The European Union's Transfer of Funds Regulation (TFR) is set to come into force by December 2024. And given its transformative nature and implications for cryptocurrency operations, immediate attention is a must.
The Essence of the TFR: Following the FATF Travel Rule, the TFR is crafted to combat money laundering and terror financing. It mandates detailed exchanges of sender and receiver data during crypto transactions.
Scope and Applicability: While aimed at EU-based CASPs, the TFR will also affect CASPs outside the EU if their transactions involve parties within the EU.
Roles and Responsibilities: With the TFR's activation, CASPs will face expanded duties, from capturing thorough transaction data to discerning the specific exemptions the regulation offers.
The clock is ticking. Are you prepared to adapt to this imminent regulatory shift? Equip yourself with the comprehensive details and insights the TFR brings.
