interVASP Messaging Standard Overview
In October 2018, the Financial Action Task Force (FATF) adopted changes to its Recommendations to explicitly clarify that they apply to financial activities involving virtual assets (VA), effectively expanding the scope of the Recommendations to apply to virtual asset service providers (VASPs) and other obliged entities that engage in or provide covered VA activities.
There exists a need for VASPs to adopt uniform approaches and establish common standards to enable them to meet their obligations resulting from the FATF Recommendations as they apply to affected entities.
To tackle this, a cross-industry, cross-sectoral joint working group of technical experts was formed in December 2019 and a new technical standard developed by the group. The Joint Working Group on interVASP Messaging Standards (JWG) was established by three leading international industry associations representing VASPs:
Chamber of Digital Commerce
Global Digital Finance
International Digital Asset Exchange Association
The JWG, comprising over 130 technical experts from around the world, developed interVASP Messaging Standard IVMS 101, a universal common language for communication of required originator and beneficiary information between VASPs. Proposals for the maintenance of the IVMS 101 and for further standards development are currently being evaluated.
The JWG is independent of any industry body, sector or firm but is supported by leading national and international virtual asset industry associations as well as individual VASPs and technical solutions providers. Both the FATF and key regulators such as FinCEN, MAS, the FCA, and the JFSA were kept informed as IVMS 101 was developed
The work of the JWG was supported by members of XReg Consulting, with weekly calls of technical experts facilitated by Siân Jones, Senior Partner (convenor and co-lead of the JWG) and Neil Samtani, XReg’s Chief Information Officer (technical editor of IVMS 101). Extensive support from the three industry associations was provided by their respective JWG co-leads, Amy Davine Kim (Chamber of Digital Commerce), Anson Zeall (International Digital Asset Exchange Association) and Malcolm Wright (Global Digital Finance), and other individual members and executives of those associations.
Utilising the IVMS 101 interVASP Messaging Standard
IVMS 101 provides a standard data model for use in transmitting required originator and beneficiary information. It is designed for use primarily by VASPs, other obliged entities undertaking virtual asset services, and travel rule solution providers.
To download a copy of the standard anonymously, use this link:
To download a copy of the standard and be kept up to date of proposed changes, please use the form below:
Contents of IVMS 101
The contents of the IVMS 101 data model standard comprise:
- Background and rationale
- Data principles
- Data model definition
- Handling multiple character sets
- Business examples.
The Associations behind the interVASP Messaging Standard
The Chamber of Digital Commerce is the world’s leading trade association representing the digital asset and blockchain industry.
Global Digital Finance promotes the adoption of best practices for cryptoassets and digital finance technologies, through the development of conduct standards.
The International Digital Asset Exchange Association is the united voice of the world’s virtual asset service providers and trade associations.
Re-opening Plenary, 18 November 2020
IVMS 101 was commended for adoption at a closing plenary held on 6 May 2020. Since the adoption of IVMS 101, a number of issues have been raised for discussion and resolution, these are listed below. The Joint Working Group will now be re-convened to consider the IVMS 101 issues, proposals for revisions to IVMS 101, proposals for further standards, and a schedule for future meetings.
The re-opening plenary of the JWG will take place over Zoom.
Wednesday, 18 November 2020
13:00 to 15:00 UTC / London
08:00 to 10:00 New York
21:00 to 23:00 Singapore
If you are an industry professional and you would like to join the Joint Working Group on interVASP Messaging Standards as a participant or an observer, please complete the form linked below.
IVMS 101 Issue Registry
The following items will be discussed in the next virtual meeting of the Joint Working Group on interVASP Messaging Standards. The time and date of the next virtual meeting will be discussed with the co-leads in due course and shared with participants seven days ahead of the virtual meeting.