The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) has officially completed its first independent assessment of an FATF Travel Rule solution. The solution, CoolbitX’s Sygna Bridge, was evaluated for its risk management, transaction monitoring and compliance reporting according to a set of requirements set out under Singapore’s Payment Services Act (PSA).
Michael Ou, the Chief Executive of CoolBitX, said that ACCESS’s initiative to support the adoption of the FATF’s travel rule guidelines will play an important role in further establishing Singapore as a world leader in the digital assets industry.
ACCESS Is “[Looking] Forward to Fostering Greater Awareness and Understanding on the Capabilities of Technical Solution Providers Serving VASPs.”
“By being a first-mover in meeting and even exceeding the FATF’s Travel Rule recommendations, the Monetary Authority of Singapore (MAS) has brought a great deal of regulatory clarity for VASPs operating in Singapore,” Ou explained in a statement.
Therefore, “we applaud ACCESS’ efforts in bridging the gap between the PSA and the VASP market by providing industry participants with a valuable understanding of the technical solution provider market and are proud that Sygna Bridge has become the first solution provider to be evaluated under its independent assessment framework.”
Anson Zeall, Chairman of ACCESS, said that his organization started the evaluation initiative in order to support the development of travel rule solutions for the cryptocurrency industry, particularly in Singapore.
“With MAS expressing the requirement for VASPs to meet the expectations laid out in the FATF’s Travel Rule in order to register for licenses under the PSA, there is a need for VASPs to understand the complex regulatory environment and mitigate risks from virtual assets,” he said.
Additionally, Zeall said that ACCESS is “[looking] forward to fostering greater awareness and understanding on the capabilities of technical solution providers serving VASPs.”
Sygna Bridge Was Launched Earlier This Year as a Response to FATF’s Recommendation 16
In an interview with Finance Magnates earlier this year, Managing Director of CoolBitX International, Elsa Madrolle said that Sygna Bridge was specifically built to address the Financial Action Task Force guidelines that were published last June in Recommendation 16.
Madrolle told Finance Magnates that CoolBitX is working on developing relationships with cryptocurrency exchanges around the world that may be interested in adopting Sygna Bridge as a compliance solution to get in line with the FATF’s recommendations.
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