EU Extends Travel Rule to Crypto Exchanges
The European Banking Authority (EBA) has extended Travel Rule regulations to crypto service providers in the EU starting December 30.
This move aims to boost transparency and strengthen Anti-Money Laundering (AML) efforts.
Crypto exchanges must now comply with detailed transaction reporting requirements under the Markets in Crypto-Assets Regulation (MiCA).
Entities like Crypto Asset Service Providers (CASPs) and others have a two-month period to declare their adherence to these guidelines, which include monitoring transactions, disclosing multi-intermediation policies, and overseeing cross-border transfers to combat financial crime effectively.
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Despite acknowledging the initial challenges, EBA believes the long-term benefits of these regulations will enhance AML/CFT measures across the EU.
Additionally, crypto protocols such as the Cardano Foundation are aligning with MiCA standards, exemplified by their partnership with the Crypto Carbon Ratings Institute to implement sustainability indicators for regulatory compliance.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
