TRUST

Fact: TRUSThub enables TRUST members to send Travel Rule data to, and receive Travel Rule data from, non-TRUST members.

Fact: TRUST is designed as a global Travel Rule solution. Today, most TRUST members are located outside the United States, demonstrating how VASPs worldwide rely on TRUST to meet their Travel Rule requirements, regardless of local regulations.

Fact: TRUST is proud to welcome an extensive global network of VASPs, including many of the largest in the world, most of which are located outside the United States – in the EU, Singapore, UK, Canada, and beyond. As more jurisdictions implement Travel Rule regulations, we’re excited to see our network continue to grow in the months and years ahead. With the introduction of our new tool, TRUSThub, TRUST members can now exchange Travel Rule information with other VASPs worldwide, even if they are not yet a member of TRUST.

Fact: TRUST is a not-for-profit Travel Rule tool, created and maintained by a coalition of VASPs working collaboratively. TRUST evenly splits its operating costs among its members, meaning membership fees are expected to decrease as more VASPs join the extensive TRUST network. Additionally, TRUST now offers a free membership option for smaller VASPs, making TRUST even more accessible. Once a VASP joins TRUST, its affiliates can also join the network without paying any additional membership fees.

Fact: TRUST is the only Travel Rule solution built by the industry, for the industry. Unlike private, for-profit vendor tools, TRUST was collaboratively developed by a coalition of global VASPs who recognized the importance of meeting Travel Rule obligations while prioritizing the security and privacy of our customers’ personal information. While Coinbase plays a leading role in operating the TRUST network, key decisions are reviewed and voted on by our VASP members, reflecting TRUST’s decentralized nature.

Fact: TRUST enables originating VASPs to securely share Travel Rule information before or simultaneously with the initiation of a transaction on the blockchain. This helps our members ensure that they can meet their Travel Rule obligations, regardless of where they are located in the world.

Fact: As a Travel Rule solution built by VASPs for VASPs, the security of customer data is a top priority. That’s why TRUST employs a unique and robust set of security measures to protect customer information, including: (1) sharing Travel Rule information exclusively via encrypted, peer-to-peer channels; (2) requiring all TRUST members to undergo an independent review of their data privacy and security protocols; and (3) providing a method for VASPs to cryptographically prove ownership of a deposit address, ensuring Travel Rule information reaches the correct counterparty. Our team is always available to provide more details on these and other ways TRUST safeguards sensitive customer information.

Fact: TRUST never stores sensitive customer information, let alone in a centralized database. This design reduces the risk of a bad actor accessing and misusing the information. Instead, Travel Rule information is transmitted directly from one VASP to another through end-to-end encrypted channels.

Fact: VASPs can integrate into TRUST within 2-6 weeks of engineering time, depending on the pace determined by the VASP in accordance with its engineering, compliance, and other resources. To assist with this process, existing TRUST members provide support to onboarding VASPs, including technical documentation and office hours to guide new members through the integration.

Fact: TRUST – either alone or in combination with our recently launched TRUSThub feature – supports all blockchains, helping our VASP members meet their Travel Rule compliance needs, regardless of the assets their customers want to send or receive.

Fact: TRUST requires no changes to a VASP’s UX. Instead, VASPs integrate TRUST directly into their payment rails, facilitating the secure exchange of encrypted Travel Rule information in a peer-to-peer manner, directly between counterparty VASPs. While TRUST members may choose to make UX changes to meet their Travel Rule obligations, TRUST does not dictate whether or how these changes should be made.