Maris Research

‘Evil VASP’ Simulation Preps Crypto Exchanges for FATF Travel Rule

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Getting crypto exchanges across the world to plug into each other and share sensitive customer data is proving to be a complex problem. 

Nonetheless, firms have to show real progress on this by June of this year, according to new anti-money laundering (AML) rules from global AML watchdog the Financial Action Task Force (FATF).

Announced Thursday, the Travel Rule Information Sharing Alliance (TRISA), one of the better-known solutions being proposed, is launching a testnet that includes a directory of virtual asset service providers (VASPs) and scenario testing for inevitable contact with non-compliant firms. 

The FATF rules require crypto companies to share personally identifiable information (PII) for transactions over a certain amount. While a global cohort of compliance-minded exchanges will begin implementing the new rules later this year, there will be many stragglers including smaller firms in far-flung jurisdictions. This is expected to create a so-called “sunrise problem,” as some parts of the crypto world become regulated ahead of others. 

The TRISA testnet begins to address that looming challenge by including a dummy version of an “evil VASP” that will provide false authentication, attempt to steal data and so on.

There are two compliant VASPs

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