It is important for all Singapore users to review the information below carefully, as there have been updates since our initial announcement of the Travel Rule requirement.

What is the Travel Rule?

On 1 June 2019, the Financial Action Task Force (FATF) officially adopted what is known as the Travel Rule. The regulation relates to the gathering and transmission of required names and account details of the parties involved in digital asset transfers between financial institutions.

Is the Travel Rule mandatory?

The Travel Rule was incorporated under the Payment Services Act (Notice PSN02) by the Monetary Authority of Singapore (‘MAS’). All payment service providers, including, must comply with the requirements.

How do I comply with the Travel Rule?

You are now required to provide supplementary information when you transfer digital assets from to a beneficiary party (i.e. cryptocurrency exchange), including the names of both parties, wallet addresses, residential address, etc.

When you receive a digital asset transfer from a cryptocurrency exchange, will now require the originating party to provide additional information, including the names of both parties, wallet addresses, residential address, etc. This information will accompany the digital asset transfer instructions.

How will this affect me now?

To gradually roll out the implementation of the Travel Rule requirement, will introduce several measures in 2022 to minimize inconvenience to users. These measures will affect App users in Singapore.

As part of the first phase, will ask you to provide the following information for your next transaction:

Outgoing digital token transfers

You must provide the name of the beneficiary party, whether the transfer is going to a private wallet or a cryptocurrency exchange, and other supplementary information.

The information of the beneficiary party will be assigned to the respective digital wallet address. You will not be required to furnish the beneficiary party’s information for subsequent transfers to the assigned digital wallet address.

Incoming digital token transfers

You should share additional details about your incoming transfers, including the name of the originating party and whether the transfer is from a private wallet or a cryptocurrency exchange.

How will this affect me in the future?

The phased approach will ultimately ensure that all incoming and outgoing transfers are PSN02 compliant. For incoming and outgoing transactions to or from private wallets, will work with you to verify that they are owned and controlled by you.

You will be notified via email on the details of upcoming measures prior to the roll-out. If you ever have any questions, kindly reach out to our Customer Support team via the in-app chat or at [email protected].

For further information, please see the following documents provided by FATF and MAS:

  1. Updated Guidance for a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers

  2. Notice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service

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