Tokenize Xchange (aka Tokenize), a Singapore-headquartered digital asset exchange, has joined the VerifyVASP alliance as it aims to create a seamless, compliant experience for its users of digital assets.
According to a note from Tokenize, the company will utilize VerifyVASP’s network to connect with other alliance members and global crypto exchanges, to ensure compliance with Travel Rule and personal data protection requirements.
VerifyVASP is a Singapore-based digital asset service provider that helps “virtual asset service providers” (VASPs) to comply with the Travel Rule or Value Transfer requirements.
The Travel Rule was crafted by the Financial Action Task Force (FATF) as an Anti Money Laundering (AML) initiative that requires VASPs to maintain trading and transfer information to of digital assets in order to mitigate AML and Combating the Financing of Terrorism (CFT) risks.
Hong Qi Yu, CEO and founder of Tokenize, issued the following statement on the news:
“With a vision to help our users understand the cryptocurrency complexity and improve its accessibility for the masses, Tokenize is dedicated to ensuring that we deliver the best experience for our users. Joining the VerifyVASP alliance was a natural extension to our business to meet the growing needs of our users. We are thrilled to be part of the VerifyVASP alliance as we collaborate with other fellow alliance members to cultivate a safe space for digital assets transactions.”
Alex Kim, CEO of VerifyVASP, said they were pleased to welcome Tokenize to the alliance.
“VerifyVASP solution has been further extended, in consultation with regulators, to support VASPs like Tokenize who voluntarily adopt Travel Rule for the connectivity with Travel Rule obliged VASPs in compliance with personal data protection requirements.”