Toward a Public-Key Management Framework for Virtual Assets and Virtual Asset Service Providers
Name
1909.08607.pdf
Description
Submitted version
Size
584.23 KB
Format
Adobe PDF
Checksum (MD5)
7dea7ffa9c64bea05159ca9c70080760
Author(s)
Hardjono, Thomas
Lipton, Alexander
Pentland, Alex
Date Issued
2021
Journal
The Journal of FinTech
Publisher
World Scientific Pub Co Pte Lt
Version
Original manuscript
Abstract
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.
MIT Department
MIT Connection Science (Research institute)
Terms of Use
Creative Commons Attribution-Noncommercial-Share Alike
Persistent DSpace Link
DOI of Published Version
https://doi.org/10.1142/S2705109920500017
