ACCESS Welcomes the InterVASP Messaging Standards 101 to Harmonize Global Industry Standards for FATF Travel Rule
With responsible use and proper regulatory support, digital currency applications powered by blockchain and distributed ledgers can benefit the financial system and the wider economy.
The global nature of our industry underscores the importance of consistency and harmonisation in global standards.
Establishing best industry practices amongst Virtual Asset Service Providers (VASPs) and meeting their obligations set out in FATF’s Recommendations are therefore key priorities in moving the industry forward.
ACCESS welcomes the new InterVASP Messaging Standards 101 (IVMS101), which establishes a uniform model to streamline data sharing between VASPs. Despite the coronavirus lockdown, ACCESS is heartened that the Joint Working Group managed to release IVMS101 on time, as per the roadmap set out by FATF and ahead of its June 2020 Plenary Meeting to review the progress on Travel Rule solutions.
The IVMS101 is a great leap towards facilitating the growth of our industry, by reducing the technical burden in adopting a standardized data domain, both for VASPs and technical solution providers.
ACCESS fully supports a uniform global standard to harmonise domestic and cross-border messaging between VASPs and inter-governmental bodies such as the FATF. Benchmarking will undoubtedly drive the industry forward in a way that best serves the interests of our members and partners.Another good example of promoting best practices is the Standardisation of Practice In Crypto Entities (SPICE) program, developed jointly by ACCESS and ABS and in consultation with MAS.