sgp_[m]: theblockcrypto.com/linked/112008/eu…-travel-rule-to-crypto-transactions

EU draft: ec.europa.eu/finance/docs/law/210720-proposal-funds-transfers_en.pdf

did you take a look at this yet? I assume this is basically the travel rule

it seems to be basically a transposition of travel rule to crypto

Looks like it but I haven't read it in full

can't wait for all the FUD reporting that EU bans monero lol

my body is ready

<xmrscott[m]> I can do logs I reckon <<>> were you able to do so?

btw

wasn't there some precedent set against this in the EU?

the case of bitonic vs dnk

*dnb

This is the actual proposed change: ec.europa.eu/finance/docs/law/210720-proposal-funds-transfers_en.pdf

> A Regulation of the European Parliament and of the Council is an appropriate instrument for introducing in the Union law the so-called “travel rule” of FATF recommendation 15, which requires on the one hand that originating CASPs obtain and hold required and accurate crypto-assets transfers originator information and required crypto-asset transfers beneficiary information , submit the above information to the

beneficiary CASP or financial institution (if any) immediately and securely, and make it available on request to appropriate authorities (i) and, in the other hand, that beneficiary CASPs obtain and hold required originator information and required and accurate beneficiary information on crypto-asset transfers and make it available on request to appropriate authorities (ii).

Just seems to be the travel rule officially extended to "crypto-assets" and "crypto-asset service providers".

> Scope The requirements of this regulation apply to CASPs whenever their transactions, whether in fiat currency or a crypto-asset, involve: (a) a traditional wire transfer, or (b) a crypto-asset transfer between a CASP and another obliged entity (e.g, between two CASPs or between a CASP and another obliged entity, such as a bank or other financial institution). For transactions involving crypto-assets transfers, all

crypto-asset transfers are treated with the same requirements as for cross-border wire transfers, in accordance with the FATF Interpretative Note to Recommendation 16, rather than domestic wire transfers, given the risks associated to crypto-assets activities and CASP operations.

> The crypto-asset service provider of the originator must ensure that transfers of crypto-assets are accompanied by the name of the originator, the originator’s account number, where such an account exists and is used to process the transaction; and the originator’s address, official personal document number, customer identification number or date and place of birth; the crypto-asset service provider of the originator must also

ensure that transfers of crypto-assets are accompanied by the name of the beneficiary and the beneficiary’s account number, where such an account exists and is used to process the transaction.The crypto-asset service provider of the beneficiary must implement effective procedures to detect whether the information on the originator is included in, or follows, the transfer of crypto-assets. The crypto-asset service provider of

the beneficiary must also implement effective procedures, including, where appropriate, ex-post monitoring or real-time monitoring, in order to detect whether the required information on the originator or the beneficiary is missing.

The proposed change text refers to Directive (EU) 2019/1937-COM/2020/593, which is here: eur-lex.europa.eu/legal-content/EN/…HTML/?uri=CELEX:52020PC0593&from=EN

Bitpay and similar outfits would seem to qualify as a CASP. Vendors who manage receipt of crypto assets themselves would seem to fall outside of the definition. An indirect win for decentralization?

nioc: Thanks for the reminder, will do so when I'm offshift

thx, no hurry

#monero-policy is now relayed, which is the best place for this sort of discussion

It's awesome, that you keep an eye on this.

This travel rule will affect mymonero ?

It looks like it'd only affect companies that provide crypto services (like exchanges), not vendors who accept crypto. Not a lawyer though.

<BusyBoredom[m] "It looks like it'd only affect c"> Read a article which says services can’t provide anonymous wallets

I read the same thing, but I don't think that will hurt monero. Services already get your name and whatnot when you deposit/withdraw monero. Even if getmonero had to get your name when you download the GUI/CLI wallet, that still wouldn't really hurt monero.

Even if that was a requirement, I'm sure that there would be many other ways to download it popping up, like p2p, onion sites, or eepsites

<BusyBoredom[m] "I read the same thing, but I don"> I don’t think getmonero.org provides any service, it just provides tools