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      [HT Singapore] Travel Rule & Declaring Transactions

      What is Travel Rule?

      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. Withdrawal Declaration Flow

      IMPORTANT: All withdrawals require a declaration. If the amount exceeds 1,500 SGD, the withdrawal will be processed only after the declaration has been approved by Hex Trust’s compliance team.

      When initiating a withdrawal, follow these steps:

      1. Prompt to Declare
          • You will be prompted to declare the withdrawal. Click "Declare Now."
      2. Declare the Beneficiary
          • Select the beneficiary's .
          • If the receiving address is not a VASP, select "None".
          • Specify if the beneficiary is an individual or a company.
          • Enter the beneficiary's full name.
      3. Declare the Originator
          • Select the originator's Virtual Asset Service Provider (VASP).
          • Specify if the originator is an individual or a company.
          • Enter the originator's full name.
      4. For Amounts Exceeding 1,500 SGD
        • Click "Search Advanced Originator Information" and select one of the two options to input:
        • Residential/Business Address
            • Input the full address.
            • Choose a country from the dropdown
            • (OR) Input the date and place of birth (individuals) or date and place of incorporation (companies).
      5. Complete Declaration
        • Click "Continue" to finalize the declaration process.
        • A confirmation screen will appear.

      3. Deposit Declaration Process

      IMPORTANT: All deposits require a declaration. If the amount exceeds 1,500 SGD, deposited assets will only become accessible after the declaration has been approved.

      ```For deposits, follow these steps:

      1. Locate the Transaction
        • Go to the "Active Transactions" tab and locate the deposit transaction.
        • Click "Declare Now".
      2. Declare the Beneficiary
        • Select the beneficiary's .
        • Specify if the beneficiary is an individual or a company.
        • Enter the beneficiary's full name.
      3. Declare the Originator
        • Select the originator's Virtual Asset Service Provider (VASP).
        • If the depositing address is not a VASP, select "None."
        • Specify if the originator is an individual or a company.
        • Enter the originator's full name.
        • For Amounts Exceeding 1,500 SGD
          • Click "Search Advanced Originator Information" and select one of the two options to input:
          • Residential/Business Address
              • Input the full address.
              • Choose a country from the dropdown
              • (OR) Input the date and place of birth (individuals) or date and place of incorporation (companies).
        5.  
      5. Complete Declaration
        • Click "Continue" to finalize the declaration process.