Sumsub, a global full-cycle verification platform, is launching a six-month free trial of its Travel Rule compliance solution on September 1st.

The product will be available to global cryptocurrency organizations in time for the enforcement of the landmark Crypto Travel Rule legislation expanding in the United Kingdom on September 1st to further combat money laundering and terrorism financing in the industry.

This extends the Financial Action Task Force’s (FATF) Recommendation 16 to virtual assets (VAs), including cryptocurrencies, and to Virtual Asset Service Providers (VASPs). The Travel Rule mandates both senders and recipients of all transfers involving VAs must exchange identifying information, ensure its accuracy, and convey the data to government authorities when required.

Though the Travel Rule was introduced in the US in 2013, with increased regulation on all transfers in and out of the UK involving virtual assets, US organizations operating in the UK must be extra aware as they continue doing business. All transactions, no matter the amount, must remain compliant under the expanded legislation, though there are certain requirements for transactions at or exceeding €1,000.

Sumsub unveiled its initial Travel Rule solution in March. The product facilitates secure information transfers between VASPs in accordance with compliance requirements, enabling crypto firms to both send and receive Travel Rule messages for corresponding transactions.

The free trial plan gives a single console access to create up to 10,000 outbound transactions and process unlimited inbound transactions, conduct free AML checks, and set up unlimited rules reflecting the regulatory and business requirements of each client.

Sumsub will also offer additional premium and enterprise plan options with increased limits on outbound transactions and various other features.

Sumsub’s trial of the Travel Rule solution will facilitate compliance with and ensure readiness as the U.S. sees additional legislation from the SEC, the Office of the Comptroller of the Currency, and more, especially as bitcoin exchange-traded funds look to be approved in U.S. federal court. New customers will join Sumsub’s ecosystem of over 1,000 crypto businesses which includes over 500 VASPs.

“Addressing the compliance challenges posed by the Travel Rule requires a collective effort from everyone in the crypto industry – be it regulators, crypto businesses, users themselves and verification platforms such as Sumsub. Compliance with legislation like the Travel Rule will play a pivotal role in fostering trust and transparency for the crypto industry, and we are proud to be at the forefront by providing an effective solution catering to the demands of an increasingly complex regulatory landscape,” explained Jacob Sever, Co-Founder & Chief Innovation Officer at Sumsub.

“Our free product trial reflects our ambitions to ensure a compliant VASP ecosystem. UK-based VASPs could potentially become compliant from day one of the new legislation. We remain committed to anticipating regulatory changes and introducing visionary solutions for markets ahead of implementation.”