We have all been there. You see something, hear something, or feel something, and want to share that feeling or observation with someone else. Do you pick up the phone? Send over a text? Record a voice note?
Humans thrive in our shared experiences: a captivating concert, the winning goal of a sports match, waking up to watch the sunrise. There’s something fulfilling about having an experience and being able to share it with someone in real time. And due to technology, we can do that, even if another person, call them our counterpart, is halfway across the world.
So why wouldn’t we expect the same level of seamless communication and collaboration across an industry built around that very idea — total interconnectivity and a global reach? Crypto was built to democratize access to finance, community and technology. And yet, in the current regulatory climate, as government agencies tighten their grasp on how customers transact via the Coinbases and Binances of the world, we are experiencing growing delays amid rapidly expanding sanctions that are causing a major break into crypto’s connectivity.
As a result, crypto exchanges are experiencing a detrimental roadblock when attempting to comply (and process compliant transactions between each other) amid global regulation. What’s holding our industry back in a time when we need clear compliant solutions? Meet the Sunrise Issue.
The current state of VASPs — and the Travel Rule
If you have been following crypto’s regulatory landscape in the last three years, you’ve likely come across the term “VASP,” which stands for Virtual…