Coinbase Expands Global Crypto Compliance Network TRUST, Launches TRUSThub
Summary
- Coinbase said it has expanded the global crypto compliance network TRUST and launched a new platform, TRUSThub.
- Coinbase said TRUSThub supports country-specific Travel Rule requirements, privacy protection, and the sharing of compliance data, which could lower barriers for VASPs joining the network.
- Major institutions including BNY Mellon, BitGo, OKX, Revolut, Circle, Kraken and PayPal are participating in the TRUST network, showing that traditional finance and the crypto industry are moving toward common compliance standards.
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Coinbase has expanded its global crypto compliance network, TRUST, and launched a new platform, TRUSThub, to help virtual asset service providers, or VASPs, align information-sharing standards as countries implement Travel Rule requirements.
Crypto media outlet BlockBeats reported on May 29 that TRUSThub was designed to allow platforms to exchange compliance information without creating a centralized repository for sensitive data. The platform is aimed at supporting cross-border regulatory cooperation while prioritizing privacy protection.
TRUSThub is built on TRUST's existing peer-to-peer architecture. It enables member firms to share compliance data with global counterparties even when they use different Travel Rule tools. Coinbase said this structure can reduce interoperability problems during so-called sunrise periods, when rules take effect at different times across jurisdictions, and lower barriers for VASPs seeking to join the network.
The TRUST network has expanded to markets including the European Union, the UK, Australia, India, Brazil, the US, Canada, Hong Kong, Japan, Switzerland and the United Arab Emirates. BNY Mellon has also formally joined the network.
Coinbase said BNY Mellon's participation shows traditional financial institutions and the crypto industry are moving toward common standards for Travel Rule compliance. Other major participants in the TRUST network include BitGo, OKX, Revolut, Anchorage, Circle, Crypto.com, Fidelity Digital Assets, Gemini, Kraken, PayPal and Paxos.
TRUST is also partnering with compliance software provider 21 Analytics. The company will help VASPs connect to the TRUST network more quickly and will also provide features including verification of self-custodied wallet ownership.
Coinbase said it will continue improving interoperability, security and privacy protections across the global crypto compliance network.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
