crypto-exchange-digifinex-joins-sygna-alliance-to-comply-with-fatf-travel-rule-and-singapore-regulations

Crypto exchange DigiFinex joins Sygna Alliance to comply with FATF Travel Rule and Singapore regulations

DigiFinex, a crypto asset procuring and selling platform, these days launched it has joined the Sygna Alliance as the 25th member and accomplished the combination of CoolBitX’s market-curious compliance resolution, Sygna Bridge. The Sygna Alliance contains a consortium of Digital Asset Service Companies (VASPs) across the APAC space, most of which have commenced interior testing and implementation of the Sygna Bridge resolution.

Sygna Bridge is an interoperable, individual-helpful, and stable API for compliant files sharing that enables VASPs like the Singapore-primarily based mostly DigiFinex, to look at the Financial Motion Job Force (FATF) “Shuttle Rule” and meet the licensing requirements of the Financial Authority of Singapore (MAS) PSN02—which regulates VASPs for the prevention of money laundering and countering the financing of terrorism.

“Singapore’s correctly-developed regulatory framework for digital assets has positioned the nation as a number one hub for cryptocurrency funding and process. As such, the industry has benefited from proactively maintaining with and even exceeding the trek of regulatory compliance with MAS’ requirements, surroundings the realm identical old in facing money laundering concerns in the digital realm. We are joyful that Digifinex, one of many realm’s main exchanges, has chosen Sygna Bridge as its compliance resolution to meet the MAS’ steering, and are thrilled to have them onboard the Sygna Alliance.”


– Michael Ou, Founder and  CEO of CoolBitX

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In October 2020, Singapore crypto commerce affiliation ACCESS launched that Sygna Bridge had change into the fundamental resolution to be evaluated per its just evaluate framework for Singapore’s Price Companies Act (PSA)—demonstrating Sygna Bridge’s capacity to wait on VASPs in Singapore meet local rules while sustaining operational requirements.

Kiana Shek, CXO of DigiFinex

“As a number one crypto alternate, we thrive to supply basically the most compliant and stable service to our customers. It made ideal sense to make a different a resolution that was market-curious and could well support our most modern and future compliance wants. I’m exasperated to work with Sygna Bridge, and am assured in Sygna Bridge’s capacity to streamline the guidelines switch job for DigiFinex and uphold the excessive requirements for individual skills.”


– Kiana Shek, CXO of DigiFinex

The most modern Sygna Bridge version helps the InterVASP Messaging Fashioned (IVMS101), a unifying messaging identical old advocated by The Joint Working Community—an industry physique shaped by the Chamber of Digital Commerce, International Digital Finance, and the International Digital Asset Alternate Affiliation.

This comes after months of technical enhancements and rigorous testing with VASP partners in Singapore, Japan, Korea, and Taiwan. As well to, Sygna Bridge additionally efficiently demonstrated its compatibility with the main files sharing platform Shuttle Rule Recordsdata Sharing Alliance (TRISA) in September 2020, thru a proof-of-procedure (PoC) that enables message interoperability and mutual VASP authentication.

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