Just before the Financial Action Task Force (FATF) published the organization’s 12-month review, a working group called the Travel Rule Protocol (TRP) released its 2.0 version of the TRP crypto application programming interface (API) in order to “simplify the end-user crypto exchange experience.” TRP is backed by big banks like Fidelity Investments, Standard Chartered, and ING Bank and 25 virtual currency service providers (VASPs).
Travel Rule-Focused Crypto Working Group Releases Protocol Version 2.0
The Travel Rule Protocol (TRP) is an organization that aims to enhance crypto financial transaction data in order to comply with KYC/AML policy. The organization is backed by large financial institutions and crypto exchanges and custodians like Bitgo, Coinbase, Kraken, and Gemini.
The Travel Rule Protocol (TRP) was revealed last year as 25 American-based VASPs published a paper showing how the businesses aim to comply with the FATF Travel Rule. The organization also released a TRP crypto application programming interface (API) version 1.0 and the product is a solution for any organization to identify data tied to crypto transactions and that meet the requirements of the FATF-based Travel Rule.
This week, the TRP group launched its 2.0 version of the protocol and claims the solution “builds on [the] previous Travel Rule Protocol version 1.1.0 by adding easy to use workflow for end-users while solving the ‘discoverability’ problem.” Moreover, TRP 2.0 provides a straightforward way for VASPs to “comply with FATF recommendations without putting additional burden on end-users.”
The organization believes the implementation of the TRP API is easy for VASPs to integrate into their existing framework. “A number of TRP Working Group members have created implementations of the TRP API that can be utilized immediately,” the launch announcement notes.
“It was important to the TRP Working Group that the end-user…