The Travel Rule Universal Solution Technology (TRUST) will support Revolut’s efforts to comply with the regulatory requirement known as the “Travel Rule”. The Travel Rule requires Virtual Asset Service Providers (VASPs) to collect and transmit originator and beneficiary information on cryptoasset transfers to ensure transparency and traceability.
Revolut selected TRUST due to its impressive list of existing members and dedication to several key principles:
- No central store of personal data: TRUST never centrally stores sensitive customer information
- Address Ownership Verification: TRUST allows VASPs to cryptographically prove their ownership of receiving crypto to help ensure the safety of customer information.
- Core security & privacy standards: Every potential TRUST member undergoes stringent evaluation in order to ensure they meet core anti-money laundering, security, and privacy requirements before being allowed to join.