CoolBitX, the international blockchain security company, has confirmed the launch of Sygna Gate, an efficient browser gateway to help VASPs comply with regulatory requirements.
The offering is designed to eradicate integration barriers for VASPs with limited technical resources, allowing them to meet regulatory requirements such as the FATF Travel Rule, blockchain analytics, sanction screening, and more with greater ease.
Michael Ou, CEO of CoolBitX said: “As global financial authorities take a more active role in regulating the digital asset market, operating a VASP today typically involves the implementation of multiple compliance solutions. With the need for stringent due diligence measures when dealing with cryptocurrencies, it can often be a challenge for smaller and mid-sized VASPs with limited resources to deal with several platforms and solutions.
“Over the past year, we have been working with several solutions providers including Elliptic and ComplyAdvantage to create seamless bundle solutions that meet different compliance needs for our VASP customers. Today, we are pleased to announce Sygna Gate, a comprehensive yet integration-free solution that simplifies and eases the compliance process for VASP customers.”
Ou added: “We are working tirelessly towards our roadmap of having a full suite of flexible compliance solutions for all types of VASPs and financial institutions by the end of 2021. With Sygna Gate recently launched, and with the impending launch of Sygna Hub in October, CoolBitX is constantly working with other solutions providers across the industry to advance the state of compliance, in turn pushing the digital asset industry closer to widespread institutional adoption.”
When engaging with Sygna Gate, VASPs would require one streamlined interface for multiple solutions, while enabling the interoperable exchange of compliance information between multiple Travel Rule protocols.
The Sygna Gate browser interface also seeks to reduce the technical integration resources needed and is designed to assist VASPs in the early stages of adopting Travel Rule and other regulatory requirements.