The Travel Rule regulates the information collected and exchanged between these CASPs about the originators and beneficiaries involved in the transaction. The parties involved can take on different roles depending on the type of transfer: originator CASP and beneficiary CASP.
The main stipulations of the Travel Rule are:
- Identification of involved parties: identification of the originators and beneficiaries of digital asset transfers
- Stipulation on the exchange time: coordination of the time of data exchange between the CASPs involved, ensuring that the information is exchanged before the transfer is initiated
- Stipulation on the information to be exchanged:
- Name of the beneficiary
- Wallet address of the beneficiary
- Address of the beneficiary
- Legal Entity Identifier (LEI)
- Customer ID of the beneficiary
- Traceability of transactions: the stipulations ensure that all transfers of crypto-assets can always be traced, just like any other financial transactions. Suspicious transactions must be identified and, if necessary, blocked.
