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[HT Singapore] Travel Rule & Declaring Transactions

What is Travel Rule?

The Travel Rule is a global compliance standard requiring Virtual Asset Service Providers (VASPs) to collect and store information about transaction originators and beneficiaries. In Singapore, under the Payment Services Act (PSA), this applies to all transaction amounts, with enhanced requirements for transfers exceeding 1,500 SGD.

Additional Required Information

For transactions over 1,500 SGD, VASPs must obtain one of the following:

  • Residential or business address
  • Unique identification number
  • Date of birth and place of birth (or date of incorporation and place of incorporation for entities)

Withdrawal Declaration Flow

Critical requirement: "originator and beneficiary information must accompany all digital payment token (DPT) withdrawals, regardless of amount."

Scenario A: Saved Counterparty with Complete Details

The system displays pre-saved information including name, blockchain address, country of residence, wallet type, and beneficiary VASP name. For amounts exceeding 1,500 SGD, the system verifies all required fields are present before proceeding.

Scenario B: Saved Counterparty with Missing Fields

Users are prompted to provide missing mandatory information: country of residence, personal identification or address, and beneficiary VASP name.

Scenario C: New Counterparty

Users must input full name, blockchain address, country of residence, wallet type, and beneficiary VASP name. For amounts exceeding 1,500 SGD, additional personal information and Satoshi Test ownership verification (for self-hosted wallets) are required.

Deposit Declaration Process

All inbound transfers must be declared and screened before asset crediting. The process involves:

  1. Monitoring deposits in the Active Transactions tab
  2. Verifying counterparty information against saved records
  3. Completing originator information if incomplete, including legal name, blockchain address, country of residence, wallet type, and originating VASP name

For self-hosted wallet deposits exceeding 1,500 SGD, ownership verification via Satoshi Test is mandatory.