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Coinbase is happy to announce the worldwide growth of the Journey Rule Common Answer Know-how (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 shoppers.
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 develop to different world jurisdictions, together with Europe. As extra nations start to implement Journey Guidelines, TRUST is concentrated on offering its top-tier compliance companies to digital asset service suppliers (VASPs) across the globe, together with its crucial safety safeguards.
Since its earlier announcement, TRUST has continued so as to add many new world entities to the TRUST membership. The TRUST coalition at the moment has 36 members together with: Amber Group, Anchorage, Steadiness, Binance US, BitGo, bitFlyer, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Constancy Digital Assetsˢᵐ, Gemini, Kraken, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, Normal 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 fluctuate, TRUST is particularly designed with the flexibleness to adapt to those totally different necessities, whereas delivering the next top-tier safeguards to prospects’ privateness and safety.
- No central retailer of non-public information: We by no means centrally retailer delicate buyer info the place it might 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 end-to-end encrypted channels, and the receiver is required to safeguard it.
- Proof of tackle possession: TRUST features a mechanism for the receiving VASP to show that it’s the proprietor of the receiving crypto tackle earlier than buyer info is distributed — to make sure the fitting info is distributed to the fitting VASP.
- 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.
The fast growth of TRUST in the US and internationally marks a major milestone within the journey to change into 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 all over the world.
In case you are fascinated about becoming a member of TRUST, please contact us.
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