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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/eba-expands-travel-rule-guidelines-to-include-crypto-service-providers/" data-wpel-link="internal">EBA Expands Travel Rule Guidelines to Include Crypto Service Providers</a> 
The European Banking Authority (EBA) announced a significant move to support Anti-Money Laundering (AML) measures by expanding Travel Rule guidelines to include crypto service providers and intermediaries. Crypto exchanges operating in the European Union will be subject to Regulation (EU) 2023/1113 (Travel Rule Guidelines) requiring the reporting of information on fund and crypto asset transfers starting December 30. 
<h2 class="p1" style="text-align: justify" id="legislation-in-the-european-union">Legislation in the European Union</h2> 
As defined in MiCAR, crypto asset service providers (CASPs) will be subject to the EU’s Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime. When the regulation comes into effect, payment service providers (PSPs), intermediary PSPs, CASPs, and intermediary CASPs will have a two-month grace period to declare their compliance with the new requirements: 
<blockquote> 
 “The deadline for competent authorities to report their compliance with the guidelines will be two months after the translations are published.” 
</blockquote> 
General provisions include collecting user information for fund or crypto asset transfers, determining if the transaction is related to a service purchase, and identifying linked transfers. Additionally, crypto service providers and intermediaries will need to declare their policies on multiple intermediations and cross-border transfers. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-368261" src="https://coin-turk.com/wp-content/uploads/2024/07/eu.webp" alt="" width="500" height="491"> 
<h2 class="p1" style="text-align: justify" id="what-are-the-details">What Are the Details?</h2> 
The EBA acknowledged that complying with the EU Travel Rule Guidelines would financially stress crypto exchanges and service providers. However, the regulatory body foresees overall long-term benefits: 
<blockquote> 
 “Overall, the benefits derived from this guideline are expected to outweigh the potential costs, and it is expected to contribute to making AML/CFT efforts more effective.” 
</blockquote> 
Currently, crypto exchanges and service providers under the EU’s Anti-Money Laundering Directive (AMLD) or local AML/CFT regimes will continue to be subject to existing AML/CFT requirements. As European governments strengthen controls over crypto exchange activities, crypto protocols are adopting a proactive approach to compliance. 
The <a href="https://en.coin-turk.com/a-closer-look-at-cardanos-price-future-will-ada-face-further-decline/" data-wpel-link="internal">Cardano</a> Foundation, in partnership with the Crypto Carbon Ratings Institute (CCRI), has published sustainability indicators for the Cardano network to comply with the upcoming Markets in Crypto-Assets (MiCA) regulation in the European Union. The report highlights that Cardano is working on a more energy-efficient consensus protocol and consumes significantly less electricity compared to proof-of-work protocols. It also provides key metrics, including Cardano network’s total annual electricity consumption and carbon footprint, as well as marginal power demand per transaction per second. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/eba-expands-travel-rule-guidelines-to-include-crypto-service-providers/" data-wpel-link="internal">EBA Expands Travel Rule Guidelines to Include Crypto Service Providers</a></h5>

EBA Expands Travel Rule Guidelines to Include Crypto Service Providers

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