Global verification provider Sumsub has announced a new integration to help its crypto and fintech clients meet compliance requirements in Japan and Taiwan.
By integrating its Travel Rule solution with the Sygna Travel Rule protocol, Sumsub customers can now communicate with Virtual Asset Service Providers (VASPs) in the Sygna ecosystem.
This partnership expands the reach of Sumsub’s Travel Rule solution, bringing the total number of integrated protocols to five. It also allows Sygna to grow its network of VASPs.
Both companies aim to enable fast and secure data exchange between VASPs, ensuring they adhere to the Travel Rule guidelines set out by the Financial Action Task Force (FATF).
With Japan enforcing the Travel Rule since June 2023 and Taiwan recently tightening its AML laws regarding crypto, this integration comes at a crucial time.
Sumsub’s Travel Rule solution provides a comprehensive set of features, including VASP discovery, secure data exchange, integrated AML checks, and unhosted wallet verification.
The company has been actively partnering with leading Travel Rule protocols and blockchain analytics providers to broaden its connectivity and simplify compliance with AML regulations worldwide.
Earlier this year, Sumsub announced integrations with CODE and Binance.
Piotr Antypiuk, Head of Crypto Product at Sumsub said,
“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.”
Michael Ou, Founder and CEO of Sygna, said,
“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.”
