CoolBitX and Elliptic Team Up to Offer Crypto Firms Compliance Tools

James Smith image via CoinDesk archives

Elliptic founder and CTO James Smith (CoinDesk archives)

Blockchain security firm CoolBitX and on-chain analytics company Elliptic are now pooling their technologies in a bid to help cryptocurrency firms better meet the demands of regulatory hurdles like the Financial Action Task Force’s (FATF) Travel Rule.

  • Announced Tuesday, the two companies will provide a package of their respective solutions to firms such as exchanges, or virtual asset service providers (VASPs) under FATF parlance.
  • The tools include CoolBitX’s Sygna Bridge product, an API-based messaging service enabling crypto firms to privately share data as required under FATF guidance for the world’s regulators, issued last June.
  • Also included are Elliptic’s on-chain analytic tools designed to help companies comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) requirements from FATF.
  • The Travel Rule requires VASPs to record identifying data on senders and receivers of transactions worth over $1,000 and pass the information on to other VASPs.
  • CoolBitX’s CEO Michael Ou said the blockchain and crypto industries were at a “major crossroads” with the Travel Rule posing a “daunting” challenge for companies.
  • The partners’ products would help firms avoid the risk of stepping outside FATF’s AML and CFT rules, Ou said.
  • The crypto industry is now seeing a number of initiatives developing solutions and standards to make it easier for firms to stay compliant as global regulators move to implement FATF’s guidance.

 

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