Take your first steps towards Travel Rule compliance

Install Veriscope

Follow the Veriscope Installation Guide for step-by-step instructions.

Phase 1 - POST

The first step to becoming Travel Rule compliant is to create a profile ("trust anchor" account) on the Shyft Network and to start posting attestations (Phase 1.) This enables VASPs to demonstrate best efforts Compliance and positions them well with respect to the Sunrise Issue.

Phase 2 - LISTEN

Phase 2 requires VASPs to match attestations to wallet addresses that they own and generate proofs for those addresses. Phase 2 enables VASPs to tell who is positing attestations to their wallet addressess and to optionally engage in further dialogue with them to determine how to share KYC/IVMS data going forward.

Phase 3 - RESPOND

Phase 3 is the most involved from an implementation standpoint and enables VASPs to share KYC/IVMS data between peers and meet the most stringent requirements of the Travel Rule. Phase 3 requires VASPs to define business logic with respect to their end-to-end handling of transfers and how to integrate with Veriscope. Some things for a VASP to consider include:

  • Wallet & name screening

  • Accept/reject logic

  • Operational procedures

Implementation timeline (indicative)

Veriscope can be implemented in phases, as illusrated below. Once a VASP starts posting attestations, the Veriscope team will work with them to onboard their counterparty VASPs onto the network as soon as possible.

implementation phases