Coinbase has expanded its Travel Rule Universal Solution Technology (TRUST) to the United Kingdom. TRUST provides a compliance framework for a global Travel Rule that can be implemented and adjusted for varying jurisdictions. A Travel Rule demands financial institutions share KYC data when a customer sends funds over a certain amount from one institution to another.
With its expansion to the UK, TRUST now includes some of the region’s largest Virtual Asset Service Providers (VASP), such as Fidelity Digital UK, Gemini UK, and Kraken UK. The UK Travel Rule is pending establishment and is on track to be implemented by the end of the year.
Most Travel Rules are region-specific, and TRUST envisioned to be a global Travel Rule, is flexible enough to be adapted to many different regulatory landscapes. TRUST involves no central personal data store; KYC information shared between financial institutions can only be sent from one TRUST member to another. Additionally, TRUST requires proof of address ownership for registered VASPs and upholds stringent core security and privacy standards to ensure users are always protected.