The partnership will let Sumsub customers communicate with VASPs in the Sygna ecosystem
Today Sumsub announces the integration of its Travel Rule solution with the Sygna Travel Rule protocol to allow its crypto and fintech 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 VASPs 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 Travel Rule legislation at their own pace, with Japan beginning to enforce the legislation from June 2023, and Taiwan recently tightening the AML laws concerning crypto.
“We are excited to welcome Sygna as one of our official Travel Rule partners. 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.
Sumsub Travel Rule solution offers full functionality to its customers which includes VASP discovery, secure data exchange, integrated AML checks, advanced rules engines to account for any regulatory differences, and unhosted wallet verification among other features.
To build the widest connectivity on the market, Sumsub is partnering with leading Travel Rule protocols and blockchain analytics providers to accelerate compliance with AML regulations across countries. Earlier this year, in addition to its own broad network of connected VASPs, the company announced integrations with CODE and Binance through the Global Travel Rule (GTR) Alliance.
For more information, please visit: https://sumsub.com/travel-rule/
About Sygna
Sygna is a leading Asian (Japan, Taiwan) blockchain security company that provides cloud-based software for the compliance and enforcement of the global anti-money laundering regime as well as patented hardware for storing digital assets such as cryptocurrency.
About Sumsub
Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.
