In Banking First, ING Develops FATF-Friendly Protocol for Tracking Crypto Transfers
Dutch financial conglomerate ING has developed a protocol to track the movement of digital assets to help the crypto industry meet FATF requirements.
The bank sees growth in the prospects for the use of virtual currencies and tokens in the financial sector, therefore it actively participates in the activities of various working groups to standardize this ecosystem..
According to the developers, Travel Rule Protocol or TRP is a co-managed infrastructure that allows crypto companies to request information about the existence of address records identified by the legal entity ID, public key, and other data. The protocol is equipped with an API that enables data transmission over the Internet and helps to associate identity and data with a specific address.
ING’s solution has already been backed by many cryptoasset companies, including Fidelity Digital Assets, BitGo, and Standard Chartered Bank. The InterVASP group also took part in the project, which released a standard for interaction between various assets during their transfer..
In addition to the protocol for tracking the movement of digital assets, ING has been developing a technical solution since the end of last year for the safe storage of their clients’ cryptocurrency assets.
text: Ivan Malichenko, photo: Images Capital