Regtech Coinfirm has been integrated into Shyft Network’s Veriscope, a Travel Rule product.
Shyft Network is “a public protocol designed to power data discoverability and compliance into blockchain while preserving privacy and sovereignty.”
Facilitating the transfer of verifiable data between centralized and decentralized ecosystems, Shyft Network claims that it sets one of the highest crypto compliance standards and “provides the only frictionless Crypto Travel Rule compliance solution on the blockchain while ensuring user data is protected.”
Veriscope, powered by the Shyft Network — Coinfirm’s partner firm — is “a blockchain-based regulatory compliance tool for VASPs (Virtual Asset Service Providers) that need to be Travel Rule compliant.”
In order to protect customer data, VASPs transfer their data directly, “meaning that Veriscope does not store any PII (Personally Identifiable Information) information itself and only facilitates the transfer of encrypted data.”
Zach Justein, Veriscope co-founder, said:
“Veriscope’s integration partnership with leading blockchain analytics provider Coinfirm allows participating VASPs to perform wallet screening in connection with travel rule transactions, creating an improved compliance experience for both VASPs and their end users.”
The Travel Rule, imposed by the FATF (Financial Action Task Force), states that VASPs and other crypto entities are “obliged to share relevant originator and beneficiary information alongside virtual asset transactions — helping to prevent the misuse of virtual assets by bad actors who finance terrorism, engage with the drugs trade, arms trade, human trafficking, and other illicit activities.”
Dr. Mircea Mihaescu, Coinfirm CEO, remarked:
“Through integrating into the Shyft Network’s hugely successful Veriscope product, Coinfirm demonstrates its continued commitment to bolstering the compliance potential of the blockchain ecosystem by providing subscribers with both AML checks and Travel Rule checks in one place.”
Coinfirm’s existing clients — as well as their prospective clients — “want to have AML checks and Travel Rule checks in one place.”
With Coinfirm’s integration into Shyft Network and other Travel Rule providers, “this is now possible.” Coinfirm works with Travel Rule providers and continues “to value all relationships with its partners.”
Purpose-built smart-contracts “regulate many key functions on the Shyft Network — like facilitating KYC/AML checks that satisfy the needs of obligated complaint entities and cross-jurisdictional regulators.”
At the same time, Veriscope interoperates “with third party service providers and other Travel Rule protocols.” Coinfirm’s integration with Veriscope “provides users with a one-stop Travel Rule, KYC and AML compliance service.”