VerifyVASP Acquires Sygna, Strengthens Global Travel Rule Network

Photo: Special

JAKARTA - VerifyVASP, a leading provider of Travel Rule solutions, today announced the acquisition of Sygna, a Japanese solution provider that has been widely known in the industry. This step is an important part of VerifyVASP's global expansion strategy, as well as strengthening its position as a leading compliance infrastructure provider for Virtual Asset Service Providers (VASPs) in various international markets.

Global Travel Rule Ecosystem Consolidation

This acquisition marks an important moment in the development of the global Travel Rule landscape. By integrating Sygna into its network, VerifyVASP is driving the consolidation of a previously fragmented market into a more integrated and interconnected compliance network, in line with national regulations, Financial Action Task Force (FATF) standards, and global data protection requirements.

VerifyVASP relies on the Verified Network, a global network that allows for the secure, fast, and standardized exchange of data between VASP. With the addition of Sygna, this network is now even more extensive, both in terms of its regional reach and the number of connected partners.

Sygna users can still use the service as usual, and will gradually be integrated into the Verified Network according to the rules in each country. This process is expected to expand connectivity between markets and facilitate cross-country cooperation.

On the other hand, users of VerifyVASP will also gain access to more partners who have met the regulations, so that cross-border transaction processes become more efficient and smooth.

Strengthen Position as Global Standard

Through this acquisition, VerifyVASP further strengthens its position as one of the standard providers in the global Travel Rule compliance infrastructure.

CEO of VerifyVASP, Shih Yun Chia, said the acquisition of Sygna demonstrates our commitment to continue to build global standards in Travel Rule compliance.

"This is an important step, especially amid increasing encouragement from regulators and international institutions to strengthen the implementation of these rules," he said in a written statement, Thursday, April 30.

Sygna's founder and CEO, Michael Ou, added that Sygna, from the start, was built to support compliance needs in the digital asset industry, which has quite complex regulations.

"We are proud of our achievements in Japan, and believe that collaboration with VerifyVASP will expand the reach and impact we can provide," he explained.

In the future, VerifyVASP will continue to focus on building a globally interconnected compliance ecosystem, to support industry players, financial institutions, and regulators in creating a safer and more transparent digital asset ecosystem.