Understanding the EU’s Transfer of Funds Regulation (TFR): A Primer for Crypto Professionals
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.
Key Takeaways:
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.
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Shyft Network powers trust on the blockchain and economies of trust. It is a public protocol designed to drive data discoverability and compliance into blockchain while preserving privacy and sovereignty. SHFT is its native token and fuel of the network.
Shyft Network facilitates the transfer of verifiable data between centralized and decentralized ecosystems. It sets the highest crypto compliance standard and provides the only frictionless Crypto Travel Rule compliance solution while protecting user data.
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