Travel Rule Enforcement is Imminent: What Every Crypto Business Needs to Comply
Complimentary webinar, presented by CipherTrace
Since the issuance of FATF’s virtual asset guidance, some jurisdictions, such as Singapore, Switzerland and Hong Kong, have already forbidden exchanges from operating without licenses that enforce Travel Rule compliance—regulations that require Virtual Asset Service Providers to securely share certain sender and receiver information with each other for cryptocurrency transactions. Other countries, such as Canada, will enforce compliance by July 2021. In the US, the rule has technically already been in place, though seldom enforced. However, in 2020, FinCEN decidedly refocused on the regulation by proposing several new rules for crypto payments that further complicate compliance. The proposed rule would apply to convertible virtual currencies and would explicitly apply the Travel Rule to US exchanges, trading desks, ATMs and custody providers in the very near term. Is your institution ready for the Travel Rule?
What You’ll Learn:
- What the FATF Travel Rule guidance is and how it compares to US Travel Rule laws.
- Best practices to ease Travel Rule compliance burdens.
- Why your crypto business needs to adopt a Travel Rule solution in 2021.
- How to get started now with open-source and commercial Travel Rule solutions.