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Coinbase is happy to announce the worldwide growth of the Journey Rule Common Resolution Know-how (TRUST), a worldwide, industry-driven answer designed to adjust to a requirement often known as the Journey Rule whereas defending the safety and privateness of consumers.
In February of this 12 months, TRUST launched in america. Since that launch, TRUST has now gone reside 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 providers to digital asset service suppliers (VASPs) across the globe, together with its essential safety safeguards.
Since its earlier announcement, TRUST has continued so as to add many new international entities to the TRUST membership. The TRUST coalition immediately has 36 members together with: Amber Group, Anchorage, Steadiness, 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 worldwide Journey Rule compliance answer. Whereas the Journey Rule necessities in lots of jurisdictions can fluctuate, TRUST is particularly designed with the pliability to adapt to those totally different necessities, whereas delivering the next top-tier safeguards to clients’ privateness and safety.
- No central retailer of non-public information: We by no means centrally retailer delicate buyer info the place it may very well be focused by an attacker or misused by a 3rd get together. The required info is just straight despatched from one TRUST member to a different, via 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 VASP to show that it’s the proprietor of the receiving crypto deal with earlier than buyer info is distributed — to make sure the precise info is distributed to the precise 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 speedy growth of TRUST in america and internationally marks a big milestone within the journey to turn out to be the industry-standard answer for Journey Rule compliance. And that is solely the start. We anticipate that, over the approaching 12 months, TRUST will welcome many new members world wide.
If you’re involved in becoming a member of TRUST, please contact us.
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