Shyft Network Solution On Regulation and Compliance

Regulation in the crypto space becomes the trending discussion and crypto projects have started looking for ways to protect their community and the project. With demand and requirements pitched by SEC, we see European Union ushering in a paradigm shift, significantly affecting anonymity, and don't forget the first cryptocurrency (Bitcoin) follows privacy and anonymity.

Having a regulated body for the crypto community is not a bad idea but manning the community with the present law would fly and treating all crypto assets as security is not a way to go at all. In the update of the report, we now see a new suggestion of recognizing digital cryptocurrency as personal property, but will this stop all the scams and illegal activities within the community?

A Solution Discovered By Shyft Network

As we progress in making sure these new regulatory waters lie in finding a solution that can reconcile the need for compliance in the community, particularly in areas of safeguarding user data, Shyft Network comes up with a promising solution called Veriscope, a Travel Rule Solution.

What Does Veriscope Set To Do?

Shyft Veriscope allows a seamless exchange of user data among Virtual Asset Service Providers (VASPs), and this is been managed without storing user's data, but rather keeping data privacy intact.

Further to this solution, being a peer-to-peer model, it enables Virtual Asset Service Providers to comply with the FATF Travel Rule frictionlessly and offers an automated process that minimizes any negative impact on user experience.

As regulation becomes a center of focus these days, Shyft Veriscope seems fit to cater to regulatory compliance and user privacy due to the feature the team pitched.

Check out the network and see the potential lies within the solution pitched by Shyft Network. This is #ShyftDiscovery.

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