The publicly-listed cryptocurrency firm – Coinbase announced the launch of a collective effort called TRUST – which primarily stands for Travel Rule Universal Solution Technology. The strategy behind the formation of TRUST is an ‘industry-driven solution’ created to comply with the Financial Action Task Force (FATF) Travel Rule. FATF Recommends Guidelines for Virtual Asset Service Providers The Financial Action Task Force (FATF) suggests participating regulators throughout the world that virtual asset service providers, or VASPs, require adopting certain guidelines concerning anti-money laundering (AML) and anti-terrorist financing (ATF). The guidelines are often referred to as the ‘Travel Rule.’ The Travel Rule aims to prohibit users of crypto businesses and exchanges from utilizing digital assets for illicit purposes by requesting the provision of data by both the sender and receiver for a certain number of transactions made of $1,000 and more. A variety of solutions have been proposed to accommodate the travel rule requirements within a falsely created crypto space. Prior to its official launch, the TRUST was also commonly known as the U.S. Travel Rule Working Group. Coinbase, alongside Gemini, BitGo, Kraken, Circle, and Fidelity (FDA) provided the primary engineer firepower. The Travel Rule Members A number of renowned cryptocurrency firms in the United States of America include Anchorage, Avanti, BitGo, bitFlyer, Bittrex,...
