Data sharing protocols are standardized rules and procedures that govern how information is exchanged between different systems or entities. These protocols ensure secure, consistent, and verifiable transmission of data. They define formats, methods, and security measures for inter-system communication. Effective protocols are vital for maintaining data integrity and privacy during exchange.
Context
In the digital asset and blockchain domain, data sharing protocols are increasingly important for regulatory compliance, interoperability, and the functioning of decentralized applications. For instance, protocols enabling secure sharing of Know Your Customer (KYC) data or transaction information between virtual asset service providers are under discussion. The development of robust and privacy-preserving data sharing standards is critical for the maturation and broader adoption of blockchain technology, especially in regulated financial sectors.
EU CASPs must immediately integrate EBA guidelines into AML/CFT compliance architecture to ensure transaction tracing and meet the December 30, 2024, enforcement deadline.
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