Fun

Crypto exchanges subject to EU Travel Rule in 6 months

News Feed - 2024-07-05 05:07:47

Arijit Sarkar45 minutes agoCrypto exchanges subject to EU Travel Rule in 6 monthsNew EU regulations mandate crypto exchanges to comply with Travel Rule Guidelines, enhancing AML/CFT measures starting Dec. 30.1174 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksIn a significant move to bolster Anti-Money Laundering (AML) measures, the European Banking Authority (EBA) announced the extension of Travel Rules guidelines to crypto service providers and their intermediaries.


Crypto exchanges operating in the European Union (EU) will be subject to Regulation (EU) 2023/1113 (Travel Rule Guidelines) from Dec. 30, which mandates reporting information on transfers of funds and crypto assets.Source:EU Banking Authority


As a result, crypto-asset service providers (CASPs), as defined in MiCAR, will be subject to the EU’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime.Impact of EU Travel Rules on crypto exchanges


Once the regulation sets in, payment service providers (PSPs), intermediary PSPs, CASPs and intermediary CASPs will be given a two-month buffer period to declare adherence to the new requirements.“The deadline for competent authorities to report whether they comply with the Guidelines will be two months after the publication of the translations.”


Some general provisions include collecting users’ information for the transfer of funds or crypto-assets, identifying if the transaction is related to the purchase of services and detecting transfers that appear to be linked.


Additionally, crypto service providers and intermediaries will need to declare their policies on multi-intermediation and cross-border transfers.Aiming for long-term benefit


The EBA acknowledged that attaining compliance with EU Travel Rules Guidelines will put crypto exchanges and service providers under financial stress. However, the regulatory agency anticipates overall benefit in the long run.“Overall, the benefits from these Guidelines are expected to outweigh potential costs, and these Guidelines are expected to contribute to making the fight against ML/TF more effective.”


Crypto exchanges and service providers that currently fall within the scope of the EU’s Anti-Money Laundering Directive (AMLD) or a domestic AML/CFT regime “will continue to be subject to the applicable AML/CFT requirements.”


Related:Nigeria urged to adopt crypto regulations inspired by Europe


While European governments strengthen their grip on crypto exchange activities, crypto protocols are taking a proactive approach toward compliance.


The Cardano Foundation, in partnership with the Crypto Carbon Ratings Institute (CCRI), released sustainability indicators for the Cardano network that will comply with the forthcoming Markets in Crypto-Assets (MiCA) regulation in the European Union.


The report stresses that Cardano runs on a more energy-efficient consensus protocol and consumes significantly less electricity than proof-of-work protocols.


It also provides the total annualized electricity consumption and carbon footprint of the Cardano network, along with the marginal power demand per transaction per second, among other important metrics.


Magazine:‘Raider’ investors are looting DAOs — Nouns and Aragon share lessons learned# Business# Europe# AML# Cryptocurrency Exchange# europa# European Union# Terrorism# Counter Terrorism Financing# RegulationAdd reaction

News Feed

Analyst’s Bitcoin Price Prediction From March Plays Out, Here’s The Rest Of It
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Celsius Stories Littered With ‘People Familiar With the Matter’ Sources, Report Claims Lender Struggles With Arguments Over Bankruptcy
Celsius Stories Littered With "People Familiar With the Matter" Sources, Report Claims Lender Struggles With Arguments Over Bankruptcy The embattled crypto lending platform Celsius
Judith BannermanQuist3 hours agoCME Group set to introduce ETH to BTC Ratio futuresThe scheduled launch date for these futures contracts is set for July 31, pending regulatory review.1355 Total viewsListen to article 0:0
Amaka Nwaokocha39 minutes agoSEC accepts BlackRock’s Bitcoin ETF application, signaling regulatory reviewThe SEC’s acknowledgment indicates the commencement of the official review process for BlackRock’s ETF propos
2 key Bitcoin indicators have ‘cooled off’ — Why it could be bullish
Ciaran Lyons5 hours ago2 key Bitcoin indicators have ‘cooled off’ — Why it could be bullishThe Bitcoin funding rate and three-month annualized basis rates are moving to levels that signal to traders it may just be
PEPE Upsurge Stalls At Key Resistance, Eyeing Support At $0.00001152
Este artículo también está disponible en español. PEPE rallyhas come to an abrupt halt, as the price faces rejection at resistance and begins its descent toward the key s
Cardano (ADA) loses top 10 crypto spot as Tron sees growth
Nancy Lubale6 hours agoCardano (ADA) loses top 10 crypto spot as Tron sees growthADA falls from the top 10 list of largest cryptocurrencies as competing blockchains see an uptick in users. 998 Total views1 Total sharesL
Blackrock, Fidelity to Invest in Crypto Firm Circle’s $400 Million Funding Round
Blackrock, Fidelity to Invest in Crypto Firm Circle"s $400 Million Funding Round Blackrock, Fidelity, Marshall Wace, and Fin Capital are investing in crypto firm Circle. In additio
FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders
FTX Debtors Reveal $6.8 Billion Hole in Balance Sheet Amidst Financial Discrepancies and Payments to Insiders According to a presentation recently submitted by the FTX debtors on M
Ankr expands Bitcoin liquid staking tokens to AI blockchain Talus
Zhiyuan Sun4 hours agoAnkr expands Bitcoin liquid staking tokens to AI blockchain TalusThe Bitcoin LSTs can be used to power the Talus blockchain"s virtual artificial intelligence assistants.5845 Total views25 Total shar
Blockchains should make money move like email — Stellar Development Foundation CEO
Gareth Jenkinson1 hour agoBlockchains should make money move like email — Stellar Development Foundation CEODenelle Dixon believes the success of blockchain protocols will hinge on the ability of traditional finance to
US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto
US Senator Urges Congress to Stop Treasury From Picking Winners and Losers in Crypto U.S. Senator Pat Toomey has called on Congress to stop the Treasury Departme