CoolBitX Solution Sygna Assists VASPs in Meeting the FATF’s KYC/AML Standards

Bluetooth-enabled hardware wallet creator CoolBitX announced the launch of Sygna, a first-to-market KYC/AML solution allowing for fully compliant virtual asset transactions across multiple Virtual Asset Service Providers (VASPs), individuals, and institutions.

Sygna takes the responsibility of conducting KYC away from exchanges by ensuring that all wallet holders are fully KYC-ed through their wallet. As a proof-of-concept, CoolBitX also announces the successful early adoption of its technology by leading Japanese exchange SBI VC Trade Co., Ltd. (SBI VC) through CoolWalletX, an SBI VC-tailored version of Sygna.

SBI VC users are fully KYC-ed before transacting on the exchange. SBI VC is the first exchange to demonstrate this new technology as one of less than a handful of solutions that are FATF compliant around the world.

Michael OU, Founder and CEO of CoolBitX, said:

“The FATF has now set firm KYC/AML guidelines for the virtual asset industry, regulating VASPs in the same way as financial institutions. Central to the FATF guidelines is the Task Force’s anti-money laundering mandate and FATF Recommendations 15 and 16, already highlighted at the Private Sector Consultation Forum hosted by the FATF in Vienna. In a major step towards safer and more wide-spread cryptocurrency adoption, we are proud to have partnered with SBI VC on CoolXWallet, a KYC/AML solution based on CoolBitX’s technology.”

SBI VC was one of the early adopters of the first wallet developed by CoolBitX in 2018, the CoolWallet S. SBI VC uses a customized version of the flagship wallet, named CoolXWallet, where users store their private keys. SBI VC addresses are linked to the users’ exchange accounts, allowing customers to only withdraw digital assets to their wallets following multiple layers of KYC.

Image courtesy of Sygna.io