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      [HT MENA] Travel Rule & Declaring Transactions

      What is Travel Rule?

      Withdrawal Declaration Process

      Deposit Declaration Process

      Travel Rule for clients onboarded under Middle East and North Africa (MENA)

      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 & store information about the originator (sender) and beneficiary (receiver) for transactions exceeding a specific threshold.

      In the MENA region under Virtual Asset Regulatory Authority (VARA), any transfer of Virtual Assets exceeding AED 3,500 must meet these requirements:

      • For Withdrawals: VASPs must collect and store accurate originator and beneficiary details before initiating the transfer.
      • For Deposits: VASPs must obtain and verify originator and beneficiary details before granting clients access to the received Virtual Assets.

      2. Withdrawal Declaration Process

      IMPORTANT: If the amount is above 3500 AED, assets will be withdrawn after the declaration has been approved.

      When initiating a withdrawal exceeding AED 3,500, follow these steps to declare the required details:

      1. Prompt to Declare:
        • You will be prompted to declare the withdrawal. Click "Declare Now."
      2. Declare the Beneficiary:
        • Select the beneficiary's Virtual Asset Service Provider (VASP).
          1. 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. Complete Declaration:
        • Click "Continue" to complete the declaration process.
        • A confirmation screen will appear.

      3. Deposit Declaration Process

      IMPORTANT: For amounts exceeding 3,500 AED, deposited assets will only become available after the declaration has been successfully approved.

      For deposits exceeding AED 3,500, the following steps must be completed:

      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 Virtual Asset Service Provider (VASP).
        • 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).
          1. If the originator's depositing address is not a VASP, select "None."
        • Specify if the originator is an individual or a company.
        • Enter the originator's full name.
      4. Complete the Declaration:
        • Click "Continue" to finalize the declaration process.