Singapore Crypto Trade Association ACCESS Completes Independent Assessment Of CoolBitX’s Sygna Bridge

Announcements, News | November 20, 2020 By:

Singapore crypto trade association ACCESS has announced that FATF Travel Rule solution Sygna Bridge from CoolBitX has become the first solution to be evaluated based on its independent assessment framework for Singapore’s Payment Services Act (PSA).

Sygna Bridge, part of CoolBitX’s new line of regulatory compliant products tailored toward Virtual Asset Service Providers (VASP), is a compliant, user friendly, and secure data exchange solution that allows VASPs to communicate regulation-ready information. CoolBitX recently released Sygna Bridge 2.0 which supports the InterVASP Messaging Standard (IVMS101), the Joint Working Group’s unifying messaging standard which comes after months of technical improvements and rigorous testing with VASP partners in Japan, Korea, and Taiwan.

The independent framework by ACCESS — building on its earlier MAS-backed Code of Practice for the industry — demonstrates Sygna Bridge’s ability to help VASPs fulfil Singapore PSA obligations while maintaining operational standards. Sygna Bridge is the only market-ready solution in operation, with 23 VASPs signed up to the Sygna Alliance begin or consider implementing the solution.

“ACCESS’ independent assessment of Sygna Bridge was conducted through comprehensive questionnaires, interviews, live demonstrations and cybersecurity tests over a one month period, with results published in a 27-page assessment report,” the release stated. “The report covers four areas, including company profile, product assessment, operations and support, as well as vulnerability assessment and penetration testing. The report details the assessment of Sygna Bridge 2.0 against various requirements laid down by MAS such as the Business Continuity Plan outlined in its Guidelines on Outsourcing for financial institutions.”

Michael Ou, CEO of CoolBitX, said that the inclusion of virtual assets under Singapore’s comprehensive PSA has cemented its position as a global leader in the virtual asset sector.

“By being a first-mover in meeting and even exceeding the FATF’s Travel Rule recommendations, the Monetary Authority of Singapore (MAS) has brought a great deal of regulatory clarity for VASPs operating in Singapore,” Ou said. “We applaud ACCESS’ efforts in bridging the gap between the PSA and the VASP market by providing industry participants with valuable understanding of the technical solution provider market, and are proud that Sygna Bridge has become the first solution provider to be evaluated under its independent assessment framework.”

Anson Zeall, Chairman of ACCESS and IDAXA, said that with MAS expressing the requirement for VASPs to meet the expectations laid out in the FATF’s Travel Rule in order to register for licenses under the PSA, there is a need for VASPs to understand the complex regulatory environment and mitigate risks from virtual assets.

“We are pleased to announce the completion of our first assessment of Sygna Bridge, and look forward to fostering greater awareness and understanding on the capabilities of technical solution providers serving VASPs,” said Zeall.