The European Banking Authority (EBA) has updated its Travel Rule guidelines to include crypto service providers and intermediaries in an effort to combat money laundering and terrorist financing. Starting Dec. 30, 2024, crypto exchanges in the EU must adhere to the Travel Rule guidelines, which require reporting information on funds and crypto asset transfers. The update aims to ensure traceability of asset transfers for investigations and aligns with the EU's Markets in Crypto-Assets (MiCA) regulation. The guidelines also emphasize the importance of gathering user information to identify service-related transactions and policies on cross-border transfers. This move comes as the second phase of the MiCA regulation approaches, focusing on crypto asset service providers. Oluwapelumi, a crypto enthusiast, values Bitcoin's potential for positive change, while Cotar criticizes the government's actions and highlights discussions in the US regarding Bitcoin as a strategic reserve currency. Read more AI-generated news on: https://app.chaingpt.org/news