Shyft Network Launches Veriscope Open Sources infrastructure!

Shyft Network announced Veriscope, the first public utility and application stack for solving the Financial Action Task Force (FATF) travel rule. In collaboration with some of the world’s top cryptocurrency exchanges, such as Binance, Deribit, Bitfinex, BitMEX, Tether, and Huobi, Veriscope provides a decentralized compliance web framework and a smart contract platform for Virtual Asset Service Providers (VASPs) to enable travel rule compliance. Veriscope meets the growing demands of the rising regulatory efforts that have commanded attention and action across cryptocurrency, DeFi, NFTs, stablecoins, and many other elements of blockchain.

FATF: Explained

In February of 2019, the Financial Action Task Force (FATF) released guidance designed to mitigate risks around virtual assets. In section 7B of the guidance, the FATF recommends the application of the Travel Rule to virtual assets. This rule requires Virtual Asset Service Providers (VASPs), such as cryptocurrency exchanges, custodial wallets, and OTC desks to share sender and receiver information ahead of processing inter-VASP transactions on behalf of users.

Why Is an Open Source Veriscope So Important?

Following FATF’s guidance in March of 2021, the Versicope governance team participated in a consultation where we provided comments to their proposed guidance, a decision we made because we understand the value and opportunity we have to act as a bridge between governing bodies like FATF and crypto at large. FATF released their latest guidance on October 28, 2021, an eagerly-awaited moment that we shared feedback on in a Twitter thread and will create regulatory situations that open-sourcing Veriscope will help solve.

About Shyft Network

The Shyft Network aggregates and embeds trust into data stored on public and private ecosystems, allowing an opt-in compliance layer across all systems. The key pillar for Shyft is user consent, allowing users to track the usage of their data. Therefore, no one can use personal data without consent from the owner. Shift Network allows and gives incentives to individuals and enterprises to work together to add context to data, unlocking the ability to build authentic digital reputation, identity, and credibility frameworks.

📰 INFO 

https://shyftnetwork.medium.com/shyft-network-core-team-open-sources-veriscope-makes-travel-rule-compliance-open-free-and-adb4a8b6945e

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