CoolBitX's Sygna Bridge Evaluated by ACCESS Association: Report

The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) has officially completed its first independent assessment of an FATF Travel Rule solution. The solution, CoolbitX’s Sygna Bridge Bridge The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat The bridge or liquidity bridge is an essential component for brokers that are enabling their clients to trade at interbank rates directly via a Prime Broker or a Prime-of-Prime (PoP). While market makers do not require a bridge in order to service its clients, brokers which are sending through orders to a liquidity provider or an electronic execution venue need a bridge to connect their trading platform to the interbank market.Bridges are used extensively in forex trading, specifically for Metat Read this Term, was evaluated for its Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, transaction monitoring and compliance reporting according to a set of requirements set out under Singapore’s Payment Services Act (PSA).

Michael Ou, the Chief Executive of CoolBitX, said that ACCESS’s initiative to support the adoption of the FATF’s travel rule guidelines will play an important role in further establishing Singapore as a world leader in the digital assets industry.

ACCESS Is “[Looking] Forward to Fostering Greater Awareness and Understanding on the Capabilities of Technical Solution Providers Serving VASPs.”

“By being a first-mover in meeting and even exceeding the FATF’s Travel Rule recommendations, the Monetary Authority of Singapore (MAS) has brought a great deal of regulatory clarity for VASPs operating in Singapore,” Ou explained in a statement.

Therefore, “we applaud ACCESS’ efforts in bridging the gap between the PSA and the VASP market by providing industry participants with a valuable understanding of the technical solution provider market and are proud that Sygna Bridge has become the first solution provider to be evaluated under its independent assessment framework.”

Anson Zeall, Chairman of ACCESS, said that his organization started the evaluation initiative in order to support the development of travel rule solutions for the cryptocurrency industry, particularly in Singapore.

“With MAS expressing the requirement for VASPs to meet the expectations laid out in the FATF’s Travel Rule in order to register for licenses under the PSA, there is a need for VASPs to understand the complex regulatory environment and mitigate risks from virtual assets,” he said.

Additionally, Zeall said that ACCESS is “[looking] forward to fostering greater awareness and understanding on the capabilities of technical solution providers serving VASPs.”

Sygna Bridge Was Launched Earlier This Year as a Response to FATF’s Recommendation 16

In an interview with Finance Magnates earlier this year, Managing Director of CoolBitX International, Elsa Madrolle said that Sygna Bridge was specifically built to address the Financial Action Task Force guidelines that were published last June in Recommendation 16.

Madrolle told Finance Magnates that CoolBitX is working on developing relationships with cryptocurrency exchanges around the world that may be interested in adopting Sygna Bridge as a compliance solution to get in line with the FATF’s recommendations.