HashKey Pro, a Hong Kong-based digital asset trading platform, announced its Founding Membership in the TRISA Working Group, a consortium built to accelerate the adoption of a viable architecture for Virtual Asset Service Providers (VASPs) to comply with the Financial Action Task Force (FATF) and Financial Crimes Enforcement Network (FinCEN) Travel Rules (Travel Rules).
The Travel Rules were issued by FATF in June 2019, with an upcoming FATF review on VASPs implementation status in June 2020. The Travel Rules requires VASPs to disclose originator and beneficiary information related to digital asset transactions over a USD$1,000 threshold. TRISA was created as a globally-interoperable solution to the Travel Rules.
On November 21, 2019, HashKey Pro announced its submission of a license application to Hong Kong’s Securities and Futures Commission (SFC), intending to operate as a licensed virtual asset trading platform in Hong Kong. Joining the TRISA Working Group as a Founding Member is a continuation of HashKey Pro’s focus on building a licensed, regulator-friendly, institutional-grade digital asset exchange in Asia. As a Founding Member, HashKey Pro will begin testing TRISA’s Trusted Handshake testnet, exploring how to maintain user privacy and interoperability across various emerging messaging standards like OpenVASP, InterVASP, and more.
Guhan Iyer, Director of TRISA, welcomed HashKey Pro’s participation in TRISA Working Group and said that “TRSIA presents a risk-free path for VASPs to begin sharing transaction information with their peers, before the looming FATF deadline.” It uses a decentralized peer-to-peer mechanism to comply with new regulations and protect user privacy.
HashKey Pro’s founding membership will help support TRISA’s adoption of the Travel Rules in Asia, especially within HashKey’s key area of focus: compliant, institutional-grade digital asset market infrastructure. In addition, HashKey Pro actively intends to engage and test additional Travel Rules architectures, in order to work towards global interoperability between different VASPs in different areas.
SOURCE HashKey Pro