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Coinbase is proud to announce the launch of the Journey Rule Common Answer Know-how (TRUST), an industry-driven answer designed to adjust to a requirement often known as the Journey Rule whereas defending the safety and privateness of our prospects. TRUST is a platform that enables cryptocurrency exchanges to securely ship data legally required by the Journey Rule. The answer is known as TRUST as a result of that’s what we search to instill in our prospects once they use our services.
The present U.S. TRUST membership contains the next: Anchorage, Avanti, BitGo, bitFlyer, Bittrex, BlockFi, Circle, Coinbase, Constancy Digital Assetsˢᵐ, Gemini, Kraken, Paxos, Robinhood, Commonplace Custody & Belief, Symbridge, TradeStation, Zero Hash, and Zodia Custody. And we’re quickly increasing to different world jurisdictions.
Why is TRUST needed?
The Journey Rule requires monetary establishments to share sure fundamental details about their prospects when sending funds over a specific amount to a different monetary establishment. Custodial cryptocurrency exchanges (like different monetary establishments) must fulfill this rule, which was written earlier than crypto even existed. To do that, a number one group of crypto exchanges got here collectively to create an answer within the crypto house, whereas persevering with to guard the safety and privateness of our prospects’ private data. This unprecedented effort led to a collectively designed answer, TRUST, which we hope will quickly turn out to be the {industry} normal for complying with these necessities.
What was the objective in designing the TRUST answer, and the way was it achieved?
The core objective in designing TRUST was to realize top-tier compliance with the Journey Rule, whereas totally honoring prospects’ expectations over how their data is dealt with. To do that, essential safeguards had been included as a part of the TRUST answer:
- No central retailer of non-public information: We by no means centrally retailer delicate buyer data the place it may very well be focused by an attacker or misused by a 3rd occasion. The required data is simply immediately despatched from one TRUST member to a different, by end-to-end encrypted channels, and the receiver is required to safeguard it.
- Proof of deal with possession: TRUST features a mechanism for the receiving alternate to show that it’s the proprietor of the receiving crypto deal with earlier than buyer data is distributed — to make sure the fitting data is distributed to the fitting alternate.
- Core safety & privateness requirements: We require all TRUST members to satisfy core anti-money laundering, safety, and privateness necessities earlier than becoming a member of the answer. And we’re partnering with Exiger, a worldwide market chief in technology-enabled compliance and threat administration options, to assist us meet that bar, and to offer ongoing compliance assist.
Now that TRUST has launched, what are the following steps?
The subsequent step is including new members, in order that TRUST can present complete compliance throughout the crypto {industry}. The Journey Rule’s attain is increasing internationally, and so should the TRUST answer. TRUST is targeted on increasing to many different jurisdictions this 12 months.
The launch of TRUST resoundingly demonstrates that top-tier compliance can go hand-in-hand with a core {industry} worth — sturdy safety of buyer privateness and safety.
To be taught extra about becoming a member of TRUST, click on right here.
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