Method for virtual asset transmission

Abstract

Disclosed is a method for use in a transmission of a virtual asset from a sender having a sending account at a sending virtual asset service provider (sending VASP) to a recipient having a receiving account at a receiving virtual asset service provider (receiving VASP). The method involves subsequent to verification that the receiving account at the receiving VASP is valid, determining, by a verification node, if the transmission has been recorded on a blockchain network; and subsequent to determination that the transmission has been recorded on the blockchain network, sending, by the verification node to the receiving VASP, a request to update the receiving account at the receiving VASP about the transmission of the virtual asset from the sender to the recipient. In the method, the verification node does not belong to either the sending VASP or the receiving VASP.

CPC Classifications