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Coinbase is happy to announce the worldwide enlargement of the Journey Rule Common Answer Expertise (TRUST), a world, industry-driven answer designed to adjust to a requirement referred to as the Journey Rule whereas defending the safety and privateness of consumers.
In February of this yr, TRUST launched in the US. Since that launch, TRUST has now gone stay in Canada and Singapore, and is actively working to broaden to different international jurisdictions, together with Europe. As extra international locations start to implement Journey Guidelines, TRUST is targeted on offering its top-tier compliance companies to digital asset service suppliers (VASPs) across the globe, together with its vital safety safeguards.
Since its earlier announcement, TRUST has continued so as to add many new international entities to the TRUST membership. The TRUST coalition in the present day has 36 members together with: Amber Group, Anchorage, Stability, Binance US, bitFlyer, BitGo, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Constancy Digital Assetsˢᵐ, Gemini, Kraken, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, Customary Custody & Belief, Symbridge, Tetra Belief, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash, and Zodia Custody.
TRUST is a world Journey Rule compliance answer. Whereas the Journey Rule necessities in lots of jurisdictions can range, TRUST is particularly designed with the flexibleness to adapt to those completely different necessities, whereas delivering the next top-tier safeguards to prospects’ privateness and safety.
- No central retailer of non-public knowledge: We by no means centrally retailer delicate buyer info the place it could possibly be focused by an attacker or misused by a 3rd celebration. The required info is barely immediately despatched from one TRUST member to a different, by way of end-to-end encrypted channels, and the receiver is required to safeguard it.
- Proof of handle possession: TRUST features a mechanism for the receiving VASP to show that it’s the proprietor of the receiving crypto handle earlier than buyer info is distributed — to make sure the appropriate info is distributed to the appropriate VASP.
- Core safety & privateness requirements: We require all TRUST members to fulfill core anti-money laundering, safety, and privateness necessities earlier than becoming a member of the answer.
The fast enlargement of TRUST in the US and internationally marks a big milestone within the journey to grow to be the industry-standard answer for Journey Rule compliance. And that is solely the start. We anticipate that, over the approaching yr, TRUST will welcome many new members world wide.
If you’re occupied with becoming a member of TRUST, please contact us.
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