Startups
The OpenVasp initiative has been launched in November 2019 by Bitcoin Suisse, Lykke, Seba Bank, Sygnum, Avaloq and MME, with the support of the Crypto Valley Association (CVA) and the International Digital Asset Exchange Association (IDAXA). The aim of the initiative is to help the crypto industry to comply with the travel rule by creating a solution for the industry from the industry. It started as a working group and since March 27th, 2020 has been incorporated in Zug as an Association. The goal is to build up an open and decentralized protocol as proposed in the OpenVASP whitepaper, a SWIFT like messaging system designed specifically for crypto.
It seeks to provide a clear picture of FATF compliance based on an open-source protocol allowing for secure communication of sender and beneficiary information for crypto-asset transactions between VASPs. The OpenVASP protocol is a decentralized protocol with full encryption of personal data which preserves and protects the “anonymity” of clients data. It is designed to be technology-agnostic, fully decentralized and extensible so that it may be adopted broadly by VASPs of all sizes using multiple implementations and at minimal cost.
Please reach out if you would like to know more on how to become a member.
It seeks to provide a clear picture of FATF compliance based on an open-source protocol allowing for secure communication of sender and beneficiary information for crypto-asset transactions between VASPs. The OpenVASP protocol is a decentralized protocol with full encryption of personal data which preserves and protects the “anonymity” of clients data. It is designed to be technology-agnostic, fully decentralized and extensible so that it may be adopted broadly by VASPs of all sizes using multiple implementations and at minimal cost.
Please reach out if you would like to know more on how to become a member.
Overview
Employees
1-10
Founded date
2020
Mentions in press and media 5
| Date | Title | Description |
| Sign up to see | Sign up to see | Sign up to see |
| Jun 27, 2020 | Is the Travel Rule Good or Bad for Crypto? Both | The "travel rule" officially extends to "virtual asset services providers" (VASPs) this month. It requires VASPs, such as crypto exchanges, to collect the names of both transaction senders and receivers, as well as the n... |
| Jun 23, 2020 | Identity Startup Notabene Launches Exchange Tool for FATF Travel Rule Compliance | A Financial Action Task Force (FATF) meeting this week is proving to be a popular time for industry players to launch compliance-minded tech solutions. One such startup, Notabene, announced Tuesday a “trust framework” for crypto exchanges o... |
| Feb 4, 2020 | Inside the Standards Race for Implementing FATF’s Travel Rule | The Takeaway: Crypto businesses are figuring out how to comply with the Financial Action Task Force’s “Travel Rule,” where all crypto transactions above a certain amount must be accompanied by identifying information. Competing visions for ... |
| Nov 15, 2019 | Crypto Industry Leaders Propose OpenVASP Protocol to Comply With FATF ‘Travel Rule’ | In its publication of June this year, the Financial Action Task Force (FATF) confirmed that virtual asset service providers (VASPs) would be required to obtain, hold and transmit the information of both the sending and receiving parties in ... |
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FAQ about OpenVASP Association
When was OpenVASP Association founded?
OpenVASP Association was founded in 2020.
What has the press written about OpenVASP Association?
Parsers VC has collected 5 articles mentioning OpenVASP Association, among them “Is the Travel Rule Good or Bad for Crypto? Both” (Jun 27, 2020) and “Identity Startup Notabene Launches Exchange Tool for FATF Travel Rule Compliance” (Jun 23, 2020).
Is OpenVASP Association still active?
Yes, OpenVASP Association is active; its latest activity on Parsers VC dates from Oct 6, 2026.