We’re partnering with TRUST (The Travel Rule Universal Solution Technology), ahead of new incoming regulatory requirements for cryptoasset transfers.
TRUST will support us to comply with a new regulatory requirement known as the Travel Rule. The Travel Rule requires Virtual Asset Service Providers (VASPs) to collect data on cryptoasset transfers, to ensure transparency and traceability.
In the UK, the new rules will apply in September 2023. In the EU, the new regulation was adopted by the European Parliament in April 2023 and is expected to be applied in January 2025.
The TRUST solution facilitates the exchange of data between its members, in a safe and secure way. Members of TRUST already include industry-leading global cryptoasset exchanges, brokerages, custodians, and digital wallet providers.
We chose TRUST due to its impressive list of existing members and it’s dedication to several key principles:
- No central store of personal data: TRUST never centrally stores sensitive customer information.
- Address ownership verification: TRUST allows VASPs to cryptographically prove ownership when receiving crypto, to help ensure the safety of customer information.
- Core security & privacy standards: Every potential TRUST member undergoes a thorough evaluation in order to ensure they meet core anti-money laundering, security, and privacy requirements before being allowed to join.
Emil Urmanshin, General Manager of Global Crypto at Revolut, said: Revolut is committed to helping the crypto industry flourish in a compliant, sustainable and safe manner on behalf of our customers. Selecting TRUST as our Travel Rule solution provider is an exciting next step in our crypto journey.
