Providers (VASPs) may immediately begin deploying TRISA to reliably share payment details while maintaining the confidentiality of bitcoin transaction data, ranging from customers’ personally identifiable information to their trading patterns.
“TRISA addresses the urgent need for VASPs to comply with the “Travel Rule” that was finalized by the FATF—the global anti-money laundering watchdog—in late June. The new rule compels VASPs in all G20 countries to share and store private sender (originator) and receiver (beneficiary) information related to every cryptocurrency transaction over USD/EUR $1,000.”
While sharing more details about the solution, CipherTrace CEO, Dave Jevans, stated:
“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. For example, rather than trying to modify blockchains, we are proposing a reference architecture that creates a separate out-of-band security mechanism to augment existing blockchains and cryptocurrencies for compliance purposes.”
CipherTrace notably built the solution with Shyft Network to serve the needs of the many networks, exchanges, and users in the digital asset ecosystem. Chris Forrester, Shyft Network Co-founder and CTO, added:
“We’re proud supporters of the TRISA initiative and excited to be working with CipherTrace as a partner due to our shared focus on privacy preservation, security, and decentralized community governance.”