The European Banking Authority announced that cryptocurrency exchanges in the EU will be subject to the Travel Rule in six months. Under the new EU regulation (EU 2023/1113), cryptocurrency exchanges will need to report information on funds and crypto-asset transfers from December 30, enhancing anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. The new regulations will provide crypto-asset service providers (CASPs) and intermediaries with a two-month buffer period to declare compliance with the new requirements. Although meeting compliance standards will put financial pressure on exchanges and service providers, the European Banking Authority expects that the overall benefits of these guidelines will outweigh the potential costs in the long run, making the fight against money laundering and the financing of terrorism more effective. (Cointelegraph)