Sumsub and Mercuryo Release Comprehensive Guide for Cryptocurrency Providers to Navigate Travel Rule Compliance


Virtual Asset Service Providers (VASPs) are now equipped with the ultimate navigation tools designed by industry experts to smoothly implement the travel rule while ensuring business growth.

london, 28 March 2024 /PRNewswire/ — SamsubHave teamed up with a full-cycle verification provider mercurioA global payments infrastructure platform will publish a detailed guide for Virtual Asset Service Providers (VASPs), titled “Mastering Travel Rule Compliance“. The guide covers everything businesses in the digital token sector need to know about the Travel Rule and how to effectively implement it to remain compliant.

The Travel Rule, which is a set of guidelines introduced by the Financial Action Task Force (FATF), requires financial institutions engaged in virtual asset (VA) transfers to collect and share the personal data of senders and recipients in transactions. it occurs. Compliance with the Travel Rule are key anti-money laundering (AML) and counter-terrorism financing (CTF) measures that enable VASPs and financial institutions to remain fully compliant. cryptocurrency Regulations, avoid regulatory penalties and maintain your licenses.

Addressing the travel rule is key to integrating cryptocurrency in the current financial landscape and maintaining a secure, accountable and compliant environment. as per latest fatf survey, 35 out of 135 Jurisdictions reported to have passed travel rule laws April 2023including America, Germany, Singapore, hong kong And the UK, Similar measures are expected to be introduced across the European Union (EU) 30 December 2024,

In the guide, readers will find an explanation of how the Travel Rule works and comprehensive information about the state of implementation in different jurisdictions, as well as practical insight on how to incorporate the Travel Rule. This will help them prepare their business for global expansion.

“Travel rules play an important role in promoting a safe and transparent environment cryptocurrency space, aligning it with broader financial regulatory objectives and efforts to combat financial crimes. This is the global standard for ensuring safe VA transfers, and compliance with the travel rule is a reliable way to do so cryptocurrency The industry is transparent and safe for all,” telling Tony PetrovChief Legal Officer at Sumsub, “At Samsub, we have focused our efforts on understanding the complexity of travel rule regulation and helping organizations find the best solutions to stay secure and compliant while reducing costs and avoiding the potential risks of non-compliance This guide we created with Mercurio, our trusted partner, is th“It is the ultimate navigation tool that all VASPs can consult.”

Last year, Sumsub and Mercario Released an onboarding guide for cryptocurrency professions To help them create effective user verification and resolve compliance issues in the Web3 area.

“Our long-term partnership with Samsub combines joint core competencies and provides omnichannel guides for companies that we provide for free. As a global payments ecosystem, we are building and harmonizing crypto and fiat solutions, which enable businesses around the world to unlock and harness the power crypto Payment. This collaboration deeply aligns with Mercario's mission to ensure transaction security, data protection and compliance for both users and crypto platform,” They say Andrew IlinskyChief Product Officer at Mercurio,

To download comprehensive “Mastering Travel Rule Compliance“Please see the guide that Sumsub and Mercario published today https://sumsub.com/mastering-travel-rule-guide-2024/

To learn more about Samsab's travel rules solution and book a demo, please visit https://sumsub.com/travel-rule/

About this Samsub

Sumsub is a full-cycle verification platform that secures the entire user journey. With customizable KYC, KYB, transaction monitoring and Danger Prevention solution, you can streamline your verification process, welcome more customers around the world, meet compliance requirements, reduce costs and protect your business.

Sumsub has over 2,000 customers in fintech, cryptoincluding transportation, trade, e-commerce and gaming industries BinanceWirex, Avis, Bybit, Huobi, Unlimited, Flutter, Kaizen Gaming and TransferGo.

About this mercurio

Mercario is a global payments infrastructure platform that reinvents the ease of making payments by providing businesses with both fiat and crypto A world with a wide range of financial services and products accessible through a single API integration.

Since its inception in 2018, Mercario CaaS (crypto-as-a-service), on-off ramps, fiat pay in-out; and secured partnerships with over 200 crypto The companies are working with major industry players like Trust Wallet, Ledger, Trezor, 1inch, Gate.io, Nexo, OKEx. Bitcoin.com and bybit.

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