Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers
<jats:p> The recent Financial Action Task Force (FATF) Recommendations define virtual assets and virtual asset service providers (VASPs), and require under the Travel Rule that originating VASPs obtain and hold the required and accurate originator information and the required beneficiary infor...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
World Scientific Pub Co Pte Lt
2021
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| Online Access: | https://hdl.handle.net/1721.1/134049 |
| _version_ | 1826188166213664768 |
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| author | Hardjono, Thomas Lipton, Alexander Pentland, Alex |
| author2 | MIT Connection Science (Research institute) |
| author_facet | MIT Connection Science (Research institute) Hardjono, Thomas Lipton, Alexander Pentland, Alex |
| author_sort | Hardjono, Thomas |
| collection | MIT |
| description | <jats:p> The recent Financial Action Task Force (FATF) Recommendations define virtual assets and virtual asset service providers (VASPs), and require under the Travel Rule that originating VASPs obtain and hold the required and accurate originator information and the required beneficiary information on virtual asset transfers. In this paper, we discuss the notion of key ownership evidence as a core part of originator and beneficiary information required by the FATF Recommendations. We discuss the approaches to securely communicate the originator and beneficiary information between VASPs, and review the existing standards for public-key certificates as applied to VASPs and virtual asset transfers. We propose the notion of a trust network of VASPs in which originator and beneficiary information, including key ownership information, can be exchanged securely off-chain while observing the individual privacy requirements. </jats:p> |
| first_indexed | 2024-09-23T07:55:34Z |
| format | Article |
| id | mit-1721.1/134049 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T07:55:34Z |
| publishDate | 2021 |
| publisher | World Scientific Pub Co Pte Lt |
| record_format | dspace |
| spelling | mit-1721.1/1340492023-09-01T19:33:22Z Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers Hardjono, Thomas Lipton, Alexander Pentland, Alex MIT Connection Science (Research institute) <jats:p> The recent Financial Action Task Force (FATF) Recommendations define virtual assets and virtual asset service providers (VASPs), and require under the Travel Rule that originating VASPs obtain and hold the required and accurate originator information and the required beneficiary information on virtual asset transfers. In this paper, we discuss the notion of key ownership evidence as a core part of originator and beneficiary information required by the FATF Recommendations. We discuss the approaches to securely communicate the originator and beneficiary information between VASPs, and review the existing standards for public-key certificates as applied to VASPs and virtual asset transfers. We propose the notion of a trust network of VASPs in which originator and beneficiary information, including key ownership information, can be exchanged securely off-chain while observing the individual privacy requirements. </jats:p> 2021-10-27T19:57:48Z 2021-10-27T19:57:48Z 2021 2021-07-01T15:44:26Z Article http://purl.org/eprint/type/JournalArticle https://hdl.handle.net/1721.1/134049 en 10.1142/S2705109920500017 The Journal of FinTech Creative Commons Attribution-Noncommercial-Share Alike http://creativecommons.org/licenses/by-nc-sa/4.0/ application/pdf World Scientific Pub Co Pte Lt arXiv |
| spellingShingle | Hardjono, Thomas Lipton, Alexander Pentland, Alex Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers |
| title | Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers |
| title_full | Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers |
| title_fullStr | Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers |
| title_full_unstemmed | Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers |
| title_short | Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers |
| title_sort | toward a public key management framework for virtual assets and virtual asset service providers |
| url | https://hdl.handle.net/1721.1/134049 |
| work_keys_str_mv | AT hardjonothomas towardapublickeymanagementframeworkforvirtualassetsandvirtualassetserviceproviders AT liptonalexander towardapublickeymanagementframeworkforvirtualassetsandvirtualassetserviceproviders AT pentlandalex towardapublickeymanagementframeworkforvirtualassetsandvirtualassetserviceproviders |