The European Banking Authority (EBA) has recently launched a new consultation process concerning implementing the so-called travel rule for cryptocurrency transactions. The institution is seeking feedback on the defined procedures that crypto assets service providers (CASPs) must complete to collect the needed information to comply with the travel rule, and the actions they must take when getting this information is not possible.
European Banking Authority Holds Consultation on Guidelines for Travel Rule Adoption
The European Banking Authority (EBA) has opened a new consultation that seeks to receive feedback on the procedures proposed to apply the travel rule to transfers that use wallets hosted by crypto asset service providers.
The rules are focused on “preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes” and complement another consultation process made by the institution in June that dealt with due diligence pr
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