People who use private wallets may soon find it more difficult to transfer their crypto to local exchanges to sell back to fiat currency or trade for other tokens.
People who use non-custodial crypto wallets may soon find it more difficult to transfer their tokens to local exchanges to sell back to fiat currency or trade for other cryptocurrencies., which implements a version of the Financial Action Task Force “travel rule” in South Africa.
Originating and intermediate crypto asset service providers must securely store this data to protect users’ privacy and the integrity and availability of the required information. Essentially, exchanges and other crypto asset services must determine for themselves what level of risk they are willing to take on when accepting transfers from private wallets.
However, it added that CASPs could also treat it as just another risk indicator among many to determine the probability of money laundering, terrorist financing, and proliferation of weapons of mass destruction.
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