General information only. CryptoRegHub provides summaries for informational purposes and does not constitute legal or compliance advice. Always verify with official sources and consult qualified legal counsel before making compliance decisions.
CryptoRegHub provides plain-English summaries of crypto regulations for informational purposes only. This does not constitute legal, compliance, or financial advice. Regulations change frequently — always verify information with official sources and consult qualified legal counsel before making any compliance decisions.
Regulation (EU) 2023/1113 (the recast Transfer of Funds Regulation, or TFR) extends the EU's existing Travel Rule — previously applicable only to traditional fund transfers — to cover crypto-asset transfers. The regulation aligns the EU with FATF Recommendation 16 standards and requires CASPs to collect, verify and transmit identifying information about both the originator and beneficiary for every crypto transfer. Unlike the previous FATF-based standard which applied a EUR 1,000 threshold, the EU TFR applies to all transfers regardless of amount. The EBA published final Travel Rule Guidelines (EBA/GL/2024/11) on 4 July 2024, which became applicable simultaneously with the TFR on 30 December 2024. There is no grace period — the TFR and its obligations were in full effect from 30 December 2024.
Applies to all crypto-asset service providers (CASPs) authorised under MiCA and intermediary CASPs (ICASPs) involved in crypto transfers within the EU or involving EU-based counterparties. Also applies to payment service providers (PSPs) for fund transfers. Does not apply to transfers between two private (self-hosted) wallets where no CASP is involved, but does apply to transfers between a CASP and a self-hosted wallet above EUR 1,000 (with additional verification requirements).
Key requirements: (1) CASPs must collect and transmit full originator information (name, account identifier, address/date of birth/national ID) and beneficiary information (name, account identifier) for all crypto transfers. (2) No minimum threshold applies — the rule covers all transfers, including small amounts. (3) For transfers to self-hosted (unhosted) wallets above EUR 1,000, CASPs must verify the wallet owner. (4) If incoming transfers lack required information, CASPs must apply a risk-based approach — they may execute, reject, return or suspend the transfer. (5) CASPs that repeatedly receive transfers without required information must notify competent authorities. (6) Systems must maintain data integrity when converting information between formats. (7) Applies to both domestic and cross-border transfers.
Always refer to official sources to confirm current requirements. CryptoRegHub summaries are for general guidance only.
Large fines, licence revocation, or criminal referral risk
This summary is for general informational purposes only and does not constitute legal advice. Always verify with official sources and consult qualified legal counsel.