Shyft Network
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Shyft Network

Shyft Network launches the Veriscope Governance Task Force in collaboration with some of the industry’s largest global liquidity providers

Bridgetown, Barbados, August 31, 2020: Today, Shyft Network’s advisors Rick McDonell and Josee Nadeau, in collaboration with global digital token businesses including Bitfinex, Tether, Huobi, HashKey Pro, Tokocrypto, Unocoin, Paycase Financial, and CoinHako, will join existing partners in the creation of the Veriscope Governance Task Force and the onboarding framework for Veriscope, a decentralized compliance framework and smart-contract platform for Virtual Asset Service Providers (VASPs).

In June 2019, the FATF issued guidance requiring VASPs to share Know-your-customer (KYC) data between a transacting Originator and Beneficiary “immediately” — that is, simultaneously or concurrent with the transfer itself. Specifically, the guidance stated VASPs should ensure that:

Veriscope is a decentralized solution for global compliance standards, including the FATF’s Travel Rule guidance. The Governance Task Force is exploring solutions specific to the governance framework and rules around the types of information that VASPs need to provide with respect to onboarding with Veriscope in order to become recognized and discoverable participants.

The Veriscope team, along with contributing digital token businesses, advisors and individual contributors, will develop policies in respect of initial rules of engagement, coalition-building, onboarding and data discoverability that address potential coordination and interoperability on behalf of the global digital asset system. These contributors will act as the first set of data custodians on the Shyft Network and will be globally focused on collaborating to ensure future incoming guidance requirements are addressed while being a response team to policymakers and global solution providers who are working to implement travel rule systems globally.

The Task Force will be chaired by Rick McDonell (former Executive Secretary of the FATF) and Josee Nadeau (former Head of the Canadian delegation to the FATF), and will equally include representation from the largest global liquidity venues as well as smaller VASPs in a multitude of jurisdictions. Bitfinex’s Chief Compliance Officer, Peter Warrack, is among the 10 other initial team members that will make up the Governance Team.

The development of the Governance Framework represents an important milestone in the development of Veriscope, which enables VASPs to, among other functions, form and manage semi-trusted coalitions, pre-validate accounts, information, and compliance policies, and ultimately, whitelist other VASPs on a public registry.

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. Shyft Network is a public protocol 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.

For more information on Veriscope, please visit https://veriscope.network/

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