The European Banking Authority (EBA) is expanding its Travel Rules to include cryptocurrency services. From December 30, EU exchanges must comply with Regulation (EU) 2023/1113, requiring them to report information on transfers of funds and crypto assets. 💼

Crypto Asset Providers (CASPs) are also subject to the EU AML/CFT framework. They must collect user information for fund or crypto asset transfers, identify service-related transactions, and detect related transfers.

The EBA recognizes that exchanges and providers may experience financial difficulties in seeking to comply with the EU Travel Rule guidance. However, the benefits are expected to outweigh the potential costs.