Call for participation in two workgroups: travel rule and envelope specification

By Martin Coxall Published: January 29, 2021

The Bitcoin SV Technical Standards Committee is calling for expressions of interest to join the workgroups for the travel rule and the envelope specification during their drafting process.

 

Note that a public review process – open to anyone who wishes to provide input – occurs during a later phase of the standards development process. 

 

Travel rule specification

 

In May 1996, the U.S. Financial Crimes Enforcement Network (FinCEN) introduced the ‘travel rule’, requiring all financial institutions to send the originator and beneficiary information for each transfer over $ 3,000. In June 2019, the G7’s Financial Action Task Force (FATF) extended the Travel Rule requirements with Recommendation 16 (R16), full name ‘Virtual Assets and Virtual Asset Service Providers – Guidance for a risk-based approach’, to all global Virtual Asset Service Providers (VASPs).

 

The primary purpose of this travel rule specification is to define a standardised protocol for VASPs on the Bitcoin SV blockchain to collect and exchange the information required by the Travel Rule.

 

For more details and to apply to the working group, visit the travel rule specification page on the TSC website.

 

Envelope specification

 

The envelope specification scope is to provide a common system for identifying the protocol used to encode data, encrypting and decrypting that data, as well as identifying MetaNet hierarchy and ownership of the data in an unspendable output script.

 

For more details and to apply to the working group, visit the envelope specification page on the TSC website.

 

How to apply

 

Applications to participate in the internal development phase of these standards can be made by submitting a short text outlining your subject matter expertise in this area and how you are a stakeholder in the subject matter. Applications must be received by February 11, 2021.

 

Contact [email protected]