AOPP: Address Ownership Proof Protocol
Address Ownership Proof Protocol (AOPP) is an automated solution for providing proof of ownership of a self-hosted wallet's address.
Unlike the traditional manual signing method, AOPP is completely automated, fast and user-friendly. Moreover, malware attacks are reduced as users do not need to copy and paste their addresses and address reuse is non-existent.
Wallet owners and VASPs must use wallet-proof methods per the Travel Rule. Recommendation 16 (the Travel Rule) by the Financial Action Task Force (FATF) mandates that exchanges, like virtual asset service providers (VASPs) and virtual asset businesses operating in FATF member countries, must follow specific rules within their respective countries when conducting transactions involving self-hosted wallets, as part of their efforts to combat money laundering (AML).
According to the Travel Rule, even in cases where a virtual asset transfer involves only one obligated entity on either end of the transaction, countries should ensure that this obligated entity adheres to the requirements of the Travel Rule regarding their customer.
Want to know more? Check out AOPP Explained for a detailed explanation of AOPP and its benefits.
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