Shyft Network, along with its existing partners, has collaborated with global exchanges like Tether, Bitfinex, Unocoin, Paycase Financial, Huobi Global, Hashkey Pro, and TokoCrypto to launch the Veriscope Governance Task Force.
Veriscope (Verified Shyft Compliant Optimized Participant Exchange) was launched by the Shyft Network in July this year to develop a global compliance model for the FATF Travel Rule.
In June last year, the Financial Action Task Force (FATF) had issued guidelines demanding virtual asset service providers (VAPS) to share Know-your-customer (KYC) and Personally Identifiable Information (PII) information between a transaction originator and the beneficiary simultaneously with the transaction in a secure manner.
What is Veriscope?
Veriscope is a decentralized compliance framework and a smart-contract platform for digital asset service providers. It is a blockchain-based solution for global compliance standards, such as the FATF’s Travel Rule guidance. Veriscope allows various VASPs to discover each other on the platform. Furthermore, it enables these entities to comply with AML and KYC regulations, while safeguarding users’ privacy and data without depending on a centralized registry system.
The co-founder of Shyft Network, Joseph Weinberg, said that it is vital for digital asset service providers to maintain user privacy and decentralization while helping regulators seek comfort in knowing how the ecosystem operates. According to Weinberg, the Veriscope Governance Task Force will work as a group to run implementations, make decisions, and give valuable insights into how cryptocurrency firms can build regulatory requirements that mitigate risk.
What is Shyft Network?
Shyft Network is a blockchain platform that embeds validation and trust into information stored on private and public ecosystems in addition to permissioned and permissionless networks. Shyft intends to build the world’s first digital identity ecosystem, facilitating KYC/AML attested data transfers.
Shyft Network, based on the proof-of-work model, uses the SHFT token to carry out transactions on its network. By tracking user interactions, Shyft also provides its stakeholders with network reputation scores. The network is well-connected with several global regulators to help its participants be compliant with multiple cross border policies.
More about the Veriscope Governance Task Force
The Veriscope Governance Task Force will develop the initial rules of engagement, onboarding, coalition-building, and data discoverability, for compliance with the FATF Travel Rule. On behalf of the global virtual asset ecosystem, the task force will work together to ensure coordination around interoperability.
The Governance Task Force is co-chaired by Rick McDonell (former FATF executive secretary) and Josee Nadeau (former head of the Canadian delegation to the FATF).
Business entities and exchanges belonging to the task force, like Huobi Global, Bitfinex, Unocoin, will act as the first group of data custodians on the Shyft Network. The task force members will also act as a response team to several policymakers and international solution providers who are working to enforce travel rule systems across the globe.