Shyft Network
Shyft Network 2 minutes reading from general

7 Things Veriscope Share Must Do With VASPs

Continuing the Veriscope Twitter Series, it's time to learn the basics of Veriscope Share! 👀

As we highlighted in the previous Twitter 🧵, it's mandatory for VASPs (read: crypto businesses) to share user data along the crypto transactions under the FATF Travel Rule.

2) User data = Sensitive data! 🚨

Yet, there's no globally-agreed framework that can securely process user data between VASPs.

Some Travel Rule Solutions can help VASPs with the sharing part!

But there's something you must know here.

3) Some TravelRule Solutions process user data between VASPs through their internal servers.

Meaning VASPs' data passes through the Travel Rule Solution's servers before being sent to VASPs for Travel Rule compliance.

4) VASPs must realize the risks while using such Travel Rule Solutions:

⚠️ Unauthorized access ⚠️ Inability to identify data breaches

⚠️ Liability

What to do in this case? Well, Veriscope Share solves this problem with absolute precision!

5) Veriscope Share is a key part of Shyft Network's Travel Rule compliance infrastructure.

What's so unique about Veriscope Share?

Veriscope Share enables VASPs to share user data in 💯 P2P, VASP-to-VASP mode ✅

Meaning Veriscope does not store user data on its own servers ✅

6) So, VASPs can rest assured that they will remain in control of their user data & there's no intermediary snooping on it.

That’s it for today! We will be back with another insightful thread soon.

7) Do you have any questions? Leave them in the comments below & we will make sure to answer them asap!

This post is based on this twitter thread.

Comments

Please login to comment.