The OpenVASP network facilitates robust compliance with global travel rule requirements for Virtual Asset Service Providers. Follow these three steps to become a network user.
1. Establish your VASP identity
Reserve your VASP code now. It can be freely chosen and comes at no cost other than the blockchain transaction fee.
What’s behind the VASP code?
The VASP code is required to send and receive network messages. Registering a VASP code deploys a smart contract on the Ethereum blockchain (VASP contract), which is fully owned and managed by the registering VASP.
The VASP contract serves to store the public keys used to encrypt message sent to the VASP and to verify messages signed by the VASP.
How can I get a VASP code and the linked VASP contract?
Obtain your individual VASP code by directly calling the OpenVASP Index, a smart contract factory deployed by the OpenVASP Association.
Please note that the OpenVASP Association has no administrative rights on the Index other than deleting the entire smart contract, following the “code is law” principle for security and in the spirit of decentralization.
2. Get your identity verified
Optional, but recommend – get your identity verified and listed in the public OpenVASP directory.
Getting verified and listed in the OpenVASP directory is not required to use the protocol. VASPs that know and trust each other can exchange encrypted messages simply by using the VASP code (see above).
However, many VASPs will find it efficient to use a standard verification process to speed up the onboarding of counterparties. The OpenVASP Association therefore operates a global identity verification service provided at cost price.
Benefits of being listed in the OpenVASP directory?
Being listed in the directory means that:
- The VASP’s real-world identity is robustly verified (legal and operational existence, physical address and registration in its home jurisdiction).
- The linkage between real-world entity and the VASP code is cryptographically proven.
- The VASP fullfills the supervisory requirements of its home jurisdiction.
- The VASP, its owners and controlling persons are not subject to U.N. sanctions.
- The VASP has agreed to adhere to common terms and rules when using the protocol (e.g. data privacy)
The OpenVASP Association engages reputable law firms to ensure a competent and independent verification.
3. Choose software
If you are looking for a ready to plug in solution, you can get in touch with our ecosystem of implementation partners. Select the best for your specific needs from the list below.
As a leader in banking software, services and digital technology, we provide the platforms and services financial institutions need in order to excel in the new era. Avaloq will implement the OpenVASP standard in its platform used by more than 150 client banks worldwide.
EPAM (NYSE: EPAM) is a leading global provider of software product development and digital platform engineering services to hundreds of Fortune 500 and 1000 clients located around the world, primarily in North America, Europe, Asia and Australia.
Lykke Business is an enterprise technology provider headquartered in Switzerland and was founded in 2015 as part of the Lykke group. The company has developed and operated secure blockchain infrastructure solutions, including several global and regional financial institutions. Lykke Business has extensive knowledge and experience help the provider to serve enterprises by building, launching, and operating platforms powered by Blockchain. More details on: https://lykke-business.ch/
Notabene helps crypto businesses be compliant with new, global regulations that are coming into effect now. They are the first ‘protocol-agnostic’ solution, allowing customers optionality to support one or more protocols. Their product has a built-in rigorous trust framework for crypto businesses, which lowers due diligence costs substantially. More details on: https://notabene.id/
21 Analytics is an on-premises solution for the travel rule that is compatible with all industry standards. More details on: https://www.21analytics.ch/
Coinfirm is a global leader in AML and regulatory technology for blockchain and cryptocurrencies. It offers the industry’s largest blockchain coverage, supporting over 1,400 cryptocurrencies and protocols including Bitcoin, Ethereum, Hyperledger, and many more. Coinfirm’s solutions are used by market leaders globally, ranging from crypto exchanges such as Binance, and protocols like XRP, to major financial institutions like PKO BP. More details on: https://www.coinfirm.com/
You can also develop your own solutions. You will find all the necessary information on our GitHub repository.