Discover and read the best of Twitter Threads about #travelrule
Most recents (20)
1/ Part-7(2)
We covered Veriscope installation in the previous Twitter🧵 & it's time to learn about the testing & onboarding processes.
So, let's dive straight into it 👀
We covered Veriscope installation in the previous Twitter🧵 & it's time to learn about the testing & onboarding processes.
So, let's dive straight into it 👀
2/ First, we will focus on the testing aspect:
There are two ways of testing the Veriscope API! These are :
Postman Collection ✅
Sandbox Environment ✅
Note: The testing stage will come only after downloading Veriscope 💡
There are two ways of testing the Veriscope API! These are :
Postman Collection ✅
Sandbox Environment ✅
Note: The testing stage will come only after downloading Veriscope 💡
3/ To begin testing, VASPs (read = crypto businesses) must log in to the Web application after downloading Veriscope.
And then, VASPs can choose either the Postman Collection or Sandbox Environment to conduct testing.
And then, VASPs can choose either the Postman Collection or Sandbox Environment to conduct testing.
1/ We have reached the 7th part of the Veriscope campaign. This is also the last of the campaign.
And today, we will give you an end-to-end walkthrough on how VASPs can install, test, and get onboarded onto Veriscope. 👀
And today, we will give you an end-to-end walkthrough on how VASPs can install, test, and get onboarded onto Veriscope. 👀
2/ But for now, we will only look into the installation part. Let’s start.
We must visit the Veriscope Github repo to begin the Veriscope installation process 👇
docs.veriscope.network/docs/3.0.0/ins…
The repo consists of a complete installer with components to download Veriscope.
We must visit the Veriscope Github repo to begin the Veriscope installation process 👇
docs.veriscope.network/docs/3.0.0/ins…
The repo consists of a complete installer with components to download Veriscope.
3/ The first thing VASPs (read: crypto businesses) need now is access to a server.
However, the server must:
Be connected to specific internet ports. ✅
Have a domain name system (DNS) pointed towards it to translate the domain name into a machine-readable format. ✅
However, the server must:
Be connected to specific internet ports. ✅
Have a domain name system (DNS) pointed towards it to translate the domain name into a machine-readable format. ✅
1/ We have reached the 7th part of the Veriscope campaign. This is also the last of the campaign.
And today, we will give you an end-to-end walkthrough on how VASPs can install, test, and get onboarded onto Veriscope. 👀
And today, we will give you an end-to-end walkthrough on how VASPs can install, test, and get onboarded onto Veriscope. 👀
2/ But for now, we will only look into the installation part. Let’s start.
We must visit the Veriscope Github repo to begin the Veriscope installation process 👇
docs.veriscope.network/docs/3.0.0/ins…
The repo consists of a complete installer with components to download Veriscope.
We must visit the Veriscope Github repo to begin the Veriscope installation process 👇
docs.veriscope.network/docs/3.0.0/ins…
The repo consists of a complete installer with components to download Veriscope.
3/ The first thing VASPs (read: crypto businesses) need now is access to a server.
However, the server must:
Be connected to specific internet ports. ✅
Have a domain name system (DNS) pointed towards it to translate the domain name into a machine-readable format. ✅
However, the server must:
Be connected to specific internet ports. ✅
Have a domain name system (DNS) pointed towards it to translate the domain name into a machine-readable format. ✅
1/ Part-6 (1)
Today, we will discuss the transaction workflow consideration from a VASP's viewpoint.
Let's start. Shall we? 👀
So, here we go:
Today, we will discuss the transaction workflow consideration from a VASP's viewpoint.
Let's start. Shall we? 👀
So, here we go:
2/ Both Originator VASPs & Beneficiary VASPs have to do the following throughout the transaction workflow for Travel Rule compliance.
Name Screening 🔍
Wallet Screening 🔍
Know Your VASP 🔍
Transaction threshold 🔍
Name Screening 🔍
Wallet Screening 🔍
Know Your VASP 🔍
Transaction threshold 🔍
3/ Now, let's look at three unique situations that Originator VASPs find themselves in a while complying with the Travel Rule.
We will see these situations one by one and get to know what options do VASPs have.
You be the judge and decide which of the options is better. ⚖️
We will see these situations one by one and get to know what options do VASPs have.
You be the judge and decide which of the options is better. ⚖️
1/ Part-5 (2)
Starting from where we left off - Veriscope User Data Exchange.
Case-3: oVASP shares both originator & beneficiary data with the bVASP
🚨 In this case, the same issues that we saw in case -2 yesterday may crop up here as well.
Check 👇
Starting from where we left off - Veriscope User Data Exchange.
Case-3: oVASP shares both originator & beneficiary data with the bVASP
🚨 In this case, the same issues that we saw in case -2 yesterday may crop up here as well.
Check 👇
2/ 🚨 Resultantly, bVASP will reject the #crypto transaction due to an information mismatch.
Once the transaction is rejected, oVASP will inform the originator 📩
And then, quite naturally, the originator will take this up with the beneficiary.
Once the transaction is rejected, oVASP will inform the originator 📩
And then, quite naturally, the originator will take this up with the beneficiary.
3/ ⚠️ This will cause friction between the originator & beneficiary!
Frustrated by the failed transaction, the originator may then escalate the matter to oVASP’s customer support 📞💥
This puts a strain on oVASP customer support capacity.
Frustrated by the failed transaction, the originator may then escalate the matter to oVASP’s customer support 📞💥
This puts a strain on oVASP customer support capacity.
1/ Part-5(1)
Previously we discussed how Shyft Veriscope enables VASPs (read: #crypto businesses) to share user data securely.
Today, we will talk about how and why, outside Shyft Veriscope, the approach of facilitating user data between VASPs isn’t up to mark.
Previously we discussed how Shyft Veriscope enables VASPs (read: #crypto businesses) to share user data securely.
Today, we will talk about how and why, outside Shyft Veriscope, the approach of facilitating user data between VASPs isn’t up to mark.
2/ However, we will discuss it in two parts.
Where do we start?
Straight from the fact that the current state of Travel Rule compliance is sub-optimal at best.
Why?
❌ Wrongful interpretation of FATF recommendations
Where do we start?
Straight from the fact that the current state of Travel Rule compliance is sub-optimal at best.
Why?
❌ Wrongful interpretation of FATF recommendations
3/ This leads to:
❌ Significant data privacy & security risks
❌ Higher chance of fraud
❌ Decreased operational efficiency
Now, let’s look at the issues one-by-one! 👀
❌ Significant data privacy & security risks
❌ Higher chance of fraud
❌ Decreased operational efficiency
Now, let’s look at the issues one-by-one! 👀
Part-4(1)
1/ After Address Proofs does its job, which is enabling VASPs (read: crypto businesses) to determine who controls the wallet address, it's time for user data exchange.
Tap below if you missed our 🧵 On Address Proofs👇
1/ After Address Proofs does its job, which is enabling VASPs (read: crypto businesses) to determine who controls the wallet address, it's time for user data exchange.
Tap below if you missed our 🧵 On Address Proofs👇
2/ Facilitating user data exchange between VASPs - this is exactly what Shyft Veriscope is meant to do 🪢
It is, after all, Shyft's Travel Rule data-sharing product! 💡
It is, after all, Shyft's Travel Rule data-sharing product! 💡
3/ And the beauty of Shyft Veriscope is that it:
✅ Easily fits into the existing workflow of VASPs.
✅ Allows VASPs to share user data under IVMS format.
✅ Makes accepting/rejecting counterparty VASP messages possible.
✅ Easily fits into the existing workflow of VASPs.
✅ Allows VASPs to share user data under IVMS format.
✅ Makes accepting/rejecting counterparty VASP messages possible.
1/ Part 3(2)
This week, we already covered #Shyft Discover's Know Your VASP capability.
And today, we will look into how Shyft Discover solves the address attribution problem. 👀
This week, we already covered #Shyft Discover's Know Your VASP capability.
And today, we will look into how Shyft Discover solves the address attribution problem. 👀
2/ If you have been with us since day 1 of the Veriscope campaign, you will know we looked into the basics of address attribution in the early days of the campaign.
If not, visit our previous 🧵 on address attribution below👇
If not, visit our previous 🧵 on address attribution below👇
3/ Address attribution basically means accurately verifying the beneficiary VASP’s wallet address 🔎
Why is it important❓👇🏼
It enables VASPs (read = #crypto businesses) to verify whether the counterparty VASP is indeed the correct party or not.
Why is it important❓👇🏼
It enables VASPs (read = #crypto businesses) to verify whether the counterparty VASP is indeed the correct party or not.
1/ Part 3(1)
We've got a wonderful response to our previous Veriscope campaign, where we covered many facets of Shyft Veriscope.
Now, it's time to know how Shyft Veriscope solves the problems VASPs (read: crypto businesses) face during Travel Rule compliance💡
We've got a wonderful response to our previous Veriscope campaign, where we covered many facets of Shyft Veriscope.
Now, it's time to know how Shyft Veriscope solves the problems VASPs (read: crypto businesses) face during Travel Rule compliance💡
2/ As we discussed previously, there are two integral elements of Veriscope's Travel Rule compliance infrastructure: Shyft Discover & Veriscope Share.
But, for this week, we will focus on problems Shyft Discover solves and how it does it.
Let's go! 🚶♂️
But, for this week, we will focus on problems Shyft Discover solves and how it does it.
Let's go! 🚶♂️
3/ Shyft Discover solves two problems:
Know Your VASP ✔
Address Attribution ✔
Today, we will look into Know Your VASP 👀
Here's how it works:
First, VASPs register & create their profile on Shyft Network. ✅
Know Your VASP ✔
Address Attribution ✔
Today, we will look into Know Your VASP 👀
Here's how it works:
First, VASPs register & create their profile on Shyft Network. ✅
1/ Hong Kong 🇭🇰 has some of the world's strictest AML/CFT laws as far as the traditional financial industry is concerned.
Being one of the most important financial centers globally, it makes sense.
Now 👉 introducing crypto AML/CFT laws.
Will it change the crypto biz in HK?
Being one of the most important financial centers globally, it makes sense.
Now 👉 introducing crypto AML/CFT laws.
Will it change the crypto biz in HK?
2/ Hong Kong's legislative council has added crypto to its AML/CFT bill 📜
It includes the #TravelRule as well as the general #crypto AML/CFT updates.
A new licensing regime will come into force on 1st June next year 🗓️
It includes the #TravelRule as well as the general #crypto AML/CFT updates.
A new licensing regime will come into force on 1st June next year 🗓️
3/ Under the newly amended AML/CFT law, VASPs will be subjected to the same stringent standards that apply to traditional financial firms in HK.
How that affects the user experience and privacy?
How that affects the user experience and privacy?
1/ Part 2(4)
After learning about Shyft Discover, it's time to explore Veriscope Share! 👀
Because ⚠️ Veriscope Share is the second integral part of Shyft Veriscope's Travel Rule infrastructure. So, let's begin!
After learning about Shyft Discover, it's time to explore Veriscope Share! 👀
Because ⚠️ Veriscope Share is the second integral part of Shyft Veriscope's Travel Rule infrastructure. So, let's begin!
2/ In this 🧵, we will understand the Veriscope Share in detail.
If you've missed our 🧵 on the basics of Veriscope Share, check it here👇
It will help you understand how Veriscope Share works more easily.
If you've missed our 🧵 on the basics of Veriscope Share, check it here👇
It will help you understand how Veriscope Share works more easily.
3/ Veriscope Shares come into the picture after an Originator VASP (oVASP) where the transaction starts 📤 posts attestation on the Shyft Network, and a relevant counterparty VASP proves they own the wallet address where the transaction is heading to 📥
1) Part 2(3)
Having understood the basics of Shyft Discover & Veriscope Share, it's time to understand how VASPs use them!
However, for today, we will only focus on Shyft Discover’s workflow. Let's go.
Having understood the basics of Shyft Discover & Veriscope Share, it's time to understand how VASPs use them!
However, for today, we will only focus on Shyft Discover’s workflow. Let's go.
2) It all starts with a customer requesting to withdraw his funds from a VASP (read: crypto business). 👀
Before we move forward, let's understand a few terms:
The VASP that the customer withdraws funds from is called Originating VASP or oVASP.
Before we move forward, let's understand a few terms:
The VASP that the customer withdraws funds from is called Originating VASP or oVASP.
3) And the VASP receiving the funds from the Originating VASP is called Beneficiary VASP or bVASP.
Now, when a customer requests to withdraw his funds from oVASP, the oVASP sends an attestation to the Shyft Network.
Now, when a customer requests to withdraw his funds from oVASP, the oVASP sends an attestation to the Shyft Network.
1) Part 2(2)
It's time to get to know about Shyft Discover & Veriscope Share! 👀
These two are integral parts of the Shyft Veriscope's Travel Rule infrastructure.
So, what's the exact role of Shyft Discover & Veriscope Share? 🤔 Let's see.
It's time to get to know about Shyft Discover & Veriscope Share! 👀
These two are integral parts of the Shyft Veriscope's Travel Rule infrastructure.
So, what's the exact role of Shyft Discover & Veriscope Share? 🤔 Let's see.
2) Shyft Discover enables VASPs (Read: #crypto businesses) to discover VASPs & do address attribution. 🔍
All that VASPs require to search for their counterparty VASPs is a wallet address & Shyft Discover will auto-detect their counterparty VASP based on it.
All that VASPs require to search for their counterparty VASPs is a wallet address & Shyft Discover will auto-detect their counterparty VASP based on it.
3) More details on Shyft Discover below 👇
1) Part 2/1
Having covered the basics of Shyft Veriscope last week, it's time to go up a notch and understand it in a bit more detail. 👀
However, we will keep it simple and cover various key segments of Shyft Veriscope over the next few days.
So, here we go.🚶♂️
Having covered the basics of Shyft Veriscope last week, it's time to go up a notch and understand it in a bit more detail. 👀
However, we will keep it simple and cover various key segments of Shyft Veriscope over the next few days.
So, here we go.🚶♂️
2) Let's first refresh on what Shyft Veriscope is!
It is an end-to-end solution to comply with the #crypto Travel Rule. 💡
Shyft Veriscope comes with:
✅ RESTful APIs
✅ Webhooks
It is an end-to-end solution to comply with the #crypto Travel Rule. 💡
Shyft Veriscope comes with:
✅ RESTful APIs
✅ Webhooks
3) What are RESTful APIs? 🤔
Think of RESTful APIs as a mechanism that enables VASPs (read: #crypto businesses) to exchange data between them securely over the web.
And they grant an impressive deal of flexibility to VASPs.
Think of RESTful APIs as a mechanism that enables VASPs (read: #crypto businesses) to exchange data between them securely over the web.
And they grant an impressive deal of flexibility to VASPs.
Continuing the Veriscope Twitter Series, it's time to learn the basics of Veriscope Share! 👀
As we highlighted in the previous Twitter 🧵, it's mandatory for VASPs (read: crypto businesses) to share user data along the #crypto transactions under the FATF Travel Rule.
As we highlighted in the previous Twitter 🧵, it's mandatory for VASPs (read: crypto businesses) to share user data along the #crypto transactions under the FATF Travel Rule.
2) User data = Sensitive data! 🚨
Yet, there's no globally-agreed framework that can securely process user data between VASPs.
Some Travel Rule Solutions can help VASPs with the sharing part!
But there's something you must know here.
Yet, there's no globally-agreed framework that can securely process user data between VASPs.
Some Travel Rule Solutions can help VASPs with the sharing part!
But there's something you must know here.
3) Some #TravelRule Solutions process user data between VASPs through their internal servers.
Meaning VASPs' data passes through the Travel Rule Solution's servers before being sent to VASPs for Travel Rule compliance.
Meaning VASPs' data passes through the Travel Rule Solution's servers before being sent to VASPs for Travel Rule compliance.
#2022 has proved to be a challenging year for the #crypto world
The industry had to deal with back-to-back blows (i.e. TerraUSD crash, #FTX collapse, etc)
This will lead to intense regulatory pressure on the nascent #crypto sector from #FATF, #G20, and more
The industry had to deal with back-to-back blows (i.e. TerraUSD crash, #FTX collapse, etc)
This will lead to intense regulatory pressure on the nascent #crypto sector from #FATF, #G20, and more
FATF has demanded #countries implement #TravelRule at the earliest
However, there are several problems that need to be sorted from Travel Rule #compliance first
The major issues being:
⚠️ #VASP discovery
⚠️ #Data security
However, there are several problems that need to be sorted from Travel Rule #compliance first
The major issues being:
⚠️ #VASP discovery
⚠️ #Data security
1) We have an exciting update to share! 🥳🎊🎉
🥁🥁 Shyft Veriscope has rolled out a new feature called Address Proofs 🥁🥁
We are leveraging Address Proofs to solve two major problems #VASPs face while complying with the #TravelRule:
⚠️ Attribution
⚠️ Data Security
🥁🥁 Shyft Veriscope has rolled out a new feature called Address Proofs 🥁🥁
We are leveraging Address Proofs to solve two major problems #VASPs face while complying with the #TravelRule:
⚠️ Attribution
⚠️ Data Security
2) How will #VASPs benefit from "Address Proofs"? 🤔
- It will enable beneficiary VASPs to prove they control the #crypto wallet address ✅
- This will further help ensure that Originator VASPs share critical #TravelRule data only with the right party ✅
- It will enable beneficiary VASPs to prove they control the #crypto wallet address ✅
- This will further help ensure that Originator VASPs share critical #TravelRule data only with the right party ✅
3) - Address proofs will also help VASPs comply with the local data protection rules they are subjected to
Want to know more about Address proofs? Visit here: tinyurl.com/27ru6e5z
And contact our BD team here for a discussion: shyft.network/contact
Want to know more about Address proofs? Visit here: tinyurl.com/27ru6e5z
And contact our BD team here for a discussion: shyft.network/contact
#MiCA was not the only proposal completed last week, as 🇪🇺 institutions also finalised the Transfers-of-Funds Regulation (TFR).
The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.
As always, check our 🧵for details:
1/18
The #TFR is meant to implement the @FATFWatch's #travelrule for transfers of #cryptoassets in the EU.
As always, check our 🧵for details:
1/18
First, a bit of #context:
The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
2/18
The original Transfers-of-Funds Regulation was established in 2015 and introduced the requirement for financial institutions to accompany each #transfer of funds with verified information about the originator and beneficiary of the transfer.
2/18
As part of its 2020 Action Plan on preventing #moneylaundering and #terrorism financing, the @EU_Commission put forward a legislative proposal for a recast of the original #TFR text with the main objective of expanding traceability requirements to crypto-assets.
3/18
3/18
Latest UPDATE on the #TFR (Travel Rule) trilogue:
EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.
1/9
EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.
1/9
Key issues on table:
The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.
2/9
The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.
2/9
In the past weeks, the @EUCouncil has taken onboard the concerns from the blockchain & crypto #industry, as well as those of regulators and competent #authorities (!), that flagged the impracticality and unintended consequences these provisions would have.
3/9
3/9
Web sitem yayına hazır: celilozturk.com
Yazılarımı blog sayfamda güncel olarak takip edebilirsiniz.
Bu #Flood altında yazılarımı ve sitede "Kaynaklar" kısmına ekleyeceğim "kriptoparalar" ve "blokzincir teknolojileri" ile ilgili yararlı kaynakları takip edebilirsiniz.
Yazılarımı blog sayfamda güncel olarak takip edebilirsiniz.
Bu #Flood altında yazılarımı ve sitede "Kaynaklar" kısmına ekleyeceğim "kriptoparalar" ve "blokzincir teknolojileri" ile ilgili yararlı kaynakları takip edebilirsiniz.
2. Blog sayfasında: yazılarım yer alacak,
Kaynaklar sayfasında;
- Kriptoparalar,
- Akıllı sözleşme geliştirme,
- Akıllı sözleşme güvenliği,
- Yararlı Bültenler ( @LibraryDefi @kripto_kurator @BanklessHQ gibi)
gibi başlıklar altında yararlı kaynaklar olacak ve güncellenecek.
Kaynaklar sayfasında;
- Kriptoparalar,
- Akıllı sözleşme geliştirme,
- Akıllı sözleşme güvenliği,
- Yararlı Bültenler ( @LibraryDefi @kripto_kurator @BanklessHQ gibi)
gibi başlıklar altında yararlı kaynaklar olacak ve güncellenecek.
3. “Big Brother is Watching Blockchain: Blockchain Gözetim Pazarı"
- Blokzincir gözetimi neden önemli?
- Blokzincir gözetim pazarı neden hızlı bir şekilde büyüyor?
- Gizlilik açısından yansımaları neler?
#Privacy #Blockchain #Analysis
celilozturk.com/big-brother-is…
- Blokzincir gözetimi neden önemli?
- Blokzincir gözetim pazarı neden hızlı bir şekilde büyüyor?
- Gizlilik açısından yansımaları neler?
#Privacy #Blockchain #Analysis
celilozturk.com/big-brother-is…
