The Dutch financial conglomerate ING has developed a protocol to track the movement of digital assets to help crypto industry representatives meet FATF requirements.
The Bank sees an increase in the prospects for the use of virtual currencies and tokens in the financial sector, therefore, it actively participates in the activities of various working groups to standardize this ecosystem.
According to the developers, Travel Rule Protocol or TRP is a shared governance infrastructure that allows crypto companies to requestinformation about the availability of address records,identified by the identifier of the legal entity, public key and other data. The protocol is equipped with an API that provides data transfer over the Internet and helps to link the identity and data with a specific address.
Many companies have already supported the ING solution.working with crypto assets, including Fidelity Digital Assets, BitGo and Standard Chartered Bank. InterVASP also participated in the project, which issued a standard for the interaction between various assets during their transfer.
In addition to the protocol for tracking the movement of digital assets, since the end of last year ING has been developing a technical solution for the secure storage of its clients' cryptocurrency assets.
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