Disclaimer: The following article talks about the incoming changes on Coinhako – all updates mentioned here will not take immediate effect. Users will be informed about changes at least 2 weeks prior to the actual implementation date.
Coinhako will be launching a series of updates to comply with MAS Notice PSN02 and recommendations issued by the Financial Action Task Force, relating to the prevention of Money Laundering and Countering the Financing of Terrorism.
Read on to find out how the Travel Rule integration will affect you as a Coinhako user:
Travel Rule Integration on Coinhako
We have integrated the TRISA and Shyft messaging solutions and protocols on our platform as part of the Travel Rule update. As such, Coinhako intends to halt all transactions with Virtual Asset Service Providers (VASPs)** that do not adopt Travel Rule messaging solutions, and protocols.
Coinhako intends to effect such measures in the coming months – the exact date that the measures come into effect will be announced at least 14 days prior to the day itself.
How will this affect you?
While the integration will largely not affect the way you usually trade and use the various services on the Coinhako platform, the VASPs that you can send and receive crypto to and from may be limited after the measures come into effect.
This means that you will no longer be able to transact with platforms that have not adopted the Travel Rule messaging solutions.
However, the following will continue to remain available for you:
- Transactions to personal wallets
- Transactions to Travel Rule compliant platforms
While we understand that these updates may appear inconvenient, such measures go a long way in helping us ensure the continuity of our services for you.
**Virtual Asset Service Providers (VASPs) refer to entities that provide services relating to virtual assets, such as offering an exchange between virtual assets and fiat currencies, exchange between different forms of virtual assets, transfer of virtual assets such as moving a virtual asset from one address or account to another, providing custodian wallet services and participating in and providing financial services related to an issuer's offer and/or sale of a virtual asset.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.