DigiFinex joins CoolBitX’s Sygna Alliance to Comply With FATF Travel Rule and Singapore Crypto Regulations
Taipei, Taiwan — 19 January 2021 — DigiFinex, a world-leading digital assets trading platform, has joined the Sygna Alliance as the 25th member and completed the integration of CoolBitX’s market-ready compliance solution, Sygna Bridge. The Sygna Alliance consists of a consortium of Virtual Asset Service Providers (VASPs) across the APAC region, most of which have commenced internal testing and implementation of the Sygna Bridge solution.
Sygna Bridge is an interoperable, user-friendly, and secure API for compliant data sharing that enables VASPs like the Singapore-based DigiFinex, to comply with the Financial Action Task Force (FATF) “Travel Rule” and meet the licensing requirements of the Monetary Authority of Singapore (MAS) PSN02 — which regulates VASPs for the prevention of money laundering and countering the financing of terrorism.
Kiana Shek, CXO of DigiFinex, said: “As a leading crypto exchange, we thrive to provide the most compliant and secure service to our users. It made perfect sense to select a solution that was market-ready and could serve our current and future compliance needs. I’m excited to work with Sygna Bridge, and am confident in Sygna Bridge’s ability to streamline the data transfer process for DigiFinex and uphold the high standards for user experience.”
In October 2020, Singapore crypto trade association ACCESS announced that Sygna Bridge had become the first solution to be evaluated based on its independent assessment framework for Singapore’s Payment Services Act (PSA) — demonstrating Sygna Bridge’s ability to help VASPs in Singapore meet local regulations while maintaining operational standards.
Michael Ou, Founder and CEO of CoolBitX, said: “Singapore’s well-developed regulatory framework for virtual assets has placed the nation as a leading hub for cryptocurrency investment and activity. As such, the industry has benefited from proactively keeping up with and even exceeding the pace of regulatory compliance with MAS’ requirements, setting the world standard in dealing with money laundering concerns in the digital realm. We are ecstatic that DigiFinex, one of the world’s leading exchanges, has chosen Sygna Bridge as its compliance solution to meet the MAS’ guidance, and are thrilled to have them onboard the Sygna Alliance.”
The latest Sygna Bridge version supports the InterVASP Messaging Standard (IVMS101), a unifying messaging standard advocated by The Joint Working Group — an industry body formed by Chamber of Digital Commerce, Global Digital Finance, and the International Digital Asset Exchange Association. This comes after months of technical improvements and rigorous testing with VASP partners in Singapore, Japan, Korea, and Taiwan. In addition, Sygna Bridge also successfully demonstrated its compatibility with the leading information sharing platform Travel Rule Information Sharing Alliance (TRISA) in September 2020, through a proof-of-concept (PoC) that enables message interoperability and mutual VASP authentication.
CoolBitX Founder and CEO Michael Ou, and DigiFinex CXO Kiana Shek are available for media interviews.
DigiFinex is a world’s leading digital assets exchange with offices in Singapore, Australia, China, South Korea, and Malaysia. DigiFinex is committed to becoming a close investment partner for users. It is a favored and trusted cryptocurrency trading platform for more than 4 Million users in 217 countries. Having embarked on the path of being compliant and regulated earlier than most exchanges, DigiFinex Singapore now has obtained the exemption of Provision of Digital Payment Token Services in Singapore from Monetary Authority of Singapore. For more information on DigiFinex, please visit www.digifinex.sg.
CoolBitX Technology Ltd. (CBX) is an international blockchain security company that is building the infrastructure necessary to close the gap between the mainstream market and the crypto industry. Founded in 2014 by Michael Ou and backed by SBI Holdings, CoolBitX provides solutions for a rapidly-changing blockchain industry in order to foster the mass adoption of virtual assets through its two product lines: CoolWallet S and Sygna. CoolWallet S is a credit card-sized hardware wallet that allows for Bluetooth-enabled pairing with users’ mobile phones. The Sygna line of regulatory compliance products is tailored toward Virtual Asset Service Providers (VASPs), simplifying the process for VASPs to meet the compliance standards of the traditional financial industry and improve the reputation of the virtual currency industry. For more information on CoolBitX, visit https://coolbitx.com/.
About Sygna Bridge
As part of CoolBitX’s new line of regulatory compliant products tailored toward Virtual Asset Service Providers (VASPs), Sygna Bridge is a compliant, user friendly, and secure data exchange solution that allows VASPs to communicate regulation-ready information. For VASPs licensed or registered in any of the 200 global jurisdictions committed to FATF Recommendations, Sygna Bridge is a first-to-market solution that simplifies the complex and labor-intensive task of meeting the “travel rule” as defined in FATF Recommendation 16. Sygna Bridge was created to close the gap in compliance standards between the mainstream market and the crypto industry. For more information on Sygna, visit https://sygna.io/ and for more information on CoolBitX, visit https://coolbitx.com/.