Europe updates Travel Rule to include crypto service providers in anti-money laundering push

Share This Post

The European Banking Authority (EBA) has updated its Travel Rule guidelines to include crypto service providers and intermediaries, according to a July 4 statement.

Starting Dec. 30, 2024, crypto exchanges in the European Union must follow the Travel Rule guidelines (EU-2023/1113). The rule mandates that exchanges report information on funds and crypto asset transfers. It specifies the information needed for transfers and how to detect and address missing data.

This update is part of the EU’s efforts to combat money laundering and terrorist financing. The EBA aims to ensure traceability of asset transfers for investigations. Once implemented, payment service providers (PSPs), intermediary PSPs, Crypto-Asset Service Providers (CASPs), and intermediary CASPs will have two months to comply.

EBA stated:

“The deadline for competent authorities to report whether they comply with the Guidelines will be two months after the publication of the translations into the official EU languages.”

The guidelines also require gathering user information to identify if transactions are service-related or linked to other transfers. Crypto service providers must also announce their policies on cross-border transfers.

The EBA argues that the guideline offers long-term benefits. It supports the EU’s Markets in Crypto-Assets (MiCA) regulation and aims to create unified regional regulations. Overall, it is expected to curb money laundering and counter-terrorist financing in the EU. The regulator added:

“Its main objective is to make the abuse of funds and certain crypto-asset transfers for terrorist financing and other financial crime purposes more difficult, and to enable relevant authoritiesto fully trace such transfers where thisis necessary to prevent, detect or investigate money laundering and terrorism financing (ML/TF).”

The Travel Rule guideline update comes as the second phase of the MiCA regulation approaches. While the first phase, focusing on stablecoins, is already in effect. The second phase, targeting crypto asset service providers, will begin by the end of the year.

The post Europe updates Travel Rule to include crypto service providers in anti-money laundering push appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Watch: Struggles at $84K—Will Bulls Take Control?

Bitcoin traded at $84,222 on March 15, 2025, with a market capitalization of $167 trillion, a 24-hour global trade volume of $2599 billion, and an intraday price range between $82,705 and $85,139,

Major leadership shift at HK Asia Holdings as Bitcoin Magazine takes the helm

In a significant move that solidifies Bitcoin Magazine’s presence in Asia, HK Asia Holdings (01723HK) has announced key leadership changes effective March 14, 2025 This development marks a

Top Altcoins to Invest in as Pump.fun Mania Fizzles Out

The meme coin frenzy that took the crypto world by storm is now showing signs of exhaustion  Platforms like Pumpfun, which allowed anyone to launch altcoins in minutes, are experiencing a sharp

Bitcoin Breaches 12-Year Support Line Against Gold – Is The Bull Run Over?

As Bitcoin (BTC) struggles amid the latest crypto market pullback – failing to decisively break past the $84,000 resistance – gold (XAU) continues its impressive rally, soaring to a

Pakistan forms new ‘Crypto Council’ to regulate blockchain and digital assets

The government of Pakistan has established the Pakistan Crypto Council (PCC) to oversee the integration and use of blockchain technology and digital assets into the nation’s financial landscape

Stablecoins Thrive as Crypto Stumbles: A $4.23B Growth Spree in 2 Weeks

While the crypto market contracted over the past two weeks, the stablecoin sector has ballooned by $423 billion since March 1, defying the broader trend Digital Dollars Dominate With Over 8% of