In order to derive the synergy, Shyft Network and Merkle Science have come together in a unique association that is primarily aimed to cater to virtual asset service providers (VASPs) in the Asia Pacific region. The compliance services will be offered according to the laid-out regulatory norms related to the travel by the Financial Action Task Force (FATF). Just so you know, Shyft Network offers decentralized networks to its clients and is headquartered in Barbados. On the other hand, Merkle Science has a business interest in the segment of blockchain intelligence, and it is based out of Singapore.
Shyft Network has recently launched its contract platform, the Veriscope. This platform is based on blockchain and aims to help VASPs comply with the FATF’s travel regulations. The role of data monitoring becomes crucial here, and this is exactly where the importance of Merkle Science comes into prominence. Merkle Science has equipped the Veriscope with a monitoring platform that will help to detect any suspicious transactions and entities that might try to break into the system.
Both these solutions will be required in a large number of countries and regions where the new compliance promulgated by FATF is implemented. Especially for Digital token service providers, meeting the compliance is necessary as they require it to provide it with their services to the clients. This compliance, which is aimed to stop money laundering, has special significance for the Asia Pacific region. This is because Asia-pacific is the leading region when it comes to cryptocurrency transactions and trading activities.
This association will help the cryptocurrency and blockchain technology segments to gain faith as a high level of safety and security will definitely help both these new-age technologies to get more approval from customers. This will also enhance the appeal of digital assets among prospective traders as compliance with the regulatory provisions is very important to generate faith among the investment community. Hopefully, this partnership will yield positive results for all stakeholders involved in the process while widening the crypto universe’s scope among the target segment.