An automated and streamlined interface reduces the need for external solutions to comply AML rules.
With the release of Sygna Hub, blockchain security firm CoolBitX has provided another tool. This is to assist virtual asset service providers in complying with ever-changing AML/CTF rules.
Sygna Bridge is a Travel Rule protocol. It is designed to be interoperable with other protocols. Examples are like TRISA through the Hub solution. Which provides an easy-to-use API-based platform for AML services from industry leaders like Chainalysis and Elliptic. As well as advanced blockchain analytics and sanctions screening.
VASPs to New Set of Regulations
With Recommendation 16 requiring VASPs to comply with the Travel Rule. As a reaction, Sygna was created in 2019. Since then, it has developed a Sygna Alliance network of VASPs and worked with the world’s largest AML companies. This includes Chainalysis, Elliptic, CipherTrace, Merkle Science, and ComplyAdvantage.
Merkle Science Co-Founder and CEO Mriganka Pattnaik noted that integration is still a big barrier for the industry in the route to mass institutional adoption of crypto. Crypto criminals rely on tools like the Travel Rule, sanctions screening. Also, blockchain analytics to stay one step ahead of the law. Merkle Science is an active participant in the Sygna Hub initiative. Which makes it possible to integrate and communicate across previously isolated pieces of this goal.
CoolBitX on Sygna Hub
As the regulatory landscape for cryptocurrencies becomes more complex. As a result of the FATF’s most recent evaluations and revisions to its Risk-Based Approach to Virtual Assets and VASPs. Sygna has been expanding the scope of its service offering to better match the demands of crypto firms.
CoolBitX CEO and Founder, Michael Ou, stated that Once again, the Sygna team has proven that they have a deep understanding of VASPs’ compliance challenges. Also on how to alleviate them through product design. Sygna Hub is our most ambitious anti-money laundering project to date. Creating something new for the benefit of the crypto sector in the face of ever-changing regulatory requirements has taken many months of hard work. It involved not only the use of our current proprietary travel rule platform Sygna Bridge but also the collaboration with other industry experts.
As a result, VASPs have access to the resources they need to develop a sophisticated compliance system to fulfill their regulatory responsibilities. The purpose is used by Sygna Hub and Sygna Gate. A simplified version of the platform is available via a browser.
One of the founders of Hodlnaut Juntao Zhu stated that Hodlnaut is excited to be partnering with Sygna. Just to ensure compliance with Singapore’s new regulations. Sygna’s collaboration with us will help us reach our goal of offering an excellent user experience.
