Comply with the travel rule requirements with a future-ready technology.
Most Distributed Ledgers are pseudo-anonymous and therefore do not comply with the travel rule requirements. Existing travel rule technologies do not fit with those new requirements, hence the need of new open, distributed and robust protocol
An open and robust protocol, implementing the FATF's travel rule requirements for Virtual Assets
to fulfil the travel rule requirements so why VASPs fully comply with the regulation
Open source software
to ensure a full transparency and a broader reach, avoiding proprietary solutions that are concentrating sensitive information
to support new requirements in the travel rule and support other use cases
Seven design principles
Travel rule compliance
Through the protocol, exchange the FATF-required information, including the originator and the beneficiary
Decentralized approachSupport a peer to peer interaction between VASPs without consent or support of any third party
The protocol is independent from any underlying DLT technology where the financial transaction is taking place
Privacy by design
This extends the decentralized approach to make sure all participants are strongly authentified and the all exchanges are robustly encrypted
Supports all travel rule use cases, including one-off transfers as well as large automated volumes
The protocol is built in a modular way so that more use cases can be supported in the future
Ensures minimal cost for VASPs. Achieved through supporting any DLT, and straight through processing using existing infrastructure
The protocol specification has been documented in an initial whitepaper.
This initial specification has been used to develop two initial implementations by two different teams, in two languages (C# and Java).
These early implementations have led to some adjustments that are available on our GitHub.
Current state of the protocol
The association members have carefully put together the initial version of this protocol following the seven design principles presented above.
As more people are reviewing the protocol and the use cases, new ideas have emerged. This is why we set up a transparent improvement process, so that everyone can contribute to the OpenVASP success.
We have set up a process named OVIP (OpenVASP Improvement Proposal) to centralise all the great ideas in one place. It comes together with a Standard Committee, where members of the OpenVASP association review and validate the proposed improvements.
If you’re looking to participate in standard development or implementations, join our community site and check out the Github repository.