COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: EBA Expands Travel Rule Guidelines to Include Crypto Service Providers
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > News > EBA Expands Travel Rule Guidelines to Include Crypto Service Providers
News

EBA Expands Travel Rule Guidelines to Include Crypto Service Providers

In Brief

  • EBA expands Travel Rule guidelines to include crypto service providers.

  • Crypto exchanges must report fund and crypto asset transfers starting December 30.

  • Cardano Foundation publishes sustainability indicators for MiCA regulation compliance.

COINTURK NEWS
COINTURK NEWS 10 months ago
Share
SHARE

The European Banking Authority (EBA) announced a significant move to support Anti-Money Laundering (AML) measures by expanding Travel Rule guidelines to include crypto service providers and intermediaries. Crypto exchanges operating in the European Union will be subject to Regulation (EU) 2023/1113 (Travel Rule Guidelines) requiring the reporting of information on fund and crypto asset transfers starting December 30.

Contents
Legislation in the European UnionWhat Are the Details?

Legislation in the European Union

As defined in MiCAR, crypto asset service providers (CASPs) will be subject to the EU’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime. When the regulation comes into effect, payment service providers (PSPs), intermediary PSPs, CASPs, and intermediary CASPs will have a two-month grace period to declare their compliance with the new requirements:

“The deadline for competent authorities to report their compliance with the guidelines will be two months after the translations are published.”

General provisions include collecting user information for fund or crypto asset transfers, determining if the transaction is related to a service purchase, and identifying linked transfers. Additionally, crypto service providers and intermediaries will need to declare their policies on multiple intermediations and cross-border transfers.

What Are the Details?

The EBA acknowledged that complying with the EU Travel Rule Guidelines would financially stress crypto exchanges and service providers. However, the regulatory body foresees overall long-term benefits:

“Overall, the benefits derived from this guideline are expected to outweigh the potential costs, and it is expected to contribute to making AML/CFT efforts more effective.”

Currently, crypto exchanges and service providers under the EU’s Anti-Money Laundering Directive (AMLD) or local AML/CFT regimes will continue to be subject to existing AML/CFT requirements. As European governments strengthen controls over crypto exchange activities, crypto protocols are adopting a proactive approach to compliance.

The Cardano Foundation, in partnership with the Crypto Carbon Ratings Institute (CCRI), has published sustainability indicators for the Cardano network to comply with the upcoming Markets in Crypto-Assets (MiCA) regulation in the European Union. The report highlights that Cardano is working on a more energy-efficient consensus protocol and consumes significantly less electricity compared to proof-of-work protocols. It also provides key metrics, including Cardano network’s total annual electricity consumption and carbon footprint, as well as marginal power demand per transaction per second.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Trump Organization Files Lawsuit Against Capital One for Account Closures

Will X Face Major Fines from the European Union?

New Mobile Game for Tower Defence Genre Lovers: Starz Defence

Join the Epic Space Adventure in Starz Defence Today!

SEC Initiates Investigation into Elon Musk’s Neuralink Before Gensler’s Term Ends

COINTURK NEWS 5 July, 2024 - 1:42 pm 5 July, 2024 - 1:42 pm
Share This Article
Facebook Twitter
Share
Previous Article Mt. Gox Repayments Trigger Major Liquidation Process
Next Article Chiliz Announces Integration with PUML Better Health
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Bitcoin Gains Traction in Times of Economic Turmoil
Bitcoin (BTC) Cryptocurrency News
Market Surge Ignites Optimism in Crypto Assets
Cryptocurrency News
Bitcoin Climbs Over Ichimoku: Will Other Cryptos Follow its Lead?
Bitcoin (BTC) Cryptocurrency News
Bitcoin Surges to New Highs as Institutional Interest Intensifies
Cryptocurrency News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?