In a major advancement towards transparency in crypto transactions, Giottus crypto platform has partnered with Shyft Veriscope. This partnership aims to ensure compliance with the Financial Action Task Force (FATF) Travel Rule, a crucial development in anti-money laundering and counter-financing of terrorism (AML/CFT) efforts in the virtual digital assets (VDA) space.
Strengthening Investor Confidence through Enhanced Transparency
Giottus is already recognized as a reporting entity by the Financial Intelligence Unit (FIU-India) of the Union Ministry of Finance and is a member of the Alliance of Reporting Entities for AML/CFT (ARIFAC). By joining forces with Veriscope, the Shyft Network’s unique Travel Rule Solution, Giottus is now poised to offer even greater security and transparency. Veriscope facilitates convenient VASP-to-VASP data transfer without the need for intermediate or third-party storage, making crypto transactions more traceable and secure.
Compliance with the FATF Travel Rule
The FATF Travel Rule requires Virtual Digital Asset Service Providers (VDA-SPs) to identify and share data during crypto asset transfers, assess risks with counterparties, and ensure transactions are conducted with trusted parties. With this partnership, Giottus steps into a global network of VASPs capable of sharing data seamlessly, boosting the overall integrity and safety of the VDA industry.
Vikram Subburaj, CEO of Giottus, remarked, “Our partnership with Veriscope is timely and pivotal. It establishes us as part of a global compliance network and strengthens our offerings to Indian crypto enthusiasts. We believe that collaboration and data exchange are key in shaping the future of this industry.”
Echoing this sentiment, Zach Justein, co-founder of Veriscope, added, “Giottus' integration of Veriscope as its Travel Rule Solution highlights the unique advantages our state-of-the-art compliance infrastructure offers. This integration not only enhances safety and transparency but also sets a new standard in the user experience.”
About Giottus
Giottus serves over a million users and is changing how Indian investors trade virtual digital assets. With a focus on breaking down the language barriers associated with crypto transactions, Giottus offers services in eight languages, including Hindi, Tamil, Telugu, and Bengali, making it the top-rated crypto platform in India based on consumer ratings.
About Veriscope
Veriscope stands as the only frictionless solution for VASPs to comply with the FATF Travel Rule. It enhances the compliance process with features like User Signing, enabling direct cryptographic proof requests from users’ non-custodial wallets, thereby promoting trust, security, privacy, and reliability in crypto compliance.
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This partnership between Giottus and Veriscope not only marks a significant advancement in regulatory compliance but also reaffirms both organizations' commitment to providing a secure and transparent environment for crypto transactions, driving positive change in the Indian VDA ecosystem.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
