Shyft joins forces with Tether, Bitfinex and more to create governance task force for VASP platform


Public blockchain protocol Shyft Network is partnering with several crypto businesses including Tether, Bitfinex and Huobi to create a governance task force for its new platform, Veriscope, the company announced Wednesday. 

In June 2019, the Financial Action Task Force (FATF) issued a new rule that required Virtual Asset Service Providers (VASPs) to share know-your-customer data between the sender and receiver of a transaction.

The Shyft Network launched Veriscope in July this year, describing it as a "blockchain-based compliance framework and smart-contract solution" for VASPs. According to co-founder Joseph Weinberg, the task force will collectively make decisions, run implementations and develop existing regulatory requirements that help maintain decentralization and user privacy. 

“In a time where we are seeing global coordination challenges and incoming guidance requirements that make significant alterations to our ecosystem, it is critical that the rest of the world has strong liquidity representation and directives from our largest operators who in turn aggregate network effects for the smaller VASPs in our space," Weinberg said. 

According to the announcement, the Veriscope task force will be led by Rick McDonell, the former executive secretary of the FATF, and Josee Nadeau, former head of the Canada delegation to the FATF. There will also be representatives from global digital token businesses as well as smaller VASPs. 

“Any VASP system has to allow for any and all types of entities to have access, and with this, we have built out the world’s first self-governing model for VASP participants," said Shyft Network CTO and co-founder Chris Forrester. "This model allows global counterparties to onboard into the network, and maintain full sovereignty over their business requirements and compliance obligations." 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC