Dublin, December 5, 2024 — TRUST, a leading global Travel Rule solution spearheaded by Coinbase, announced the launch of TRUSThub, a platform designed to enhance compliance and collaboration among Virtual Asset Service Providers (VASPs). TRUSThub addresses the challenges of adhering to international regulations while fostering secure, efficient, and interoperable data sharing.
The Travel Rule, an anti-money laundering (AML) requirement set forth by the Financial Action Task Force (FATF), mandates VASPs to share customer information during transactions exceeding specific thresholds. TRUSThub streamlines this process, particularly for regions with stringent regulations like the UK and EU.
Key Features of TRUSThub
TRUSThub introduces an open-network model to expand its usability and interoperability:
- Compliance: Simplifies adherence to evolving Travel Rule regulations without compromising operational efficiency.
- Interoperability: Enables secure information sharing among both TRUST members and non-member VASPs, fostering a cohesive global ecosystem.
- Simplicity: Offers an easy onboarding process, encouraging wider participation across the industry.
- Usability: Provides an intuitive interface for effortless navigation, even for VASPs with limited technical resources.
- Security: Implements advanced encryption techniques to protect sensitive customer data and ensure regulatory compliance.
How TRUSThub Works
When a TRUST member’s end user initiates a transaction involving a non-TRUST VASP, TRUSThub identifies the recipient VASP’s contact information and securely transmits the required Travel Rule data. This automated process ensures compliance without disrupting the transaction flow, preserving both operational efficiency and user satisfaction.
“TRUSThub represents a significant step forward in addressing the challenges posed by the evolving regulatory landscape,” said a TRUST spokesperson. “By offering a robust yet user-friendly solution, TRUSThub empowers VASPs to navigate these challenges seamlessly while fostering trust among their users.”
Industry Impact
TRUSThub’s launch comes at a critical time as the virtual asset industry faces increasing regulatory scrutiny. The platform aims to mitigate compliance risks, reduce barriers for non-member VASPs, and support global adoption of secure transaction protocols.
The solution will be available to TRUST members by the end of 2024, enabling them to leverage TRUSThub’s capabilities to meet regulatory demands while enhancing their service offerings.
For more information about TRUSThub and its upcoming features, visit TRUST’s official website.