Blockchain security firm CipherTrace has formally announced the release of its Travel Rule Information Sharing Architecture (TRISA); a new way for cryptocurrency businesses to satisfy regulatory pressure to enforce the travel rule, which requires financial institutions to share information of fund transfers.
TRISA is described as a reference implementation that can be integrated into cryptocurrency exchanges and wallet provides, provided for free as open-source software. Additional authentication, revocation or security services can then be purchased from CipherTrace or another provider. More details about how it works technically can be found in its white paper.
Growing Pressure for a Cryptocurrency Travel Rule
CipherTrace’s TRISA protocol comes as pressure has been building for cryptocurrency businesses to comply with the travel rule and it isn’t the firm’s first bid to bolster compliance. After the Financial Action Task Force (FATF) finalized recent recommended guidelines for cryptocurrency exchanges, which included information…