Shyft Network Launches Veriscope Governance Task Force

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Shyft Network (Courtesy: Twitter)
Shyft Network (Courtesy: Twitter)

Shyft Network’s advisors Rick McDonell and Josee Nadeau, in collaboration with global digital token businesses including Bitfinex, Tether, Huobi, HashKey Pro, Tokocrypto, Unocoin, Paycase Financial, and CoinHako, will join existing partners in the creation of the Veriscope Governance Task Force and the onboarding framework for veriscope , a decentralized compliance framework and smart-contract platform for Virtual Asset Service Providers (VASPs), according to an official media release.

In June 2019, the FATF issued guidance requiring VASPs to share Know-your-customer (KYC) data between a transacting Originator and Beneficiary “immediately” — that is, simultaneously or concurrent with the transfer itself. Specifically, the guidance stated VASPs should ensure that:

“…originating VASPs obtain and hold required and accurate originator information and required beneficiary information on virtual asset transfers, submit this information to beneficiary VASP or the financial institution (if any) immediately and securely”.

Veriscope is a decentralized solution for global compliance standards, including the FATF’s Travel Rule guidance. The Governance Task Force is exploring solutions specific to the governance framework and rules around the types of information that VASPs need to provide with respect to onboarding with Veriscope in order to become recognized and discoverable participants.

Joseph Weinberg, Co-Founder of Shyft Network, said “In a time where we are seeing global coordination challenges and incoming guidance requirements that make significant alterations to our ecosystem, it is critical that the rest of the world has strong liquidity representation and directives from our largest operators who in turn aggregate network effects for the smaller VASPs in our space.

It is our responsibility to ensure we have a better voice to help direct policy and ensure we can maintain decentralization and user privacy while helping regulators gain comfort in how our ecosystem operates. This group will act as a collective to make decisions, run implementations, address interoperability challenges, and give insights into how we may be able to build regulatory requirements that reduce risk, rather than having guidance that doesn’t effectively solve regulatory challenges.”