InterVASP Messaging Standard IVMS101
May 8, 2020 | Staff
Crypto Industry Adopts Messaging Standard To Comply With Travel Rule
May the 6th, in concluding the IVMS101 plenary session, marked a profound, pivotal moment in collaborative efforts, across the crypto-asset industry and all other sectors, to solve a common challenge: the need for virtual asset service providers (VASPs) to adopt uniform approaches and establish common standards to enable them to meet their obligations resulting from the Financial Action Task Force (FATF) Recommendations as they apply to affected entities.
To tackle this, a cross-industry, cross-sectoral joint working group (JWG) of technical experts was formed in December 2019 by Chamber of Digital Commerce, Global Digital Finance and International Digital Asset Exchange Association. Crypto Asset Lab , represented by Vito Barbera, has been an active Member of JWG on interVASP Messaging Standards.
The JWG, comprising over 130 technical experts from around the world, developed interVASP Messaging Standard IVMS101, the new technical standard aims to facilitate exchange of data (payload) between VASPs. It has been a long journey through 18th rotating meetings and 1 plenary session all over the world.
Congratulations to all the JWG members and observers, in particular to Siân Jones as Convenor of JWG, Neil Samtani as technical editor, co-leads Amy Kim, Malcolm Wright and Anson Zeall for the milestone result, and to Vito Barbera for his effort and commitment in representing CAL in this important achievement for the crypto-asset industry.