What Are the Leading Proposed Technical Solutions (E.g. TRP, TRISA) for Travel Rule Compliance in DeFi?

The leading proposals aim to create protocols for secure information sharing between VASPs. The Travel Rule Information Sharing Architecture (TRISA) establishes a peer-to-peer network where VASPs can securely exchange compliance information with cryptographic proof of receipt.

The Travel Rule Protocol (TRP) is another standard focused on a simple, universal API for data exchange between VASPs. Both solutions primarily target centralized entities (VASPs) and face challenges in adapting to purely decentralized, P2P transfers where there is no VASP on one or both ends of the transaction.