Travel Rule | Crypto

Taiwan’s regulator plans to apply the Travel Rule to domestic VASP transfers from October before extending it to overseas platforms by the end of 2027. Taiwan’s financial regulator plans to require crypto platforms to transmit customer information on all domestic platform-to-platform transfers starting in October.  On Tuesday, the Financial Supervisory Commission said its proposed amendments would apply the Financial Action Task Force’s (FATF) Travel Rule regardless of value.  Transfers exceeding 30,000 New Taiwan dollars (about $930) would trigger additional data requirements, including an individual sender’s date of birth and residential address, or a corporate sender’s official identification number and registered address. Receiving VASPs would also be required to compare beneficiary information supplied by the originating platform with their own records.  Read more

South Korea’s FIU is calling for broader crypto transfer reporting rules during FATF talks, citing offshore risks and uneven global AML enforcement. Financial regulators in South Korea are pushing for broader reporting requirements on crypto transfers to further align with global Anti-Money Laundering standards for digital assets. South Korea's Financial Intelligence Unit (FIU) raised proposals to expand the Financial Action Task Force’s (FATF) Travel Rule requirements to smaller crypto transfers during a plenary meeting in Paris last week, according to an announcement on Monday. The crypto Travel Rule is a global AML standard that requires crypto exchanges to share sender and recipient information for transfers above certain thresholds. It is designed to improve the traceability of funds moving between platforms. Read more