The integration of the travel rule will let Sumsub customers communicate with VASPs in the Sygna ecosystem.
Global verification provider, Sumsub, announced its integration with the Sygna Travel Rule protocol to allow its clients to communicate with the Virtual Asset Service Providers (VASPs) in the Sygna ecosystem, particularly with those in Japan and Taiwan.
The added protocol will expand the Sumsub Travel Rule solution’s interoperability, bringing the total number of integrated protocols to five and allowing customers to reach the highest number of VASPs worldwide. This partnership will also enable Sygna to include more VASPs into its network.
Michael Ou, founder and CEO of Sygna, said: “We are thrilled to announce our partnership with Sumsub, a renowned leader in KYC and Travel Rule services. This collaboration is a strategic alignment that enhances our commitment to ensuring transparency and compliance in the financial flows in Europe. By integrating Sumsub’s advanced solutions, Sygna is poised to expand its network and
capabilities, paving the way for a more interconnected and secure digital asset landscape. We look forward to a fruitful collaboration that will drive innovation and elevate compliance standards within the global crypto ecosystem.”
Both companies will collaborate to facilitate fast and secure data exchange among VASPs in accordance with the Travel Rule compliance requirements specified by the Financial Action Task Force’s (FATF) Recommendation 16. Regulators in different jurisdictions enact the legislation at their own pace, with Japan beginning to enforce the legislation from June 2023, and Taiwan recently tightening the AML laws concerning crypto.
“This partnership enables Sumsub to provide customers with seamless access to the Japanese and Taiwanese VASP market, further strengthening our position as the leading provider of the Travel Rule solution, interoperable with the most number of protocols globally among all Travel Rule providers. We are big believers in interoperability, which becomes especially important with the enforcement of Travel Rule in the EU from December 2024. Together with Sygna, we are advancing transparency in crypto asset transfers while reinforcing global AML and CFT efforts”, commented Piotr Antypiuk, Head of Crypto Product at Sumsub.
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