The compliance with the European Union’s Markets in Crypto Assets (MiCA) law is barely three days in and has already drawn major misconceptions. On this premise, Circle’s Policy Head Patrick Hansen took to X to clear a few of the misconstrued takes.
Crypto Exchanges, Travel Rule and MiCA
The Circle executive admitted to seeing several post from people who were mixing up EU’s Transfer of Funds Regulation (TFR) Travel Rule and the newly implemented MiCA. The former mandates financial service providers to gather and exchange customers data amongst others. The Travel Rule also came into force on December 30, 2024, the same day as MiCA.
As a result of its implementation, Hansen said Crypto Asset Service Providers (CASPs) like custodian and brokers are now required to request for more information from users. This applies to both sender and receiver in any transactions. In addition, he added that CASPs are at liberty to exchange this information within themselves.
The Circle Policy Head
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