Travel Rule

Travel Rule

The Travel Rule is a regulation that concerns the collection and transmission of names and mandatory account details of parties involved in **virtual asset transfers between financial institutions**. It was officially adopted by the International Financial Action Task Force (FATF) on June 1, 2019.

In practical terms, the Travel Rule requires financial institutions to collect detailed information about the parties involved in cryptocurrency transactions. This includes the beneficiary's name, account details and other relevant information. This data is then transmitted between financial institutions to ensure greater transparency and compliance.

Kryptobox, is gradually adapting to the Travel Rule throughout 2024. This means that when transacting on the platform, you will be asked to provide specific information such as the name of the beneficiary and whether the transfer is to a private wallet or to an exchange account. These measures aim to ensure that all transfers comply with regulations.

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