Shyft Network and Merkle Science Partner to Enhance Crypto Compliance Across Asia
Combined offering helps VASPs comply with FATF Travel Rule requirements
Singapore, August 13— Today, Merkle Science, a Singapore based blockchain intelligence firm and Shyft Network, a Barbados-based decentralized trust network, announced a partnership to support Virtual Asset Service Providers (VASPs) across the Asia Pacific to comply with the Financial Action Task Force’s (FATF) Travel Rule requirements.
Shyft Network recently launched Veriscope, a blockchain-based compliance framework and smart contract platform for VASPs, designed to help VASPs and other regulated entities comply with the FATF’s Travel Rule. To complement Veriscope’s data sharing capabilities, Merkle Science provides VASPs with a blockchain transaction monitoring platform to detect suspicious cryptocurrency activity and entities through customized risk rules and blockchain address database screening.
Both solutions are required in a larger number of jurisdictions, notably Singapore, where licensing for Digital Payment Token Service Providers specifies the implementation of systems that enable compliance with the FATF Travel Rule and broader Anti-Money Laundering regulation. As the Asia Pacific is the global center for cryptocurrency trading activity and investments, it is very likely that more jurisdictions in the region will follow Singapore’s example and require VASPs to implement technology solutions rather than currently rely just on policy or process based compliance activities.
“We are very proud to be working with Shyft Network to introduce a joint compliance offering to many of our clients in the APAC region especially as their network and Veriscope technology is gaining traction globally. There are many synergies between our solutions and we have aligned goals for shaping the future of the compliance landscape in the crypto ecosystem, particularly here in Asia where we are based.”
Mriganka Pattnaik, CEO, Merkle Science.
“We are very excited to join forces with Merkle Science and help VASPs in the APAC region enter into a new era for blockchain; Veriscope is a collaborative effort that becomes even more powerful as more participants form part of the decentralized network. We see in Merkle Science an ally and supporter of a globalized, FATF compliant ecosystem, and we look forward to building a more secure network.”
Joseph Weinberg, Co-Founder of Shyft Network.
About Merkle Science
Merkle Science provides blockchain transaction monitoring and intelligence solutions for crypto asset service providers, financial institutions and government agencies to detect, investigate and prevent the use of cryptocurrency for money laundering, terrorist financing and other criminal activities. Merkle Science is headquartered in Singapore with offices in Bangalore, Seoul and Tokyo and backed by Digital Currency Group, Kenetic, SGInnovate and LuneX.
Contact sales@merklescience.com for more information about the company’s blockchain monitoring and intelligence solutions. For media enquiries email marketing@merklescience.com.
About Shyft Network
Shyft Network is building the world’s first modern, secure, multi-stakeholder Blockchain-based digital identity ecosystem that enables KYC/AML attested data transfers. Combining privacy of data with efficiency of attestation, Shyft Network technology will radically streamline and simplify data collection, reduce cost and minimize the cybersecurity risks inherent in traditional compliance systems. The Shyft Network protocol is designed to aggregate and embed trust, validation and discoverability into data stored on public and private ecosystems, and facilitate information transfer between permissioned and permissionless networks. Through participation in the Shyft Network ecosystem, we are building a more financially-inclusive future for everyone.
If you are interested in partnering with Shyft Network and integrating your solution with our platform, please get in touch with us through contact@shyft.network. Representatives of our Shyft team based in St. Michael, Barbados and our Shyft International team, based in Toronto, Canada are available to assist. For more information on Shyft, please visit www.shyft.network.
