June 23, 2020 ING Bank develops a protocol for cryptoasset companies to comply with FATF travel rule.

The multinational bank, ING, has developed a protocol that aims to allow companies that handle cryptoassets to comply with the Financial Action Task Force’s (FATF) new travel rule requirement for virtual asset service providers (VASPs). Named the Travel Rule Protocol (TRP), the new measure will allow entities to search for address entries where an entry can include data concerning a public key or legal entity identifiers. Supporting the protocol are several blockchain and legacy companies, including BitGo, Fidelity Digital Assets, and Standard Chartered Bank.