IVMS 101.2023 ensures a more usable, effective, and complete international data model for VASPs meeting Financial Action Task Force (FATF) requirements.
The interVASP Messaging Standards Working Group (ISWG) has released an update to interVASP Messaging Standard 101 (IVMS 101), the universal common language for the communication of required originator and beneficiary information between virtual asset service providers (VASPs).
IVMS 101 was originally developed and released in May 2020 by across-industry, cross-sectoral joint working group of 130 technical experts. The Standard addresses the Financial Action Task Force (FATF) requirement for VASPs to transmit and receive personal originator and beneficiary information with each crypto transaction, often called the Travel Rule. Since its release, it has gained widespread adoption as the preferred data model for structuring Travel Rule-mandated data and is used by all leading Travel Rule solution providers.
In April 2023, the interVASP Standards Working Group (ISWG) was formed as a Global Digital Finance (GDF) open Independent Working Group. Co-chaired by Andrew Davidson of OpenVASP and Neil Samtani of VASPnet, the ISWG came together to address various errors, implementation challenges and enhancements that were identified and proposed by technical subject-matter experts during the adoption process.
Over a series of meetings, the ISWG considered identified issues and proposed revisions to IVMS 101. In July 2023, a draft of proposed changes to IVMS 101.2023 was released for consultation.
The ISWG has now ratified the proposed changes to IVMS 101.2023 to provide a more usable, effective, and complete universal common language for transmitting Travel Rule-mandated data. The updated Standard, IVMS 101.2023, is now freely available for download at https://www.intervasp.org/.
Global Digital Finance
Madeleine Boys, madeleine@gdf.io
OpenVASP
contact@openvasp.org
VASPnet
Alexandra Walters, alexandra@vaspnet.com
Global Digital Finance (GDF) is the leading global non-profit association of member firms offering an open innovation platform for advocating and accelerating the adoption of best practices for digital assets.
OpenVASP is a non-profit members association that develops open and permission less standards and tools for VASPs. The association's core standard is TRP, the Travel Rule Protocol, a fully decentralised solution for the FATF Travel Rule. OpenVASP has also published a free IVMS 101 validator which can be used to ensure interoperability of IVMS 101 implementations. OpenVASP was launched in November 2019.
See: https://openvasp.org
VASPnet is the world’s assured source of regulatory reference data on virtual asset service providers (VASPs). Our VASPdata platform gives public and private sector entities the information they need to make well-informed, risk-based decisions on the VASPs they do business with. VASPnet is an XReg company, an international public policy and regulatory affairs consultancy specialising in crypto-assets.
Visit www.vaspnet.com to find out more.
