[HT Singapore] Travel Rule & Declaring Transactions

What is Travel Rule?

Additional Required Information

Withdrawal Declaration Process

Deposit Declaration Process

Travel Rule for clients onboarded under Singapore 

1. What is the Travel Rule?

The Travel Rule is a global compliance standard designed to ensure transparency in virtual asset transactions. It mandates that Virtual Asset Service Providers (VASPs) collect and store information about the originator (sender) and beneficiary (receiver) for all transactions, with additional requirements for transactions exceeding a specific threshold.

In Singapore, under the Payment Services Act (PSA) and Travel Rule guidelines:

• For all amounts, you must declare the originator and beneficiary details.
• For transactions exceeding 1,500 SGD, additional information must be provided.

For both withdrawals and deposits, the following applies:

• VASPs must collect and verify the originator and beneficiary information before processing the transaction.
• Additional details are required for transactions exceeding 1,500 SGD, as outlined below.

2. Additional Required Information

One of the following as Advanced Information

• Residential/business address
• Unique Identification Number 
• Date of Birth and Place of Birth / Date of incorporation and Place of incorporation

3. Withdrawal Declaration Flow

Scenario A: Counterparty (with full Travel Rule details) is saved in the Counterparty Book

• During the withdrawal process, the user selects the saved counterparty.
• Pre-saved information is displayed, including:
  1. Full name
  2. Blockchain address
  3. Country of residence
  4. Wallet type (hosted vs. self-hosted)
  5. Beneficiary VASP name (if applicable)
• If the transaction amount exceeds SGD 1,500, the system ensures all required additional fields (e.g. address, LEI, personal identifiers) are present.
• If complete, the user may proceed to instruct the withdrawal.

Scenario B: Counterparty is saved but missing required fields

• The user selects the saved counterparty.
• If mandatory fields are missing—especially for withdrawals exceeding SGD 1,500—the system prompts the user to input:
  1. Country of residence
  2. Personal identification information or address
  3. Beneficiary VASP name
• Once completed, the user may proceed with the withdrawal instruction.

• The user is prompted to input the following details:
  1. Full name of the beneficiary
  2. Blockchain address
  3. Country of residence
  4. Wallet type (self-hosted or hosted)
  5. Beneficiary VASP name (if hosted)
  6. For amounts exceeding SGD 1,500:
      ➤ Additional personal information such as date of birth, national ID, or physical address must be collected.
• For withdrawals to self-hosted wallets exceeding SGD 1,500, ownership verification is required using:
  1. Message signing
  2. Metadata submission
  3. Documentary proof (if necessary)
• The user may tick “Save counterparty on the fly” to store the counterparty profile.
• Two approvals are triggered:
  1. Withdrawal execution
  2. Saving of counterparty details

4. Deposit Declaration Process

Step 1: Monitor and Locate the Deposit

• Deposits appear in the “Active Transactions” tab.
• If required originator information is missing or incomplete, the transaction is flagged as “Pending Originator and Beneficiary Information.”

• If full originator and blockchain address details are already saved:
  1. The transaction is screened and credited.
• If originator details are incomplete or the address is not saved:
  1. The user is prompted to complete the declaration.

Step 3: Input Required Originator Information

• The user must input:
  1. Full legal name
  2. Blockchain address
  3. Country of residence
  4. Wallet type (self-hosted or hosted)
  5. Originating VASP name (if hosted)

• For transactions exceeding SGD 1,500 from self-hosted wallets, additional originator data must be provided, such as:
  1. Residential address
  2. Official identification number or date/place of birth
• Users may opt to “Save counterparty on the fly”.
• This action triggers an approval request before the deposit can be credited.