🇪🇺European Union - Travel Rule Requirements

All EU users need to review the information below carefully, as the process for sending and receiving crypto-assets has changed.

What is the Travel Rule?

The Travel Rule enhances transparency in crypto-asset transfers, making it more difficult for criminals to exploit crypto-assets for illicit activities. It requires centralized crypto-asset businesses to collect and share necessary names and account details of parties involved in crypto-asset transfers.

Following the Financial Action Task Force (FATF) recommendation issued on June 1, 2019, the EU adopted the Travel Rule through the Transfer of Funds Regulation, which takes effect no later than December 31, 2024.

Is the Travel Rule mandatory?

Yes, compliance is required for all crypto-asset service providers, including Tygapay.com. The Travel Rule has been enacted across all EU countries under Regulation (EU) 2023/1113, governing information accompanying transfers of funds and certain crypto-assets.

How will this impact me?

When transferring crypto-assets

When sending crypto-assets from Tygapay.com to an external wallet (such as a non-custodial wallet or a cryptocurrency exchange), you will need to provide additional details, including:

• The beneficiary’s name and country

• The type of wallet (custodial or non-custodial)

• The name of the beneficiary’s crypto-asset service provider (if applicable)

In line with the Travel Rule requirements, once the withdrawal is processed, we will share your name and the beneficiary’s name with the receiving crypto-asset service provider.

If the withdrawal amount exceeds 1,000 EUR and the recipient is using a non-custodial wallet, additional information may be required.

You may not need to re-enter these details for future transfers if the previously provided information remains valid, as determined by Tygapay.com. Once verified, outgoing transfers to that wallet address will be approved.

For further information, please see the following documents provided by the Financial Action Task Force (FATF) and the European Banking Authority EBA (EBA Guidelines)