The travel rule is a new regulation put into effect by the Bangko Sentral ng Pilipinas under circular no. 1108, series of 2021.
In compliance with this rule, users who will send amounts equal to or greater than ₱50,000 in funds will need to provide the following information:
- Recipient's full legal name
- Recipient's cryptocurrency wallet address
- Recipient’s exchange (e.g. Binance) or wallet (e.g Metamask, Ledger)
Please note that the details below regarding the user will be automatically disclosed to the counterparty exchange.
- Their full legal name
- Their customer ID
- Their physical (geographic) address
- Their date of birth
- Their place of birth
A regulation like this helps the government combat illegal activities such as money laundering and terrorist financing. In addition, it makes tracing transactions easier in the event of an investigation.
While it may seem like a hassle at first, it will ultimately make your crypto experience safer and more secure.
As you may have noticed, many banks and financial institutions are already complying with the travel rule. Whenever you send money to someone else, your bank also shares your information with the recipient bank.
You may be worried about how this will affect your privacy, but rest assured that we will only share your information with the recipient’s crypto exchange, and it will not be stored or used for any other purposes.
- How will the Travel Rule affect me?
You’ll need to disclose your information when sending crypto worth equal to or over ₱50,000.
- Why do I need to provide personal information?
You need to provide personal information as mandated by the law. And the government will use this information to combat money laundering and criminal activities.
- For inbound transactions (deposits), what information do I need to provide?
- For outbound transactions (withdrawal), what information do I need to provide?
You will need to fill out the recipient’s full name and the receiving cryptocurrency exchange as long as the transaction amount is equal to or greater than ₱50,000. In addition, you must consent to share your KYC information with the receiving exchange, as mandated by the law.
- Does this apply to both cash and crypto transfers worth more than ₱50,000?
No. Currently, this only applies to all crypto transfers with a value equal to or greater than ₱50,000.