CoolBitX—the international blockchain security company, and creators of Sygna Bridge, the market-ready solution for Virtual Asset Service Providers (VASPs) to meet requirements of Financial Action Task Force (FATF) ‘Travel Rule’ guidance—has launched Sygna Gate, a non-technical and easy-to-use browser gateway to help VASPs comply with regulatory requirements. Sygna Gate is designed to remove integration barriers for VASPs with limited technical resources, allowing them to meet regulatory requirements such as the FATF Travel Rule, blockchain analytics, sanction screening, and more with greater ease.
With Sygna Gate, VASPs would simply require one streamlined interface for multiple solutions, while enabling the interoperable exchange of compliance information between multiple Travel Rule protocols. The Sygna Gate browser interface also reduces the technical integration resources needed, and is designed to assist VASPs in the early stages of adopting Travel Rule and other regulatory requirements.
Michael Ou, CEO of CoolBitX said: “As global financial authorities take a more active role in regulating the digital asset market, operating a VASP today typically involves the implementation of multiple compliance solutions. With the need for stringent due diligence measures when dealing with cryptocurrencies, it can often be a challenge for smaller and mid-sized VASPs with limited resources to deal with several platforms and solutions. Over the past year, we have been working with several solutions providers including Elliptic and ComplyAdvantage to create seamless bundle solutions that meet different compliance needs for our VASP customers. Today, we are pleased to announce Sygna Gate, a comprehensive yet integration-free solution that simplifies and eases the compliance process for VASP customers.”
Sygna Gate builds on their important strategic partnerships with fellow compliance solution providers Elliptic and ComplyAdvantage earlier in January and May 2021. The Wallet Address Filter API developed with Elliptic is a blockchain analytics solution that distinguishes between custodial and private wallet addresses, while the sanctions screening solution with ComplyAdvantage supports financial crime detection. In October 2021, CoolBitX is scheduled to launch Sygna Hub, an on-premises software platform for traditional financial institutions to assume full control of personal data when transacting with digital assets.
“We are working tirelessly towards our roadmap of having a full suite of flexible compliance solutions for all types of VASPs and financial institutions by the end of 2021. With Sygna Gate recently launched, and with the impending launch of Sygna Hub in October, CoolBitX is constantly working with other solutions providers across the industry to advance the state of compliance, in turn pushing the digital asset industry closer to widespread institutional adoption.” Ou added.
Sygna aims to stay at the forefront of the digital asset industry's AML compliance needs. The Sygna line of products are catering to be highly flexible to the needs of VASPs, while meeting the highest level of information and data security standards. As a testament to its proven information security pedigree, Sygna Bridge achieved the ISO/IEC 27001 certification, a globally recognised standard for Information Security Management System (ISMS) in April 2021.
