Sygna Bridge, the Financial Action Task Force (FATF) Recommendation 16’s ‘Travel Rule’, has announced the latest addition of Switzerland-based online bank Dukascopy Bank SA to its network of more than 20 VASPs around the world.
As part of the growth, Dukascopy Bank will implement and participate in the development of Sygna Bridge, allowing it to transmit secure compliance data with other Sygna Alliance members, as well as other interoperable technical solutions.
CEO of CoolBitX and creator of Sygna Bridge, Michael Ou stated: “As the traditional market and virtual asset sectors continue to converge, we are seeing more banks, financial institutions, and wealth management platforms introducing crypto services to their customers. Already under a great deal of regulatory scrutiny, these institutions require a solution that can match their current expectations of a seamless, secure, and effective technical solution to meet the FATF Travel Rule.
“We are pleased to add Dukascopy Bank to our list of VASPs in the Sygna Alliance, and honored that they have chosen Sygna Bridge as their solution provider. While we move closer to FATF’s July 2021 deadline for Travel Rule implementation, we are working with VASPs, and other technical solutions to ensure maximum interoperability and integration across the industry.”
CEO of Dukascopy Bank, Andre Duka, added: “As Dukascopy Bank gets increasingly involved in crypto-related activity, there is a need to make decisive efforts in ensuring the secure transmission of data and information required by the Travel Rule.
“With the growing regulatory oversight on crypto transfers between VASPs, it was important to choose a solution provider that is fully operational as well as interoperable with other solutions. Our partnership with Sygna Bridge allows us to focus on serving our customers and delivering value, knowing that our current and future legal and regulatory requirements are fulfilled.”
