What Is the Travel Rule?
The Travel Rule is a global regulation from the Financial Action Task Force (FATF) aimed at preventing money laundering and terrorist financing. It requires Virtual Asset Service Providers (VASPs) like Konto.com to collect and share transaction details for greater transparency and security.
EU Regulation 2023/1113 has expanded existing rules to include crypto-asset transfers, aligning them with traditional financial regulations.
Why Is the Travel Rule Being Implemented?
Compliance with the Travel Rule ensures Konto.com meets legal and regulatory obligations while enhancing security and trust in crypto transactions. Similar to banking regulations, this helps prevent illicit activities and supports a safer and more transparent crypto ecosystem.
How Does It Affect You?
Konto.com will now collect and securely share transaction details to comply with regulatory requirements. This applies to transactions with other regulated platforms (VASPs) and self-hosted wallets.
What This Means for You
Additional Information Required – You will need to provide sender and recipient details, such as your name, address, and wallet information, when transacting with other platforms or self-hosted wallets.
Enhanced Transparency – Collected data will be securely shared with relevant financial institutions to meet compliance standards.
Minimal Service Impact – Transactions will continue as usual, though additional data requirements may apply.
FAQs
Will this affect my ability to send and receive crypto?
No, but you will need to provide additional details, especially when using self-hosted wallets or transacting with other crypto platforms for the first time.
Can I send or receive crypto from other individuals?
Konto.com only supports transactions where you are both the sender and recipient. You cannot withdraw crypto to wallets owned by other individuals or receive deposits from them. If another individual attempts to deposit funds into your account, Konto.com is legally required to return the funds to the original sender.
Which transactions are affected?
All transactions involving other crypto platforms and self-hosted wallets where sender and recipient details must be recorded.
What information will Konto.com collect?
Basic details such as names, wallet addresses, and transaction data, processed securely for compliance and fraud prevention.
What if I don’t provide the required information?
Your transaction may not be processed until the necessary details are provided.
How do I comply with these requirements?
Ensure that all transaction details are accurate—especially for large or frequent transactions. If unsure, contact support for assistance.
Will my data be shared with third parties?
Only with regulated financial institutions involved in the transaction, as legally required.
How does Konto.com protect my data?
We implement strong security measures and handle data securely and confidentially, following our privacy policy.