VerifyVASP Alliance Expands to European Region with Bittrex Global
We are pleased to announce that Bittrex Global, a regulated virtual asset exchange based in Liechtenstein and Bermuda, has become the newest member to join the VerifyVASP alliance of Virtual Asset Service Operators (VASPs). The alliance, which is made up of licensed and licence-exempt VASPs across Asia, is expected to benefit from Bittrex Global’s considerable experience of operating in international regulatory environments.
Since our inception in 2019, we have been consistently improving our Travel Rule solution based on inputs from our member VASPs and their regulators across the region. Due to the cross-border nature of Virtual Assets (VAs), the perspective of regional VASPs and regulators plays a crucial role in the development of the VerifyVASP solution. While various jurisdictions tend to agree on a similar or overlapping set of information required to be transmitted as a Travel Rule requirement, there tend to be nuances on how the same set of data should be treated in the context of personal data privacy laws. Indeed, according to the Singaporean Personal Data Protection Act (PDPA) “personal information that cannot be decrypted by a business operator” is not treated as personal information, while the European Union’s General Data Protection Regulation (GDPR) considers even encrypted information “personal information” (we wrote a separate on this topic here). The experience of our alliance members helps navigate these nuances when implementing a Travel Rule solution which works across various jurisdictions.
“Europe’s General Data Protection Regulation (GDPR) is one of the most stringent data privacy laws on earth. By working with VerifyVASP, we aim to comply with Travel Rule requirements by transmitting value transfer data at the highest level of security while keeping our customers’ personal data out of harm’s way,” said Kwon Park, Chief Strategy Officer of Bittrex Global.
Bittrex Global’s approach to keeping security as their highest priority along with the team’s experience in operating an international exchange is expected to strengthen the VerifyVASP alliance’s security practices and further protect customers’ interests. VerifyVASP, which is designed to satisfy the requirements of regulators across multiple jurisdictions, is expected help VASPs conduct business operations across multiple markets with as little hindrance as possible to the movements of virtual assets.
“Every new member adds significant value to the rest of the alliance. This partnership adds Bittrex Global’s experience of operating one of the most secure international virtual asset exchanges into the collective knowledge of the alliance,” said Alex Kim, Director of VerifyVASP. “We will soon be able to see in real life how our Travel Rule Solution addresses regulatory requirements in these new and exciting geographies”.
About VerifyVASP Pte. Ltd.
VerifyVASP Pte. Ltd. is a subsidiary of Upbit APAC Pte. Ltd. As Upbit APAC is the parent company of operating Upbit entities in Singapore, Thailand and Indonesia, VerifyVASP will stand to benefit from the close association with regulated digital asset exchanges and will establish a network of VASPs. VerifyVASP provides data services to VASPs, financial institutions, other obliged entities, which will collectively become an alliance of members, comprising of stakeholders eventually owning and managing the service protocol.
About Bittrex Global
Bittrex Global, the most secure digital asset exchange in the world, serves both retail and institutional clients, globally. Committed to helping users build wealth, Bittrex Global facilitates the purchase and trade of over 250 tokens. Through its use of cutting-edge technology, advanced security protocols, and a sophisticated elastic multi-stage wallet strategy the company provides a high-level experience for professional and novice customers alike. Bittrex Global is a key player in driving widespread adoption of secure and decentralized methods to building wealth while remaining compliant and adhering to the wide array of regulatory measures across the globe.
Learn more: https://global.bittrex.com/
