Travel Rule

We kindly ask all EU users to review the information below, as there are some updates on how you can send and receive crypto assets.

What is the Travel Rule?

The Travel Rule aims to improve transparency in crypto-asset transfers, making it more difficult for criminals to misuse crypto-assets for illegal activities. It requires collecting and sharing specific details about the parties involved in crypto-asset transfers between regulated businesses.

In line with the Financial Action Task Force (FATF) recommendation from June 1st, 2019, the Travel Rule will be implemented in the EU through the Transfer of Funds Regulation, which will take effect on December 30st, 2024.

Is the Travel Rule mandatory?

Yes, the Travel Rule is a legal requirement for all crypto-asset service providers, including Columis.com. It's part of EU Regulation (EU) 2023/1113, which governs the information accompanying funds transfers and certain crypto-assets.

How will this affect me?

When I send crypto-assets:

Starting from December 30st, 2024, when you send crypto-assets from Columis.com to an external wallet (like a non-custodial wallet or cryptocurrency exchange), you will need to provide the following information:

• Name and country of the beneficiary party
• Type of wallet (custodial or non-custodial)
• Name of the beneficiary's crypto-asset service provider (if applicable)

Following the Travel Rule, we will pass your name and the beneficiary's details to their crypto-asset service provider.

If you’re sending over 1,000 EUR and the beneficiary uses a non-custodial wallet, you may be asked to provide additional details.

Once the information is verified, future transfers to the same wallet address will not require re-submission as long as the details remain valid.

When I receive crypto-assets:

When receiving a crypto-asset transfer from an external wallet (non-custodial wallet or cryptocurrency exchange), we'll need you to provide the following details about the originating party:

• Name and country of the originating party
• Type of wallet (custodial or non-custodial)
• Name of the originating crypto-asset service provider (if applicable)

This is all part of ensuring the security and transparency of the transfer process under the new rules.

If you have any questions or need further clarification, please get in touch with us—we're happy to help!