[HT MENA] Travel Rule & Declaring Transactions¶

What is the Travel Rule?¶

The Travel Rule represents a global compliance standard ensuring transparency in virtual asset transactions. It requires Virtual Asset Service Providers (VASPs) to gather and maintain information about transaction originators and beneficiaries when transfers exceed specified thresholds.

Within the MENA region under the Virtual Asset Regulatory Authority (VARA), virtual asset transfers surpassing AED 3,500 must comply with these mandates:

Withdrawals: VASPs must collect and store precise originator and beneficiary details before transfer initiation
Deposits: VASPs must obtain and verify originator and beneficiary details before granting access to received virtual assets

Required Information¶

Minimum originator information: - Name - Wallet Address / Account Number - Residential or Business Address

Minimum beneficiary information: - Name - Wallet Address / Account Number

Withdrawal Declaration Process (MENA Travel Rule)¶

For withdrawals exceeding AED 3,500, complete these steps to declare required details:

⚠️ Important: "assets will only be released after the required declaration is approved."

Scenario A: Complete Counterparty Information Saved¶

Select the saved individual or company during withdrawal
System displays saved information for review
Proceed directly with withdrawal instruction

Scenario B: Counterparty Saved But Information Incomplete¶

Select the saved individual or company
Input missing required details when prompted
Proceed with withdrawal instruction after completion

Scenario C: New Counterparty Not Saved¶

Manually input originator and beneficiary details
For non-intermediary institutions: Hex Trust defaults as originator VASP
For intermediary institutions: originator VASP and originator fields are editable
Optionally select "Save counterparty on the fly"
Withdrawal requires two separate approvals:
Approval to instruct withdrawal
Approval to save counterparty information

Deposit Declaration Process¶

⚠️ Important: "assets will only be made available after the declaration has been successfully approved."

Step 1: Locate the Transaction¶

Navigate to the "Active Transactions" tab and find the relevant deposit transaction.

Step 2: Check Counterparty Information¶

If blockchain address and all required information are saved: No action needed
If information is missing or blockchain address is unsaved: Click "Pending Originator and Beneficiary Information"

Step 3: Input Required Information¶

For incomplete saved counterparties: Input missing details
For unsaved counterparties: Input complete originator and beneficiary information
Optionally select "Save counterparty on the fly" to store information for future use

Step 4: Complete the Declaration¶

Click "Continue" to finalize the declaration process.