VerifyVASP

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VerifyVASP is a Singapore-based RegTech company specializing in compliance solutions for Virtual Asset Service Providers (VASPs. Established in 2019, it offers a decentralized messaging protocol designed to facilitate adherence to the Financial Action Task Force's (FATF Travel Rule, which mandates the sharing and verification of specific user information during virtual asset transfers. By providing comprehensive tools for counterparty due diligence, secure data sharing, and on-chain risk analysis, VerifyVASP enables VASPs to meet regulatory requirements efficiently while enhancing transaction transparency and security. Key Features and Functionality: - Decentralized Messaging Protocol: Ensures secure and immediate data sharing among VASPs, facilitating compliance with the Travel Rule. - Counterparty Due Diligence: Verifies the identities of both VASPs and end-users prior to transactions, reducing the risk of fraud and impersonation scams. - On-Chain Risk Analysis: Provides integrated risk monitoring services, allowing VASPs to assess and mitigate potential risks associated with virtual asset transfers. - Legal Entity Identifier (LEI Validation: As a GLEIF validation agent, VerifyVASP assists VASPs in obtaining LEIs, enhancing transparency and trust in digital asset trading. Primary Value and Problem Solved: VerifyVASP addresses the critical need for regulatory compliance in the rapidly evolving virtual asset industry. By streamlining the implementation of the FATF's Travel Rule, it helps VASPs navigate complex regulatory landscapes, ensuring secure and transparent transactions. This not only mitigates risks associated with money laundering and terrorist financing but also fosters trust among users and regulators, promoting the sustainable growth of the digital asset ecosystem.