Private Crypto Wallet CoolBitX Introduces Browser-Based Sygna Gate, An Integration-Free Gateway For Compliancebr>
As the Financial Action Task Force (FATF) concludes its second annual review of the crypto industry, it has urged global regulators to implement regulations and dissuasive sanctions towards non-compliant crypto exchanges, while revealing that only 45% of its 128 member jurisdictions have complied with AML/CFT policy and FATF recommendations.
With global regulation on digital assets ramping up, crypto exchanges can no longer afford to sit back and wait for full regulation to arrive before implementing compliance procedures.
To aid Virtual Asset Service Providers (VASPs) in their proactive efforts to stay compliant, CoolBitX, the international blockchain security company, has launched Sygna Gate, a simplified browser-based compliance solution that removes the need for technical integration for businesses with limited resources.
Apart from removing integration barriers, while aimed at the early and pre-emptive adoption of compliance procedures, Sygna Gate is a comprehensive offering that helps VASPs fulfil guidance such as the FATF Travel Rule, blockchain analytics, sanction screening, and more with greater ease.
With Sygna Gate, VASPs would simply require one streamlined interface for multiple solutions, while enabling the interoperable exchange of compliance information between multiple Travel Rule protocols. The Sygna Gate browser interface also reduces the technical integration resources needed, and is designed to assist VASPs in the early stages of adopting Travel Rule and other regulatory requirements.
“As global financial authorities take a more active role in regulating the digital asset market, operating a VASP today typically involves the implementation of multiple compliance solutions,” said Michael Ou, CEO of CoolBitX . “With the need for stringent due diligence measures when dealing with cryptocurrencies, it can often be a challenge for smaller and mid-sized VASPs with limited resources to deal with several platforms and solutions. Over the past year, we have been working with several solutions providers including Elliptic and ComplyAdvantage to create seamless bundle solutions that meet different compliance needs for our VASP customers. Today, we are pleased to announce Sygna Gate, a comprehensive yet integration-free solution that simplifies and eases the compliance process for VASP customers.”
Sygna Gate builds on their important strategic partnerships with fellow compliance solution providers Elliptic and ComplyAdvantage earlier in January and May 2021. The Wallet Address Filter API developed with Elliptic is a blockchain analytics solution that distinguishes between custodial and private wallet addresses, while the sanctions screening solution with ComplyAdvantage supports financial crime detection. In October 2021, CoolBitX is scheduled to launch Sygna Hub, an on-premises software platform for traditional financial institutions to assume full control of personal data when transacting with digital assets.
“We are working tirelessly towards our roadmap of having a full suite of flexible compliance solutions for all types of VASPs and financial institutions by the end of 2021. With Sygna Gate recently launched, and with the impending launch of Sygna Hub in October, CoolBitX is constantly working with other solutions providers across the industry to advance the state of compliance, in turn pushing the digital asset industry closer to widespread institutional adoption.” Ou added.