Andrew Davidson provided a fantastic breakdown of travel rule protocol in the TRP Workshop hosted by OpenVASP Association

On May 26 2023, OpenVASP Association presented their first 𝗧𝗥𝗣 𝗪𝗼𝗿𝗸𝘀𝗵𝗼𝗽: 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗢𝗽𝗲𝗻 𝗧𝗿𝗮𝘃𝗲𝗹 𝗥𝘂𝗹𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱. The OpenVasp initiative has been launched in November 2019 by Bitcoin Suisse, Lykke, Seba Bank, Sygnum, Avaloq and MME, with the support of the Crypto Valley Association (CVA) and the International Digital Asset Exchange Association (IDAXA). The aim of the initiative is to help the crypto industry to comply with the travel rule by creating a solution for the industry from the industry.

VDX CTO Andrew Davidson, as a board member of OpenVASP, provided a fantastic breakdown of TRP(travel rule protocol). He explained its benefits, including the Travel Address, discussed how TRP leverages industry standards as building blocks, which is the case for the IVMS101 standard, and provided a breakdown of the TRP flow (see below!).

Harm Aarts followed with explanations of various TRP tools, and its specs.
Harm also led the fun part: attendees had real-life exercises with the #protocol, even sending Travel Rule messages during the session! Nicole Giani provided a brief #FATF Travel Rule explanation.

Attendees of this workshop left knowing:
☑️ how to interact with a TRP counterparty,
☑️ how to create a Travel Address,
☑️ the basics of the protocol,
☑️ the technical challenges of Travel Rule compliance, and
☑️ how to do it all for free, with a truly peer-to-peer standard, where there are no centralised parties involved (just like #Bitcoin!).

With an increasing emphasis on travel rules and cyber security in the new regime, the benefits of TRP deserves more attention.

VDX Group is willing to participate more discussions regarding travel rules with excellent peers. Looking forward to next TRP workshop!

About VDX

VDX is creating a world-leading digital asset platform, committed to bringing regulated, reliable, safe and fair services to global investors and financial institutions. VDX Connect delivers customized solutions in the areas of regulation, compliance, trading and risk reporting. Bridging traditional and digital finance, VDX provides a trusted gateway for brokers, banks, fund managers and family offices to access the digital asset space in a compliant way. For more information, please visit https://www.vdx.com