The FATF Funds Travel Rule has received a lot of attention in recent months as the industry scrambles to work through the regulations, understand the implications and put in place the necessary technical infrastructure to become compliant in a short time frame.

I have been designing architecture for Verida and realised many of the same open standards can be used to address the FATF Travel Rule problems. As such, I started drafting a solution focusing on decentralisation, open standards and security.

On Friday, the OpenVASP initiative was launched, bringing together the relevant stakeholders to build an open protocol to solve the FATF’s travel rule.

I had been in the process of obtaining feedback on my proposed solution before releasing publicly, however I’ve decided to release it immediately in draft form in the hope it provides a useful contribution to the OpenVASP process.

There are significant design differences to the OpenVASP Whitepaper, but both are based on the same principles of decentralisation while leveraging existing technologies and standards.

Document

You can access the draft document here.

Collaboration

In the interests of open collaboration, I have allowed anyone to add comments.

However, if you do add comments, please ensure you sign into a Google Account first. This ensures I can contact any contributor and helps ensure a transparent process.

Posted by Chris

Email Subscription: