Bengaluru: Giottus, one of India's top crypto investment platforms, has announced its partnership with Shyft Veriscope to ensure FATF Travel Rule compliance. This strategic partnership underscores Giottus’ unwavering commitment to compliance, anti-money laundering, and combating financial terrorism (AML/CFT).
The move will help ensure a more transparent, secure, and safer environment for the investor community by making crypto transactions more traceable.
Giottus has already established itself as a reporting entity under the purview of the Financial Intelligence Unit (FIU-India) of the Union Ministry of Finance and is a member of the Alliance of Reporting Entities for AML/CFT (ARIFAC).
Veriscope, the Shyft Network’s one-of-a-kind Travel Rule Solution, makes counterparty VASP discovery convenient and non-intrusive and allows VASP-to-VASP data transfer without the need for intermediate or third-party storage.
The FATF Travel Rule is a requirement for Virtual Digital Asset Service Providers (VDA-SPs). Under this rule, VDA-SPs must be able to identify and exchange data during crypto asset transfers. The entities also should be capable of assessing risks with counterparties, all the while ensuring that they transact with trusted parties. Giottus now becomes part of a global network of VASPs who can share data seamlessly and transact with confidence.
Vikram Subburaj, Giottus CEO, said since its inception in 2018, Giottus has been at the forefront of innovation and compliance in the Indian VDA space.
Zach Justein, Veriscope co-founder, shared similar enthusiasm: “This is a significant development for the entire crypto ecosystem, as with this integration, both Veriscope and Giottus are setting a new standard for unwavering commitment to safety, transparency, and user experience."