BitFlyer, a major domestic virtual currency exchange, announced that it will start responding to travel rules around 15:00 on May 30.
[About our response to the issuance of travel rules]
From May 30, 2023 (Tuesday), it will start to respond to travel rules. Depending on the type of encrypted asset and the encrypted asset exchange service provider, it may not be possible to send or deposit encrypted assets.
See details below. https://t.co/L3a0D1cBf5— bitFlyer (@bitFlyer) May 30, 2023
The Travel Rule is a rule that requires the collection and disclosure of information on senders and recipients of virtual currencies to prevent money laundering and the financing of terrorist organizations.
bitFlyer plans to introduce new rules of the following model for all companies and individuals who deposit and send virtual currency based on the notification system “Travel Rule Universal Solution Technology (TRUST)”.
bitFlyer Travel Rules
Schematic diagram of bitFlyer travel rules | Image source: PR TIMES
・*Notify trust-compliant cryptocurrency operators in target countries
→ Only virtual currencies that support TRUST can be deposited and sent
→ TRUST compatible currencies handled by bitFlyer = BTC, ETH, BAT, LINK, MATIC, MKR, SHIB, PLT
・Notification to virtual currency operators whose countries do not support TRUST
→ Unable to deposit or send
・Non-reportable countries
→ Deposits and transfers can be made in all currencies
・Private wallets (MetaMask, etc.)
→ Deposits and transfers can be made in all currencies
- *notify country
Japan, United States, Albania, Israel, Canada, Cayman Islands, Gibraltar, Singapore, Switzerland, Serbia, Republic of Korea, Germany, Bahamas, Bermuda, Philippines, Venezuela, Hong Kong, Malaysia, Mauritius, Liechtenstein, Luxembourg
A few days ago, the Japanese government made a cabinet decision to implement cabinet orders, including compliance with virtual currency travel rules, as part of the revision of the Law on the Prevention of Transfer of Criminal Proceeds.
Although domestic exchanges other than bitFlyer have also announced support for the travel rule, in addition to the above-mentioned TRUST, the Sygna introduced by bitbank and GMO coin is currently used in Japan as a notification system.
BitFlyer commented, “We will consider travel rule solutions other than TRUST to improve convenience, depending on support from other cryptocurrency exchanges.”
Coincheck introduces new rules from end of May |
Article source: PR TIMES
Image: T. Schneider/Shutterstock.com
