Consultation for IVMS 101.2023
The opening plenary occurred on 31 May 2023. Over the last five weeks, the ISWG has considered identified issues and proposals for revisions to IVMS 101.
The co-chairs and sponsors of ISWG are seeking input and feedback from members and the community on the current draft standard, IVMS101.2023, which is now open for public consultation. Please send all feedback to firstname.lastname@example.org before the deadline on 31 July 2023.
On 2 August 2023, the ISWG will ratify revisions to IVMS 101 at the closing plenary. The ISWG will break over summer and reconvene again in September 2023 to progress further standards work.
Download IVMS 101
The contents of the IVMS 101 data model standard comprise:
- Background and rationale
- Data principles
- Handling multiple character sets
- Business examples
To download a copy of the standard and be kept up to date of proposed changes, enter your email address.
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.
Joint Working Group on interVASP Messaging Standards (JWG)
A cross-industry, cross-sectoral joint working group of technical experts was formed in December 2019, and a new technical standard was developed by the group and released in May 2020. 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.
The JWG was independent of any industry body, sector or firm but was supported by leading national and international virtual asset industry associations as well as individual VASPs and technical solutions providers. The FATF and key regulators such as Financial Crimes Enforcement Network (FinCEN), Monetary Authority of Singapore (MAS), the Financial Conduct Authority (FCA) and the Japan Financial Services Agency (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 (convenor and co-lead of the JWG) and Neil Samtani (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, now GBBC Digital Finance) and other individual members and executives of those associations.
The following items will be addressed by the ISWG during the ongoing plenaries until 2 August 2023.