The Travel Rule is among the guidelines implemented for Virtual Asset Service Providers (VASPs) by the Financial Action Task Force (FATF).
What is a VASP?
A Virtual Asset Service Provider (VASP) refers to any entity that offers services or engages in activities that provide facility for the transfer or exchange of VA (Virtual Assets), which involve the conduct of one or more of the following activities:
- Exchange between VAs and FIAT currencies;
- Exchange between one or more forms of VAs;
- Transfer of VAs; and
- Safekeeping and/or administration of VAs or instruments enabling control over VAs
How does the travel rule affect me?
As a registered VASP, Coins.xyz must collect required information to be able to process VA transfers, including transactions associated with a VA transfer.
Given this requirement, Coins.xyz customers must now provide the following information for external cryptocurrency transfers amounting to USD 1,000 and above:
| Sending cryptocurrencies to external wallets |
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| Receiving cryptocurrencies from external wallets |
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Would my recipient receive all my details/information as well?
No, the information that will be provided for these transactions will be treated as confidential and in compliance with data privacy standards.
Contact us through our Chatbot widget, Coins Support Form, or email us at [email protected] should you need further assistance.