Episode 4 of Public Key, the Chainalysis podcast, is here! We’re proud to share that this week’s episode features Pelle Brændgaard, CEO of one of our partners, Notabene.
Public Key Episode 4 preview: Travel Rule and unhosted wallets, Dealing With Interoperability Challenges And Consumer Protection Benefits
Almost everyone working at the intersection of cryptocurrency and compliance is aware of the Travel Rule, but with so many different service providers and implementation hurdles, not many understand the full requirements of this regulatory guidance.
In this episode of Public Key, our host, Ian Andrews, CMO at Chainalysis, sits down with Pelle Brændgaard, CEO of Notabene. Notabene is a leading Travel Rule solution provider and proud partner of Chainalysis. In this podcast, Ian and Pelle discuss the origins of the Travel Rule, the requirements it demands from Virtual Asset Service Providers around the world, and a few rarely discussed benefits cryptocurrency businesses can tap into by becoming Travel Rule-compliant now.
Quote of the episode
The Travel Rule is really the worst possible name for what this is. Honestly, I have no idea who came up with the name. It just doesn’t make sense at all. We are a Travel Rule service provider and I wish we could move on to another term, then Travel Rule. – Pelle Brændgaard (Chief Executive Officer, Notabene)
Minute-by-minute episode breakdown
- (1:13) – Pelle goes down the crypto rabbit hole via the cypherpunk era of cryptocurrency
- (4:15) – Why the Notabene team was excited by FATF’s guidelines to enhance counterparty verification for virtual asset service providers
- (7:00) – What is the Travel Rule and what is the purpose behind its implementation
- (9:55) – What are the operational and technical issues with the Travel Rule and how can they be solved
- (15:05) – What changes do Virtual Asset Service Providers (VASPs) have to make in order to implement Travel Rule solutions
- (20:25) – When are VASPs going to start rolling out the Travel Rule solutions and is the industry too optimistic about meeting FATF’s requirements
- (26:53 – How proposed EU regulations could expand the Travel Rule even further than currently suggested by FATF
- (29:45) – How EU, Singapore and Canada are approaching the Travel Rule with respect to self-hosted wallets
- (32:58) – The Million Dollar Interoperability question and what that means to the industry with multiple Travel Rule solution vendors
Check out more resources from Chainalysis that perfectly complement this episode of the Public Key.
- Blog: How Can VASPs Ensure Travel Rule Compliance on Transactions Involving Unhosted Wallets?
- Blog: The Cryptocurrency Travel Rule and Interoperability: 10 Things Every VASP Must Know
- Report: Notabene: The State of Crypto Travel Rule Compliance Report 2022
- Notabene Jobs: Notabene is a reg-tech compliance SaaS solution that connects the traditional financial industry and crypto industry.
Speakers on today’s episode
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis) https://www.linkedin.com/in/ianhandrews
- Pelle Brændgaard (Chief Executive Officer, Notabene) https://www.linkedin.com/in/pelleb
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