Crystal and the crypto travel rule

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The Travel Rule for crypto states that all crypto companies must obtain, record and communicate accurate information of both sender and recipient for virtual asset immediately and securely.

The Travel Rule aims to combat money laundering and terrorism financing by detecting any illicit flow of funds through VASPs.

It requires VASPs to exchange information about the originators and beneficiaries of crypto transactions over a certain threshold.

Both the originator and beneficiary need to verify and check the identity of the counterparty, and screen for any links to sanctioned entities.

Image Determine wallet type


Determine wallet type

Before transacting, the originating VASP must determine if the transaction is being made to a hosted or self-hosted wallet.

Image Identify and verify the beneficiary VASP


Identify and verify the beneficiary VASP

Before the transaction can begin, the originator must verify its name, account number, and physical address (or national identity number). The beneficiary VASP must also verify its name and account number. This can be done using a trusted labelling tool.

Image Assess the risk level of the counterparty VASP


Assess the risk level of the counterparty VASP

Both parties must conduct due diligence on the counterparty VASP, including screening for sanctions, to assess the risks related to transacting with each other.

Image Securely transmit originator and beneficiary information


Securely transmit originator and beneficiary information

Once both parties have verified information and performed due diligence, the information must be transmitted and stored securely along with the transaction.

Let us help you get your Travel Rule compliance journey on the road. Book a call with us here.

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Building a better, safer blockchain future

Crystal is a blockchain analytics company building risk management solutions to enable the safe adoption of cryptocurrencies

Thanks to Crystal’s tool we can easily identify high-risk transactions, investigate them thoroughly, and properly adhere to regulatory requirements for our clients. The level of continuous support and communication with the Crystal Blockchain team remains outstanding!

George Agathangelou

George Agathangelou

Grant Thornton

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