The FATF has established a list of guidelines and recommendations for VASPs to combat money laundering, terrorism financing, and proliferation financing in the crypto industry.
These guidelines — specifically the Travel Rule for cross-border transfers — are necessary to combat the potential use of cryptocurrencies for illicit activities and to make blockchain safer.
Any legal person or business under FATF or G20 jurisdiction that conducts exchanges between virtual assets and fiat currencies, between one or more forms of virtual assets, transfer of virtual assets; safekeeping of virtual assets, or participation in (or provision of) indirect financial services.
Added to this, other international regions are implementing their own Travel Rule versions.
Contact Crystal to learn more about our Travel Rule solution
[email protected]Backed by the experience of the Bitfury Group, our team of world-class analytics experts has developed the most algorithmically accurate and easy-to-use platform on the market right now. Our latest partnerships with Notabene and Shyft Network confirm this stance. Together, we work to help your customers transact with confidence.
The travel rule compliance consists of three steps (for transactions >$1,000):
VASPs need to identify whether the counterparty the VASP's customer is interacting with is another VASP
If yes, they need to securely exchange and store the customer's information
They may need to generate a Travel Rule report, as needed
Crypto exchanges, banks, FIs, OTC desks, and hosted wallets. Find out if you should be covered for the Travel Rule implementation, and how to comply today.
Crystal Blockchain
Strawinskylaan 3051, 1077 ZX Amsterdam, Netherlands
General enquiries
[email protected]For financial companies
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[email protected]Crystal Blockchain
51 Eastcheap, London EC3M 1DT, UK
General enquiries
[email protected]For financial companies
[email protected]For law enforcement organizations
[email protected]For investigation services
[email protected]