{"id":4615,"date":"2020-05-21T23:02:03","date_gmt":"2020-05-21T23:02:03","guid":{"rendered":"https:\/\/www.sygna.io\/?p=4615"},"modified":"2020-05-21T23:15:55","modified_gmt":"2020-05-21T23:15:55","slug":"consensus-distributed-coolbitx-shares-asia-fatf-travel-rule-lessons","status":"publish","type":"post","link":"https:\/\/www.sygna.io\/jp\/blog\/consensus-distributed-coolbitx-shares-asia-fatf-travel-rule-lessons\/","title":{"rendered":"Consensus 2020: CoolBitX Shares Asia&#8217;s FATF Travel Rule Lessons for Crypto Exchanges"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.coindesk.com\/events\/consensus-2020\">Consensus Distributed<\/a>, Coindesk\u2019s flagship networking event for the crypto and blockchain industry, was held last week (May 11-15, 2020), this time online-only and free due to the COVID-19 global pandemic. <\/p>\n\n\n\n<p>Possibly the hottest topic at Consensus 2020 was the Financial Action Task Force (FATF)\u2019s <a href=\"https:\/\/www.sygna.io\/blog\/what-is-fatf-recommendation-16-for-vasps\/\">Recommendation 16 Travel Rule<\/a>, which virtual asset service providers (VASPS) must adhere to by June 2020.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"828\" height=\"315\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/consensus-distributed.jpg\" alt=\"\" class=\"wp-image-4619\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/consensus-distributed.jpg 828w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/consensus-distributed-600x228.jpg 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/consensus-distributed-768x292.jpg 768w\" sizes=\"(max-width: 828px) 100vw, 828px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>CoolBitX once again took its place as a Consensus sponsor and contributor, this year promoting <a href=\"https:\/\/www.sygna.io\/bridge\/\">Sygna Bridge<\/a>, its first-to-market FATF R.16 Travel Rule solution for crypto asset service providers.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"523\" height=\"442\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/Michael-Ou-CoolBitx.png\" alt=\"\" class=\"wp-image-3616\"\/><figcaption>Michael Ou, CoolBitX CEO and founder<\/figcaption><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On Day 3 (Wednesday), CEO and founder Michael Ou participated in a CoolBitX-sponsored panel discussion <a href=\"https:\/\/next.brella.io\/events\/consensusdistributed\/schedule\/118680\">&#8220;Meeting the Travel Rule Requirements &#8211; Lessons from Asia&#8221;. <\/a><\/p>\n\n\n\n<p>Michael and other virtual asset industry leaders from Japan, Korea, and Taiwan discussed how Asia is leading the world in implementing the challenging Recommendation 16.\u00a0<\/p>\n\n\n\n<p>Later on Wednesday, <a href=\"https:\/\/www.linkedin.com\/in\/elsa-madrolle-7b35501\/\">Elsa Madrolle<\/a>, International General Manager, compared notes with leading fellow Travel Rule technical solution providers (TSPs) during a stacked 3-hour long workshop titled <a href=\"https:\/\/next.brella.io\/events\/consensusdistributed\/schedule\/115356\">\u201cIs Crypto Ready for the Travel Rule?<\/a>\u201d. Also participating were representatives from <a href=\"https:\/\/netki.com\/\">Netki<\/a>, <a href=\"http:\/\/openvasp.org\">OpenVASP<\/a> and <a href=\"https:\/\/www.shyft.network\">Shyft<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"582\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-13-at-18.23.05-1024x582.png\" alt=\"\" class=\"wp-image-4630\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-13-at-18.23.05-1024x582.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-13-at-18.23.05-600x341.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-13-at-18.23.05-768x436.png 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-13-at-18.23.05.png 1399w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>You can view Elsa&#8217;s panel here: <a href=\"https:\/\/next.brella.io\/events\/consensusdistributed\/schedule\/115356\">https:\/\/next.brella.io\/events\/consensusdistributed\/schedule\/115356<\/a><\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">&#8220;Meeting the Travel Rule Requirements &#8211; Lessons from Asia&#8221;<\/h2>\n\n\n\n<div style=\"height:32px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-20-at-23.24.28-1024x538.png\" alt=\"\" class=\"wp-image-4628\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-20-at-23.24.28-1024x538.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-20-at-23.24.28-600x315.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-20-at-23.24.28-768x403.png 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-20-at-23.24.28-1536x807.png 1536w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Screenshot-2020-05-20-at-23.24.28.png 1813w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:32px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The Asia-facing Travel Rule panel was moderated by <a href=\"https:\/\/www.linkedin.com\/in\/ACoAAAIdd2gBxjUaeEXqLAJQPd5z4mJebjeLBCU\/\">Joanna Ossinger<\/a>,<a href=\"https:\/\/www.linkedin.com\/company\/bloomberg-news\/\"> Bloomberg News<\/a> editor with the following participants:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.linkedin.com\/in\/michael-ou-10667a84\/\">Michael Ou<\/a>, founder and CEO of <a href=\"http:\/\/coolbitx.com\">CoolBitX<\/a> and Sygna<\/li><li><a href=\"https:\/\/www.linkedin.com\/in\/ACoAAA7HYAUBCHFW4Q9YKQwCwanXB2MIkTI_b5Q\/\">Alex Liu<\/a>, founder and CEO of<a href=\"https:\/\/www.linkedin.com\/company\/maicoin\/\"> MaiCoin, Ltd<\/a>, Taiwan&#8217;s biggest crypto asset platform<\/li><li><a href=\"https:\/\/www.linkedin.com\/in\/ACoAAAiC7T8B2gL0rYR4kgba5eokjPJ73jKkMJ4\/\">Hiroyuki Mihara<\/a>, COO of <a href=\"https:\/\/www.linkedin.com\/company\/bitbank-inc-\/\">Bitbank, Inc<\/a>, a leading Japanese exchange<\/li><li>Junwon Lee, Head of Strategic Partnerships at <a href=\"https:\/\/www.linkedin.com\/company\/bitsonic\/\">Bitsonic<\/a>, a popular Korean exchange and Series B investor in CoolBitX<\/li><li><a href=\"https:\/\/www.linkedin.com\/in\/ACoAABdMosoBxzUZylB2Fi2NYvw5bgosen0ZZg0\/\">Ken Kawai<\/a>, a partner at prominent Japanese law firm <a href=\"https:\/\/www.linkedin.com\/company\/anderson-mori-&amp;-tomotsune\/?lipi=urn%3Ali%3Apage%3Ad_flagship3_company_admin%3BgZzIPXb4SkWEtU5UMMsG0Q%3D%3D\">Anderson Mori &amp; Tomotsune<\/a>\u00a0<\/li><\/ul>\n\n\n\n<p>(View the full panel video here:<br><a href=\"https:\/\/next.brella.io\/events\/consensusdistributed\/schedule\/118680\">https:\/\/next.brella.io\/events\/consensusdistributed\/schedule\/118680<\/a>)<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">FATF\u2019s Travel Rule: The 3 Biggest Concerns<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Michael Ou kicked off the panel, explaining that from CoolBitX\u2019s discussions with crypto companies, it was clear that the FATF Travel Rule raised three major concerns with virtual asset exchanges that needed to be addressed by any technical solution:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>User privacy\u00a0<\/li><li>Technical feasibility\u00a0<\/li><li>User experience<\/li><\/ol>\n\n\n\n<p>Therefore, CoolBitX worked with the leading blockchain associations <a href=\"http:\/\/gdf.io\">Global Digital Finance<\/a> (GDF), the FATF contact group, <a href=\"http:\/\/digitalchamber.org\">Chamber of Digital Commerce<\/a> (CDC), <a href=\"http:\/\/idaxa.org\">IDAXA<\/a> and the <a href=\"https:\/\/jvcea.or.jp\/\">Japan Virtual Assets and Crypto Asset Exchange Association<\/a> (JVCEA) to help solve these issues together.<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The BSA&#8217;s Travel Rule- From FinCEN to FATF to MAS<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Michael also discussed how the FATF travel rule originated from the <a href=\"https:\/\/www.sygna.io\/blog\/what-is-fincen\/\">Financial Crimes Enforcement Network (FinCEN)<\/a>\u2019s application of the U.S. Bank Secrecy Act (BSA)\u2019s Travel Rule, which is now an established part of the traditional banking regulations, as is customer due diligence (CDD).<\/p>\n\n\n\n<p>The Travel Rule for the crypto space was <a href=\"https:\/\/www.sygna.io\/blog\/fincen-digital-asset-cryptocurrency-regulations-2020-vs-2019\/\">first adopted by FinCEN<\/a>, then FATF, followed by the Monetary Authority of Singapore (MAS), who announced their local crypto travel rule in December 2019.<\/p>\n\n\n\n<p>As the FATF pushes the Travel Rule on its member countries, CoolBitX can foresee the increasing adoption of the Travel Rule by more and more countries.&nbsp;<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Travel Rule: Asia vs the U.S.<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On why Asia is leading the world in terms of implementing the Travel Rule, the CoolBitX CEO explained that among other things, Asia\u2019s success could partly be attributed to its proactive approach to tackling money laundering threats. This is necessary due to constant AML\/CFT threats from dangerous regional transgressors such as North Korea.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How has the crypto industry responded to Sygna Bridge?<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"439\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-1024x439.gif\" alt=\"\" class=\"wp-image-4276\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-1024x439.gif 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-600x257.gif 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-768x329.gif 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Since CoolBitX announced the development of Sygna in 2019, the blockchain security pioneer has already signed up 13 exchanges. Three of these VASPs have implemented the Bridge solution.&nbsp;<\/p>\n\n\n\n<p>At present, CoolBitX has a working Travel Rule solution at a production stage level in Taiwan, Japan, and South Korea.\u00a0<\/p>\n\n\n\n<p>According to Michael, this proves that Sygna has addressed previous concerns, i.e. feasibility, user privacy and experience. Accordingly, it should also be a confidence boost to governments to know that the Travel Rule can be implemented in practice.\u00a0<br><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"311\" height=\"311\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/ken-kawai.jpeg\" alt=\"\" class=\"wp-image-4626\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/ken-kawai.jpeg 311w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/ken-kawai-150x150.jpeg 150w\" sizes=\"(max-width: 311px) 100vw, 311px\" \/><figcaption>Ken Kawai, partner at Anderson Mori &amp; Tomotsune<\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Mr. Ken Kawai, a partner at <a href=\"https:\/\/www.linkedin.com\/company\/anderson-mori-&amp;-tomotsune\/?lipi=urn%3Ali%3Apage%3Ad_flagship3_company_admin%3BgZzIPXb4SkWEtU5UMMsG0Q%3D%3D\">Anderson Mori &amp; Tomotsune<\/a>, echoed the CoolBitX head&#8217;s sentiments, saying that industry-created solutions like Sygna have bolstered confidence amongst Japanese exchanges, (who are now subjected to more <a href=\"https:\/\/www.sygna.io\/blog\/japan-crypto-asset-regulation-financial-services-agency-changes-psa-fiea-may-2020\/\">PSA and FIEA regulations<\/a> since 1 May 2020). <\/p>\n\n\n\n<p>Mr. Kawai predicted that Japan\u2019s version of the Travel Rule would likely be introduced in 2021. (Take a look at <a href=\"https:\/\/www.sygna.io\/blog\/japans-crypto-regulation-history-2014-2020\/\">Japan\u2019s crypto asset regulation history here<\/a>)<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How Sygna Bridge solves the 3 FATF Travel Rule obstacles&nbsp;<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p> Sygna uses existing technology and two layers of encryption in order to cause minimal disruption to VASPs\u2019 operations and to keep user data secure and private. (Video: around the 20:00 mark)-<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">User privacy<\/h3>\n\n\n\n<p>Sygna Bridge encrypts the PII user data file and generates a private and public key pair for each VASP during a transmittal, which it shares off-chain. Only the originator and beneficiary VASP counterparties are able to decrypt the PII data, thereby protecting the integrity of their customer records.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Feasibility<\/h3>\n\n\n\n<p>While CoolBitX was initially concerned that it would take a long time to integrate Bridge with customer exchanges, this has not been the case. Michael Ou reported that integration with the Bridge API had been easier than expected. <\/p>\n\n\n\n<p>Most exchanges only took 2 weeks to implement Bridge and start sharing information with counterparties, while some of the bigger, more complex VASPs took about 4 weeks, which is still quite quick, all things considered.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">User experience<\/h3>\n\n\n\n<p>A resulting negative user experience has been one of the biggest complaints of the cryptocurrency industry in regards to the Travel Rule- that it would drive users away from exchanges due to the complexity and time it would take for users to submit their data for each transaction.\u00a0<\/p>\n\n\n\n<p>Sygna Bridge negates this by making the user actions as simple as possible during transactions, only requiring them to enter their destination crypto address (beneficiary VASP\u2019s customer address). There is no need to enter time-consuming beneficiary information.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Sygna\u2019s new payment process- \u201cas easy as a QR code\u201d<\/h3>\n\n\n\n<p>Michael Ou added the following:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cTurns out it is as easy as just scanning a QR code. So we developed a new payment process for exchanges and users to do it. The process requires a user to just screenshot a QR code generated from the sender exchange and paste it to the receiver exchange.\u201d<\/p><\/blockquote>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Feedback from Sygna\u2019s VASP partners<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"700\" height=\"400\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/bitsonic-joint-sale-cloudbric.png\" alt=\"\" class=\"wp-image-4620\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/bitsonic-joint-sale-cloudbric.png 700w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/bitsonic-joint-sale-cloudbric-600x343.png 600w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Mr. Junwon Lee, head of strategic partnerships at <a href=\"https:\/\/bitsonic.co.kr\/\">Bitsonic (Korea)<\/a>, elaborated on this and explained that during testing with Sygna and Japanese exchange SBI VC, they found the process to be very easy, simple and user-friendly. He hopes that more VASPs will join the alliance soon.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/alex-liu-maicoin.jpeg\" alt=\"Mr. Alex Liu, MaiCoin CEO\" class=\"wp-image-4622\" width=\"500\" height=\"500\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/alex-liu-maicoin.jpeg 800w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/alex-liu-maicoin-450x450.jpeg 450w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/alex-liu-maicoin-150x150.jpeg 150w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/alex-liu-maicoin-768x768.jpeg 768w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption>Mr. Alex Liu, MaiCoin CEO<\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Mr. Alex Liu, CEO and founder of Taiwan\u2019s biggest crypto asset platform the <a href=\"https:\/\/www.maicoin.com\/\">MaiCoin Group<\/a>, added that MayCoin is currently integrating Sygna Bridge and should have the solution up and running by June.\u00a0<\/p>\n\n\n\n<p>He weighed in on the Travel Rule controversy, calling it a fair trade-off for exchanges and users and a slight inconvenience that is offset by its addressing of other concerns such as money laundering and terrorism funding.\u00a0<\/p>\n\n\n\n<p>Alex concluded that mainstream users care for an uncomplicated user experience more than anything else, therefore it\u2019s vital for all stakeholders to keep convenience in mind when it comes to regulations.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Hiroyuki-Mihara.jpeg\" alt=\"\" class=\"wp-image-4621\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Hiroyuki-Mihara.jpeg 500w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Hiroyuki-Mihara-450x450.jpeg 450w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/Hiroyuki-Mihara-150x150.jpeg 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption>Mr Hiroyuki Mihara, Bitbank COO<\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Mr Hiroyuki Mihara, Chief Operating Officer of <a href=\"https:\/\/bitbank.cc\/en\/\">Bitbank<\/a>, the Japanese exchange with the highest trading volume, touched on the work that working groups in Japan have been doing to solve the Travel Rule for and between Japanese exchanges.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/sunrise-problem-bitcoin-1024x576.jpeg\" alt=\"Crypto's sunrise problem\" class=\"wp-image-4623\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/sunrise-problem-bitcoin-1024x576.jpeg 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/sunrise-problem-bitcoin-600x338.jpeg 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/sunrise-problem-bitcoin-768x432.jpeg 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/sunrise-problem-bitcoin.jpeg 1116w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: TheNextWeb.com<\/figcaption><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Japan\u2019s VASPs are still struggling with crypto regulation\u2019s so-called <a href=\"https:\/\/www.coindesk.com\/fatf-travel-rule-crypto-gray-markets\">\u201csunrise problem\u201d<\/a>, that is, finding a way to deal with exchanges in other countries who are not compliant with the FATF\u2019s updated recommendations to the satisfaction of Japanese regulators. <\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Big 4 accounting firms have validated Sygna test transactions<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Michael also shared that two of the Big 4 accounting firms, which he declined to name due to confidentiality reasons, have reviewed Sygna Bridge\u2019s process and found it to be privacy-secure. The consulting firms verified that the shared user info between the sender and recipient VASP was 100% accurate and remained fully intact.&nbsp;<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Interoperability Concerns<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>One of the biggest hurdles for exchanges will be to ensure that they share compatible data with each other, as it\u2019s likely that a number of different Travel Rule solutions will be adopted globally.&nbsp;<\/p>\n\n\n\n<p>For example, Japanese and Korean exchanges use local languages for their platforms and to onboard customers. This user information will need to be translated from these languages in a consistent manner.\u00a0<\/p>\n\n\n\n<p>Other data format concerns are how to consistently capture date and address data points. For example, the order in which residential and physical addresses are recorded, such as the street name, number, postcode, differ even in English-speaking countries.&nbsp;<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Sygna Adopts JWG\u2019s IVMS101 Messaging Standard<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"740\" height=\"492\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/michael_sian_v20_jwg.jpeg\" alt=\"\" class=\"wp-image-4349\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/michael_sian_v20_jwg.jpeg 740w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/05\/michael_sian_v20_jwg-600x399.jpeg 600w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><figcaption>XReg&#8217;s Si\u00e2n Jones and Michael Ou at 2019&#8217;s V20 summit<\/figcaption><\/figure><\/div>\n\n\n\n<p>Since 2019 CoolBitX\u2019s team have been in close discussions with the Joint Working Group (JWG), a coalition of major blockchain associations Global Digital Finance (GDF), Chamber of Digital Commerce and IDAXA, to help establish a unified data format that could be adopted by all technical solution providers (TSPs).\u00a0<\/p>\n\n\n\n<p>The JWG finalized and announced this new universal messaging standard, called the InterVASP Messaging Standard, or<a href=\"https:\/\/www.sygna.io\/blog\/joint-working-group-adopts-ivms101-crypto-messaging-standard-for-fatf-travel-rule\/\"> IVMS101,<\/a>\u00a0in early May 2020.<\/p>\n\n\n\n<p>CoolBitX is now working on adopting the IVMS101 standard and Michael hopes that other technical solution providers will follow suit.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">CoolBitX announces Sygna offices for Japan and Korea<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The CoolBitX CEO had further good news to share during the panel discussion:<\/p>\n\n\n\n<p>The company has recently also opened Sygna offices in Japan and Korea to serve the Asian powerhouses&#8217; crypto industries in the Japanese and Korean languages, making it easier for them to get compliant with the FATF travel rule. <\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/korea_twitter-1024x512.png\" alt=\"\" class=\"wp-image-3702\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/korea_twitter-1024x512.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/korea_twitter-600x300.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/korea_twitter-768x384.png 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/korea_twitter-1536x768.png 1536w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/korea_twitter-2048x1024.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Interested Korean VASPs are invited to reach out to <a href=\"https:\/\/www.linkedin.com\/in\/jeff-yoonchul-kang-6223826\/\">Korea Country Manager Jeff Kang<\/a>.<\/p>\n\n\n\n<p>CoolBitX and Sygna are looking beyond the Asia-Pacific region and invite all VASPs around the world to join its network alliance. Currently, 13 VASPs have signed up, including the <a href=\"https:\/\/blockchaingroup.io\/\">Blockchain Intelligence Group<\/a> (BIG) in North America (Canada).\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s next for CoolBitX and Sygna?<\/h2>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Michael said that the development team is currently planning the next version of Sygna Bridge, which will adopt IVMS1010 and make it interoperable with other TSP solutions like <a href=\"https:\/\/ciphertrace.com\/trisa-unveiled\/\">CipherTrace\u2019s TRISA.<\/a>\u00a0<\/p>\n\n\n\n<p>CoolBitX, who closed its <a href=\"https:\/\/techcrunch.com\/2020\/02\/25\/blockchain-security-startup-coolbitx-raises-16-75-million-series-b-round\/\">Series B round for $16 million<\/a> in February 2020, is also ramping up its business development efforts, talking with VASPs worldwide and in particular, the remaining Japanese exchanges.\u00a0<\/p>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"707\" height=\"455\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/coolbitx-series-b-funding.png\" alt=\"coolbitx celebrate series b funding round\" class=\"wp-image-3601\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/coolbitx-series-b-funding.png 707w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/coolbitx-series-b-funding-600x386.png 600w\" sizes=\"(max-width: 707px) 100vw, 707px\" \/><figcaption>CoolBitX celebrates its Series B success<\/figcaption><\/figure>\n\n\n\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The CoolBitX CEO said applying the Travel Rule to private wallet transactions would currently be too complex. Sygna Bridge will not share any user information between VASPs to private wallets but will apply to VASP-to-VASP transactions to enable exchanges to check transmittal parties against censor lists.\u00a0<\/p>\n\n\n\n<p>In his closing remarks, Michael expressed his hope that Sygna\u2019s proof of Travel Rule-compliant cross-border transactions will give governments more confidence in issuing new regulations against money laundering.<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n","protected":false},"excerpt":{"rendered":"<p>At Consensus 2020, CoolBitX CEO Michael Ou and a panel of crypto leaders from Japan, Korea and Taiwan discussed how Asia is solving the FATF Travel Rule.<\/p>\n","protected":false},"author":7,"featured_media":4628,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,45,19,20],"tags":[],"class_list":["post-4615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-asia-crypto-regulations","category-recommendation-16","category-fatf"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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