BitGo Announces API Support For The FATF’s Travel Rule
BitGo Announces API Support For The FATF’s Travel Rule
July 15, 2020
BitGo Announces API Support For The FATF’s Travel Rule
BitGo Announces API Support For The FATF’s Travel Rule
July 15, 2020

BitGo, the major digital asset firm, announces API support for the Financial Action Task Force’s (FATF) travel rule.

On July 14, it has been reported that the company is the first wallet service to provide an in-house API solution for the FATF’s Anti-Money Laundering (AML) regulations, known as the “travel rule.”

However, BitGo is now extending its API endpoints to enable its clients to transfer additional transaction-related data required under the new rule. Intended to provide more transparency, the new tool is expected to enable the exchange of data about transaction originators and beneficiaries as well as establish BitGo as a compliant Virtual Asset Service Provider (VASP).

Chris Metcalfe, the Senior Product Manager at BitGo, said that BitGo’s API now accepts a subset of InterVASP’s IVMS101 standard.

Released by InterVASP in May 2020, the new standard enables a universal common language for communication of required originator and beneficiary data between VASPs.

Metcalfe said that the rollout of extended APIs means that BitGo’s API is ready to start receiving and recording the necessary data, as BitGo clients now have the option to check out this feature by submitting this additional data in their transaction requests to the BitGo platform.

ALSO READ :  Indian Messaging Giant HIKE Is Hiring Crypto Economist

He also noted that the API integration is currently offered to clients on a voluntary basis.

Metcalfe added:

“The integration effort required by our clients is relatively light, as they simply need to append slightly more information about the sender in the transaction requests they are already making.”

As part of the development, the extended API will transfer data involving transactions greater than one thousand dollars, as required by the travel rule.

Likewise, Metcalfe clarified that a VASP would not be required to submit travel data for multiple transactions below $1,000.

According to Metcalfe, BitGo has not been “too involved with FATF directly” regarding the development but has been collaborating on travel rule solutions with a number of working groups and regulators for about a year.

As per the report, “travel rule” represents a set of FATF guidelines for crypto-related firms to adopt a number of AML and Know Your Customer measures. 

Thus, as introduced by the FATF in June 2019, the travel rule aims to prevent criminal and terrorist misuse of virtual assets.

ALSO READ :  Blockchain in Charity

Source: Cointelegraph | Image: Pixabay


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.