Every day, millions of virtual asset transactions cross borders, carrying value, information, and risk. For businesses and financial institutions, ensuring these transfers are secure and compliant is a constant challenge. This is where VerifyVASP, led by Elsa Madrolle, General Manager, steps in, turning a complex process into a seamless and reliable experience.
Founded in Singapore in 2022, VerifyVASP has rapidly grown into a global regulatory technology leader. In just a few years, it has processed millions of verified virtual asset transfers, representing over USD 300 billion in assets. Its growth reflects the urgent need for a platform that guarantees both compliance and operational efficiency.
VerifyVASP specializes in meeting the Travel Rule requirements, which mandate that transaction information accompanies every virtual asset transfer. Many organizations find these regulations difficult to navigate, but VerifyVASP’s solutions simplify the process while ensuring security is never compromised. By combining rigorous compliance with robust technology, it enables VASPs to focus on growth without worrying about regulatory gaps or delays.
What sets VerifyVASP apart is its ability to make trust tangible. Each verified transaction is a proof point, a step toward building a more secure and transparent virtual asset ecosystem. The company is redefining standards, demonstrating that compliance and speed can coexist without compromise.
Under Elsa’s leadership, VerifyVASP’s journey is a story of vision and impact. In a rapidly evolving industry, it has become the benchmark for secure, immediate, and compliant virtual asset transfers, giving organizations the confidence to operate globally while staying fully aligned with regulations.
The Travel-Rule Trailblazer
VerifyVASP launched in 2022 from Singapore as a regulatory-technology innovator dedicated to Travel-Rule compliance for Virtual Asset Service Providers. The FATF Travel Rule requires the secure and immediate disclosure of originator and beneficiary information, a challenge in the virtual-asset space. VerifyVASP focuses on delivering real-time compliance while preserving user security and operational efficiency.
The company has built a verified network of legal-entity counterparties and provides tools such as Travel Rule API, VerifyName, and VerifyWallet, each designed to ensure compliant, secure, and efficient transfers. Since its inception, VerifyVASP has processed approximately USD 300 billion across millions of verified transfers. By combining rigorous onboarding, decentralized infrastructure, and a focus on trust, VerifyVASP has established a new benchmark for responsible global asset transfers.
Why the Travel Rule Matters and How VerifyVASP Meets It
Blockchain technology is borderless and often anonymous. This reality underscores the importance of the Travel Rule in preventing money laundering and terrorist financing. FATF extended the rule to VASPs in 2019, yet implementing it securely remained challenging. VerifyVASP structured its technology around three pillars: immediate data exchange, encrypted transmission, and strict compliance with data protection regulations.
Its architecture keeps sensitive information encrypted until it reaches the intended recipient. Unique asynchronous key pairs are generated for each transfer, anticipating potential future threats. This foresight, combined with a real-time two-way verification success rate averaging 90 percent, demonstrates the company’s commitment to its mission.
Growth in Numbers
VerifyVASP scaled rapidly. By October 2024, it had completed 10 million verifications valued at $200 billion, achieving a 92 percent success rate in beneficiary validation. This performance reflects effectiveness across real networks and large volumes. Companies using its platform reported a significant decline in impersonation scams, highlighting growing user trust.
The company’s success is structural as well as financial. With subsidiaries in Tokyo and Paris and continued operations in Singapore, VerifyVASP continues to expand its footprint, demonstrating how decentralized, trust-focused compliance solutions can achieve global reach.
Protocol, Encryption, and Network Design
VerifyVASP functions as a closed, centralized messaging protocol, designed for secure, immediate data sharing among verified VASPs. Each member operates an enclave server on-premises to manage personal data and encryption keys. This server interacts securely with VerifyVASP’s central API server, while sensitive data is never stored in plain text.
The transfer process involves collecting customer details, verifying the beneficiary’s wallet, transmitting encrypted data, and finalizing the transaction chain with a hash. This approach achieves an elegant balance of decentralization through enclave servers and centralized coordination.
Building Trust Through Governance and Security Standards
Membership in VerifyVASP requires stringent due diligence aligned with FATF guidance, including licensing verification, key-person assessment, regulatory status checks, and background screening. Annual SOC 2 audits and publicly shared audited responses to FATF questions further reinforce transparency.
Data remains encrypted until the receiving VASP decrypts it locally, and each transfer uses a unique key pair. Coupled with published compliance metrics, this architecture establishes VerifyVASP as a trusted industry standard rather than a simple compliance tool.
Addressing Industry Friction and the Sunrise Challenge
Regulatory adoption varies by jurisdiction, creating the so-called “sunrise challenge.” VerifyVASP addresses this with VerifyName, enabling pre-transfer beneficiary validation even in areas where the Travel Rule is not yet enforced.
This proactive approach enhances risk mitigation, improves data quality for sanctions screening, and prevents fraud. As FATF encourages pre-validation, VerifyVASP has already laid the groundwork for its members to deploy effective, compliant systems.
Global Alignment: Standards, Summits, and Outreach
VerifyVASP engages actively in global regulatory alignment. The company hosts summits, such as the Global Travel Rule Summit in Thailand, bringing together regulators, law enforcement, and industry leaders.
Participation in ISO20022 evaluation groups and recognition as the first validator issuing Legal Entity Identifiers through GLEIF establishes a standards-aligned messaging infrastructure for virtual assets. This engagement distinguishes VerifyVASP from isolated, one-off solutions.
VerifyVASP represents more than a compliance platform. It is a globally trusted, future-ready system for virtual-asset transfers. Its decentralized architecture, rigorous governance, scale metrics, and engagement with global standards position it as a premier Travel-Rule partner.
While broader protocols exist, VerifyVASP delivers depth through tight integration, real-time verification, and resilient operations. As global regulators require assurance and users demand secure systems, VerifyVASP’s model of encrypted, verifiable transfers drives adoption and strengthens the virtual-asset ecosystem.