The FATF R.16 (Crypto Travel Rule) requires both VASPs to exchange user privacy information to further identify the parties behind the crypto addresses associated with a transaction.
To assist VASPs in complying with the FATF Travel Rule, Sygna Bridge has been developed to exchange this information and prevent a centralized database that links all the user identities with their addresses. Through Sygna Bridge, senders are only required to share the routing information collected from the beneficiary users with the Originator VASPs.
Moreover, the formats of the required information from different regions or countries are often unstandardized, and it may be time-consuming when users struggle to enter every single detail of the transactions which may ultimately affect the overall user experience. Thus, a standardized "Virtual Asset Account Information (VAAI)" format will be used to simplify the whole information exchange process.
Virtual Asset Account Information (VAAI) is an optional way of routing the R.16 Travel Rule required information between VASPs that allows them to keep their current withdrawal page UI. VAAI will be populated automatically from the current exchange information.
Virtual Asset Account Information (VAAI) is constituted by the following routing information:
- VASP Code
- Name of the beneficiary
A beneficiary party with a VASP-hosted wallet who wishes to receive virtual assets from an originator party who’s using a different VASP must provide the originator with compliant routing information that is supplied by the VAAI.
VAAI complies with the Bitcoin Improvement Protocol 21 (BIP-0021), which is a popular address format currently used by many virtual asset exchanges and wallet providers. It can be used to convey as much information as needed (such as message, amount, gas fee, smart contract function, etc).
We recommend that beneficiary VASPs include both their VASP code and beneficiary’s name in their existing BIP-0021 address format. This facilitates the easy exchange of VAAI (e.g. via QR code or copy-paste) between the beneficiary and originator, as well as VASP-to-VASP virtual asset transfers to comply with the FATF guidance. Originators will not need to manually enter this information, as all the required information is included within the code.
Please note that the messages included in the code are compatible with IVMS101 and the types of name identifier for both legal and natural person should be
The legal last name of the user.
The legal first name of the user.
Beneficiary VASP Code
The legal name of the legal person. Please hyphens (“-”) to avoid spaces between words if there is any.
Beneficiary VASP Code
Updated 5 months ago