EU Introduces New Regulation, Travel Rule Guidance, Starting December 30!

Bittime - Starting December 30, crypto service providers and their intermediaries in the European Union (EU) will be subject to Travel Rule Guidance. What's that? Read this article to find out!

European Union Travel Rule Guidance

This announcement was made by the European Banking Authority (EBA), which stressed that the new rules will help fight money laundering and the financing of terrorism more effectively. With this regulation, crypto exchanges operating in the EU must report information regarding the transfer of funds and crypto assets.

Once these regulations come into effect, payment service providers (PSPs), PSP intermediaries, crypto asset service providers (CASPs) and CASP intermediaries will have 2 months to certify compliance with these new requirements. 

Some general provisions, such as collecting user information for transfers of funds or crypto assets, determining whether a transaction is related to the purchase of a service, and detecting transfers that appear related.

Long Term Benefits of the European Union's Travel Rule Guidance

The EBA acknowledged that complying with the EU's Travel Rule Guidance guidelines would place financial pressure on crypto exchanges and service providers. However, the regulatory agency estimates that the overall benefits of these guidelines will outweigh the potential costs, and they are expected to make the fight against money laundering and terrorist financing more effective.

Why is Travel Rule Guidance Important?

The introduction of these new regulations shows that the EU is committed to ensuring that the crypto sector operates to high standards in terms of security and transparency. 

By collecting more detailed information on transfers of funds and crypto assets, regulators can be more effective in detecting and preventing illegal activities such as money laundering and terrorism financing.

In addition, with the implementation of this regulation, it is hoped that it will create a safer environment for investors and users of crypto services in the EU. Public trust in digital assets may increase, which could ultimately drive wider adoption of blockchain and crypto technologies.

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement Bitcoin (BTC), Ethereum (ETH), Solana (SOL) price and other cryptos to find out today's crypto market trends in real-time on Bittime.