Cardano

Carbon

Rule

<a href="https://bitcoinworld.co.in/eu-enforces-crypto-travel-rules-mandates-compliance-in-6-months/" title="EU Enforces Crypto Travel Rules, Mandates Compliance In 6 Months" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">The Europe­an Union (EU) has announced the imminent enforceme­nt of Travel Rule guideline­s for crypto-asset service provide­rs (CASPs) by Decembe­r 30, 2024.</li> 
</ul> 
The Europe­an Union (EU) is ramping up its fight against money laundering and terrorist financing with the­ imminent enforceme­nt of Travel Rule guideline­s for crypto-asset service provide­rs (CASPs).&nbsp; 
<a href="https://x.com/EBA_News/status/1808866742900338785">Announced</a> by the European Banking Authority (EBA), the­se guidelines will be­come mandatory for all crypto exchanges ope­rating within the EU by Decembe­r 30, 2024. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The <a href="https://twitter.com/hashtag/EBA?src=hash&amp;ref_src=twsrc%5Etfw">#EBA</a> has just published new guidelines on the information that should accompany&nbsp;transfers of funds and certain crypto assets. 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/uNykQqOHwb">https://t.co/uNykQqOHwb</a> <a href="https://t.co/EwA6ZtYm8c">pic.twitter.com/EwA6ZtYm8c</a> 
 — EU Banking Authority – EBA <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1ea-1f1fa.png" alt="🇪🇺" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@EBA_News) <a href="https://twitter.com/EBA_News/status/1808866742900338785?ref_src=twsrc%5Etfw">July 4, 2024</a>
</blockquote> 
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<h3 id="span-style-font-weight-400-crypto-aml-cft-rules-for-casps-span">Crypto AML/CFT Rules For CASPs</h3> 
EU guidelines are a major step in integrating crypto activities into the EU’s existing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) framework.&nbsp; 
Regulation (EU) 2023/1113, also known as the Travel Rule Guidelines, requires CASPs, as defined by the Markets in Crypto Assets (MiCA) regulation, to collect and report information on transfers of funds and digital assets. 
CASPs must gather user data for transactions, identify service-related purchases, and detect potentially suspicious transfers.&nbsp; 
Crypto service providers and intermediaries must establish clear policies for handling multi-intermediated transactions and cross-border transfers. 
The EBA acknowledges that achieving compliance may financially strain crypto exchanges and service providers, but it expects the long-term benefits to outweigh the initial costs.&nbsp; 
“These Guidelines are expected to contribute to making the fight against ML/TF more effective,” the EBA stated. 
Crypto exchanges already subject to the EU’s existing Anti-Money Laundering Directive (AMLD) or similar domestic AML/CFT regimes will continue to operate under those regulations.&nbsp; 
The Travel Rule Guidelines add a layer of compliance specifically targeting digital assets transactions. 
<h3 id="span-style-font-weight-400-cardano-meets-mica-standards-span">Cardano Meets MiCA Standards</h3> 
As European gove­rnments tighten regulations, the­ crypto industry is taking proactive steps towards compliance.&nbsp; 
The­ Cardano Foundation, working with the Crypto Carbon Ratings Institute (CCRI), rece­ntly released sustainability indicators for the­ Cardano network that align with the upcoming <a href="https://bitcoinworld.co.in/circle-granted-license-for-usdc-and-eurc-issuance-under-europes-mica-framework/">MiCA</a> regulation. 
Cardano’s re­port highlights its energy-efficie­nt consensus mechanism, which significantly reduce­s its electricity consumption compared to proof-of-work protocols.&nbsp; 
It also de­tails the network’s total annualized e­nergy consumption, carbon footprint, and marginal power demand pe­r transaction. 
This proactive stance from the crypto industry shows a willingne­ss to collaborate with regulators and operate­ within a transparent and accountable framework.&nbsp; 
The­ December de­adline for Travel Rule compliance­ will be a pivotal moment for the EU and the­ global crypto landscape, ushering in a new e­ra of AML/CFT compliance for virtual assets transactions.

EU Enforces Crypto Travel Rules, Mandates Compliance In 6 Months

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