USD 500 Billion Processed

In just under a year of surpassing USD 300 Billion of assets processed over VerifyVASP's Verified Network, we have surpassed USD 500 Billion.

As one of the few solutions in the market that conducts real-time, pre-transaction verification of declared beneficiaries, the growing momentum speaks of the increasing emphasis of Virtual Asset Service Providers (VASPs) and other Web3 ecosystem players for effective and secure Travel Rule compliance that can truly mitigate the risks associated with crypto activities while minimising frictions.

This came amid the growing concerns of crypto-related frauds and other illicit activities, as highlighted by the recent Financial Action Task Force reports on Offshore VASPs, Stablecoins and Unhosted Wallets.

As Web3 and traditional finance continue to converge with the gradual institutional adoption of digital assets, we foresee a heightening regulatory expectation for VASPs to adopt robust compliance standards, as FATF updates Recommendation 16 emphasising payment transparency, and countries are in-line to undergo its next round of mutual evaluations based on the 2022 Framework which places greater emphasis on the effectiveness of implementation in addition to technical compliance.

On the market development side, we see robust Travel Rule implementation as a core element and prerequisite for institutional development. VerifyVASP is committed to support industry participants in this journey, and build a safer ecosystem that can enable financial innovation.

If you would like support in achieving effective Travel Rule compliance, please reach out to us at [email protected].