{"id":19410,"date":"2019-09-10T18:43:47","date_gmt":"2019-09-10T18:43:47","guid":{"rendered":"http:\/\/ci027cfe64f01526c3"},"modified":"2019-09-10T18:43:47","modified_gmt":"2019-09-10T18:43:47","slug":"ciphertrace-unveils-travel-rule-protocol-for-cryptocurrency-businesses","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/ciphertrace-unveils-travel-rule-protocol-for-cryptocurrency-businesses","title":{"rendered":"CipherTrace Unveils Travel Rule Protocol for Cryptocurrency Businesses"},"content":{"rendered":"
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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.<\/p>\n

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<\/a>.<\/p>\n

Growing Pressure for a Cryptocurrency Travel Rule<\/h2>\n

CipherTrace\u2019s TRISA protocol comes as pressure has been building for cryptocurrency businesses to comply with the travel rule and it isn\u2019t the firm\u2019s first bid to bolster compliance. After the Financial Action Task Force (FATF) finalized<\/a> recent recommended guidelines for cryptocurrency exchanges, which included information sharing similar to that called for by the travel rule, CipherTrace partnered with Shyft to unveil<\/a> a new ID protection system in July 2019.<\/p>\n

Dave Jevans, CipherTrace\u2019s founder and CEO, detailed how TRISA builds on some of the previous work that CipherTrace has done. <\/p>\n

\u201c[TRISA is] a foundational layer that will set up the trust relationships between VASPs [virtual asset service providers], manage the encryption keys and confidentially exchange travel rule data,\u201d he told Bitcoin Magazine<\/em>. \u201cIt is about secure, reliable delivery of PII [personally identifiable information] to the correct VASP, which eliminates a huge risk for exchanges.\u201d<\/p>\n

In addition to framing TRISA as a way to protect privacy while complying with regulations, Jevans pointed out that Shyft will \u201ccontribute privacy-preserving features to enable compliance with GDPR and other privacy regimes\u201d as it is implemented.<\/p>\n

Privacy-Preserving Cryptocurrency Travel Rule Compliance<\/h2>\n

The FATF\u2019s recommendations would make it necessary for all VASPs to share and store both sender and receiver data for all cryptocurrency transactions, and TRISA aims to make connections between these VASPs more secure. <\/p>\n

\u201cTRISA is about confidentiality and ensuring reliable delivery of transaction information,\u201d Jevans said. \u201cThe reference implementation relies on the VASPs to secure the data in their possession \u2014 i.e., \u2018at rest.\u2019 It guards against information leaks by using TLS 1.3 with forward privacy to encrypt data in transit.\u201d<\/p>\n

The company\u2019s announcement of the protocol notes that Binance is already looking at TRISA as a solution for FATF compliance. <\/p>\n

\u201cWe have witnessed significant interest from large VASPs in the G20 countries,\u201d Jevans said, adding that CipherTrace \u201chope[s] to have several major exchanges participate in the upcoming proof of concept and interoperability testing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

CipherTrace has released TRISA, which might help cryptocurrency businesses comply with regulations like the travel rule in a privacy-preserving way.<\/p>\n","protected":false},"author":2545,"featured_media":19411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3233,1906],"class_list":{"0":"post-19410","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-ciphertrace","9":"tag-fatf"},"author_data":{"id":2545,"name":"Landon Manning","nicename":"landon-manning","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/img_2749-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/ciphertrace-travel-rule-fix-for-cryptocurrency-firms.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2545"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=19410"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/19411"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=19410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=19410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=19410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}