Australia's Crypto 'Travel Rule' to Take Effect in July, All Transactions Require Real Names

CoinFeed June 30 news, according to Cointelegraph, starting July, Australia will officially implement the 'Travel Rule' for locally compliant crypto exchanges. All incoming and outgoing crypto asset transactions must provide the name and platform name of the recipient or sender. The rule is enforced by the financial intelligence agency AUSTRAC, applies to any amount with no minimum threshold, and requires users to confirm that the address belongs to them when withdrawing to a self-custody wallet. Exchanges like Swyftx say users mostly submit information once and it can be reused. Kraken and CoinJar have already started implementing it. The regulatory goal is to enhance on-chain fund traceability to combat money laundering, terrorist financing, and fraud.