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United Kingdom - Travel Rule Requirements FAQ
United Kingdom - Travel Rule Requirements FAQ

Information on UK Travel Rule

Ezra avatar
Written by Ezra
Updated over a week ago

All UK users need to review the information below carefully, as the process for sending and receiving cryptoassets has changed.

What is the Travel Rule?

The Travel Rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use cryptoassets for illicit activity. The Travel Rule relates to the gathering and transmitting of required names and account details of the parties involved in cryptoasset transfers between centralised cryptoasset businesses.

The Travel Rule has been implemented in the UK following the Financial Action Task Force (FATF) recommendation to member nations to adopt it.

Is the Travel Rule mandatory?

Yes, all cryptoasset businesses, including Crypto.com, must comply with the requirements. The Travel Rule was passed into UK law under Part 7A (Crypto Asset Transfers) of the Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022.

How will this affect me?

When I transfer cryptoassets

You will be required to provide supplementary information when you send cryptoassets from Crypto.com to an external wallet (i.e., a non-custodial wallet or a cryptocurrency exchange), including:

  • Name and country of the beneficiary party

  • Wallet type (custodial or non-custodial)

  • Name of the beneficiary cryptoasset business (if applicable)

Per the Travel Rule requirements, after the withdrawal is made, we will pass your name and the beneficiary’s name to the beneficiary cryptoasset business. If the withdrawal amount is over 1,000 EUR, we will also be required to pass other information.

You may not be required to provide information for subsequent transfers if the information initially provided is still current and valid (as determined by Crypto.com).

Please note that if the beneficiary party is in a country where the Travel Rule is effective, you will not be able to send assets to the beneficiary party’s custodial/centralised wallet on networks other than Bitcoin and Ethereum. But, if the withdrawal is made to their non-custodial wallet, there will not be any restrictions regarding the network type.

When I receive cryptoassets

When you receive a cryptoasset transfer from an external wallet (i.e., a non-custodial wallet or a cryptocurrency exchange), Crypto.com requires you to declare the details of the originating party, including:

  • Name and country of the originating party

  • Wallet type (custodial or non-custodial)

  • Name of the originating cryptoasset business (if applicable)

Please follow the steps below to submit your deposit details:

  1. Go to the Accounts tab and tap the Submit Now button on the pop-up regarding your crypto deposit at the bottom of the screen

  2. A list of deposits that require additional information will be shown. Tap Submit next to the deposit.

  3. Enter the Sender’s Name, select the Sender’s Country and Wallet Type, and tap Submit

  4. The deposit will be credited to your Crypto Wallet upon submission.

If the transfer is made from a centralised exchange and they have provided the required information to Crypto.com per the Travel Rule requirements, you may not be required to provide the details.

If you 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 the Financial Action Task Force (FATF) and the UK Financial Conduct Authority (FCA):

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