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Introduction
Coinbase has recently announced the introduction of a feeless membership option for the Travel Rule Universal Solution Technology (TRUST), a cutting-edge travel rule service designed with a focus on client safety and privacy.
TRUST Overview
TRUST stands as a premier travel rule service aimed at virtual asset service providers (VASPs) to help them meet their travel rule obligations while ensuring the highest standards of safety and privacy for clients. The service has already gained significant traction among leading VASPs worldwide, particularly in regions like North America, Europe, and Asia.
Feeless Scheme
One of the latest advancements for TRUST is the implementation of a feeless scheme, a significant milestone for the service. The key feature of the feeless scheme is the exemption from fees. As a non-profit entity, TRUST relies on contributions from its members to cover operational expenses. However, qualifying VASPs will now have the opportunity to participate in the feeless scheme, although this option is not currently available for small or emerging VASPs.
Participating VASPs
Under the feeless scheme, VASPs that join TRUST will become part of a robust network comprising over ninety prominent industry players, including Coinbase, Binance US, Coincheck, and others like Amber Group, Anchorage Digital, Baanx, and Balance. The impressive roster also features Coinhako, Coinpass, Custodia, Bullish, and Cake Defi, among others, showcasing TRUST’s global reach and comprehensive approach to travel rule compliance.
Commitment to Safety and Privacy
TRUST’s diverse membership reflects its overarching goal of serving as a universal travel rule compliance service adaptable to the varying regulatory landscapes across different jurisdictions. By maintaining a decentralized approach to personal data storage and emphasizing proof of address ownership, TRUST upholds strict standards of privacy protection, ensuring that client information remains secure and confidential at all times.
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