The onboarding process is designed to be efficient, but the timeline can vary depending on your preparedness. Joining the alliance involves a due diligence phase (providing required documents and approvals) and then the technical integration. The due diligence (compliance review) might take days to a few weeks, depending on how quickly your documentation is provided and verified. The technical integration, thanks to comprehensive documentation and support, can also be completed in a matter of weeks – some VASPs have integrated in just a few weeks of development time. VerifyVASP's team often assists new members by providing sandbox testing and troubleshooting, which accelerates the process. In practice, a motivated VASP can onboard and begin testing within a few weeks. Once testing is successful and compliance approvals are in place, you can go live immediately. The alliance model also means that as soon as you're live, you have access to all existing member VASPs for Travel Rule transfers without needing bilateral tech projects, which significantly speeds up operational readiness.

Yes. VerifyVASP is blockchain-agnostic and supports various address formats and networks commonly used by VASPs. When you make a verification request, you include the beneficiary's wallet address and the blockchain/network type as part of the payload. The system can handle everything from Bitcoin addresses, Ethereum addresses, to more complex formats like those for XRP, Stellar (which require destination tags or memos), Tron, and others. There is a standardized way to specify the network or currency within the request so that both VASPs interpret the address correctly​. For example, if the crypto is XRP or another that uses a secondary identifier (tag/memo), the API will have a field for that tag and it's mandatory to include it if applicable​. VerifyVASP maintains a reference list of supported blockchains and address formats (which is regularly updated as new assets gain traction). This ensures that regardless of whether the transfer is in BTC, ETH, ERC-20 tokens, LTC, etc., the Travel Rule information can be associated with the correct address format. If a new cryptocurrency or chain emerges and two member VASPs want to transact in it, VerifyVASP can incorporate the address format standard for that chain (usually this is straightforward as long as the address can be treated as a string of characters). In short, the platform is asset-agnostic – it focuses on the identity data exchange, and it allows any virtual asset address (or even traditional account number) to be used as the account identifier in the message. This flexibility means you won't hit a technical roadblock using VerifyVASP just because you're dealing with a new or less common blockchain.

Such VASPs can apply to join, but they may face additional scrutiny and certain functional limitations. VerifyVASP's policy is that if you do not have a license yet or your jurisdiction doesn't require Travel Rule compliance, you can still become a member for due diligence purposes. The network might not allow you to initiate full Travel Rule data transfers until you are legally allowed to do so (since unlicensed VASPs shouldn't be sending other people's PII in many jurisdictions). However, there is a benefit to joining early: you can use the VerifyVASP VerifyNAME API and other features as an enhanced compliance measure​. This means you could verify the name associated with a beneficiary address through the network to mitigate risk, even if you're not obliged to send the full Travel Rule dataset. Also, by joining, you undergo the due diligence process which prepares you for licensing – and once you obtain the license or the regulation kicks in, you're already in the alliance and can seamlessly start the Travel Rule transfers. VerifyVASP does subject unlicensed or "pre-regulation" members to a more stringent review (often based on international standards like Wolfsberg questionnaire)​ to ensure they still meet high compliance standards. In summary, membership is possible for proactive or in-progress VASPs, but operational use of certain functions will align with what you're legally allowed to do. Being part of the alliance early can demonstrate to regulators that you are serious about compliance even before it's mandatory.

VerifyVASP was specifically built to meet FATF Recommendation 16 (the "Travel Rule") requirements for virtual asset transfers. It ensures that for each qualifying transaction, the required originator and beneficiary information (name, account number/wallet address, and other identifying details) is securely transmitted to the beneficiary VASP before or concurrent with the transfer​. By using standardized data formats and a controlled network of VASPs, VerifyVASP makes sure the information is structured and complete, as FATF expects. The platform's verified network only connects regulated VASPs, which helps fulfill FATF's requirement that you "send originator and beneficiary information to beneficiary institutions" reliably. Additionally, VerifyVASP keeps pace with FATF guidance updates – for example, FATF's June 2023 and 2024 reports urging stronger Travel Rule implementation have been incorporated into the network's practices​. In short, by using VerifyVASP, VASPs can demonstrate that they have a mechanism in place to send and receive the mandated customer information for every cross-platform crypto transfer, thereby adhering to the Travel Rule in daily operations.

Data privacy is central to VerifyVASP's design. The system uses end-to-end encryption so that personally identifiable information (PII) is encrypted by the originator's Enclave before it is sent out, and only the intended beneficiary VASP can decrypt it. Importantly, VerifyVASP's central infrastructure does not store any PII – it only passes it along to the intended recipient, and even that is in encrypted form​. This means even in transit, sensitive data is protected, and there is no central database of personal data that could be vulnerable. VerifyVASP also supports data localization requirements: if regulations mandate that data not leave a certain jurisdiction, the network can accommodate local data residency by routing or handling data within region-specific nodes​. Additionally, all members sign Data Processing Agreements, and VerifyVASP itself operates under strict compliance (for instance, its European entity ensures GDPR compliance and also meets the new DORA requirements in the EU​). By minimizing data exposure and following privacy by design, VerifyVASP enables Travel Rule compliance without violating data protection laws – a critical balance for regulators and VASPs alike.

Yes. The VerifyVASP system is flexible and configurable to regional rules. Each jurisdiction might have different thresholds (e.g. no minimum in Singapore, €1,000 in the EU, $3,000 in some US interpretations) and possibly additional data requirements (such as ID numbers in Travel Rule messages for certain countries). VerifyVASP allows each member VASP to configure when they trigger a Travel Rule verification – for instance, you can choose to always perform it, or only for transactions above your local legal threshold. The data model used in VerifyVASP covers all the information that any jurisdiction might require, so fields can be optional or mandatory depending on context. For example, if a country requires including a government ID number or customer reference, that can be included in the encrypted payload when applicable. Conversely, if a country has a de minimis exception, a VASP could opt not to invoke VerifyVASP for those small transactions (though as noted, many still do for safety). The network itself doesn't impose a one-size-fits-all rule, rather it supports "Travel Rule data for any value" and lets compliance configurations be handled by the member institutions​. This ensures that VASPs in different jurisdictions can use the same platform while staying fully compliant with their specific national regulations.