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Implementation of the Transfer of Funds Regulation (“Travel Rule”) at 21bitcoin
Implementation of the Transfer of Funds Regulation (“Travel Rule”) at 21bitcoin

Find out what this means and how you can implement this regulation with 21bitcoin

Updated over 2 weeks ago

What is the Travel Rule?

The Transfer of Funds Regulation, also known as the “Travel Rule,” was introduced to make the handling of cryptocurrencies more secure and transparent. The aim of this regulation is to curb money laundering and the financing of terrorism by collecting and transmitting information about senders and recipients of crypto transactions. This creates a standard comparable to existing regulations for traditional financial transactions. This regulation is a step towards further integrating cryptocurrencies into the regulated financial market.

EU Regulation

The new EU rules on the traceability of crypto transfers were adopted in April 2024. Learn more in the official press release of the European Parliament.

What does this mean for me?

As of December 30, 2024, these new EU regulations for crypto transactions will come into force. This will require verification of your wallet to ensure that external wallets belong to you. In the next few weeks, we will roll out adjustments to the app for this purpose.

21bitcoin is trying to make it as easy as possible for you to comply with the new regulation. Therefore, we offer the option of easily digitally signing your wallet.

You must sign your wallet if:

  • the transaction value is €1,000 or more and

  • you are sending Bitcoin to a non-custodial wallet (i.e., a wallet whose private keys you control).

When adding a new wallet in the 21bitcoin app, you can choose whether you want to send to a custodial or non-custodial wallet.

Custodial vs. non-custodial wallets

Custodial wallets:

  • are managed by a third party that stores your private keys.

Examples: exchange wallets or service provider wallets.

Non-custodial wallets:

  • You have full control over your private keys.

  • To use a non-custodial wallet, you have to prove ownership of the wallet by signing a message.

Examples: BitBox, Trezor, Ledger.

This is how signing a wallet works (coming soon)

Select your wallet type:

  1. Tap “Update Wallet” or “Add Wallet” in the app.

  2. Select “Non-Custodial Wallet”.

  3. Get instructions: You will receive an email with a link to start the signing process.

  4. Open the link on a device with access to your wallet (e.g., your PC).

  5. Signing a message: Follow the link in the email to sign a message with your wallet.

  6. Confirmation: Once the process is complete, you will receive a confirmation in the app.

Instructions for wallets (coming soon)

We offer specific instructions for the following wallets:

  • BitBox02

  • Ledger

  • Trezor

  • BlueWallet

For some wallets, such as Trust Wallet or Exodus, signing is not currently possible.

Need help?

Our support team is happy to help. If you have any questions or require assistance, contact us directly from your app.

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