Virtual Asset Providers Aim for Full Compliance with Travel Rule by Mid-2025

According to PANews, a recent report by Notabene highlights that 90% of the 91 surveyed virtual asset service providers (VASPs) anticipate full compliance with anti-money laundering travel rules by mid-2025. All participating institutions have committed to meeting these standards by the end of the year. The report notes a significant shift in regulatory attitudes, with the U.S. adopting a more positive stance on cryptocurrency regulation and the European Union's Funds Transfer Regulation coming into effect. This has led to an increase in the percentage of VASPs requiring beneficiary information before allowing withdrawals, rising from 2.9% in 2024 to 15.4%. Additionally, approximately 20% of VASPs have started issuing refunds for transactions lacking complete information. Notabene's CEO pointed out that despite the accelerated compliance process, the lack of interoperability between systems across different jurisdictions remains a major challenge.