【Notabene】2025年加密貨幣旅行規(guī)則狀況報(bào)告

TheState

ofCryptoTravelRule

2025Report

Tableofcontents

ANoteFromNotabene’sHeadofRegulatoryandCompliance3

ExecutiveSummary5

What’sReport6inthe

Chapter1

FATF’sCryptoTravelRule:APathwaytoPowerfulPre-Transaction

RiskMitigation7

1.

TheScopeFATFGuidanceonVAsVASPs8ofand

2.

TheFATF’sCryptoTravelRule16

3.

LeveragingTravelRuleasaToolPre-TransactionRiskthefor

MitigationtoUnlockValue27and

Chapter2

TheEUTravelRuleRollout:ATurningPointinGlobalAdoption30

1.

KeyEventsShapedTravelRule’sWorldwideAdoption202431thatthein

2.

KeyMilestonesLeadingtoTFRImplementation34

3.

ABird’s-EyePerspectiveontheEUTravelRuleRegimeandIndustryCompliancePractices37

4.

BeyondTravelRule:TFR’sImpactonCoreComplianceRequirements46the

Chapter3

ResultsFromThisYear’sStateofCryptoTravelRuleSurvey49

1.

100%VASPsAreTravelRuleCompliantorPlanToBe202551ofin

2.

TFR’sEnforcementDrovea200xSurgeinTravelRuleVolumes,

Yet71%EuropeanCASPsRemainNon-Compliantof54

3.

1in5VASPsareWillingtoReturnDepositsWithoutRequiredtheInformation56

4.

OriginatorVASPsNow4xMoreLikelytoBlockWithdrawalsIfBeneficiaryVASPFailsto

Respond59

5.

73%IncreaseinVASPsNotAllowingTransactionsSelf-HostedWallets63with

6.

RegulatoryUncertaintyandSunriseChallengesRemainTopTravelRuleBarriersFourfor

ConsecutiveYears66

7.

InteroperabilityandFragmentedProtocolsMajorChallengeVASPs68Continuetobefor

1

2

8.

91%ofRegulatorsMonitorTravelRule,ButComplianceGapsPersist70

9.

MajorityofVASPsConductCounterpartyDueDiligence,YetOnlya

ThirdReportNon-Compliance73

Chapter4

GlobalLandscapeTravelRuleAdoptionofCrypto76

1.

TravelRuleAdoptionataGlance77

2.

TFR’sEnforcementDrovea200xSurgeinTravelRuleVolumes,

Yet71%ofEuropeanCASPsRemainNon-Compliant

85

Chapter5

Forward-LookingTravelRuleCompliance:EmergingConsiderations

andInnovativeSolutions8

8

1.

OvercomingLegacyIssues8

9

2.

TheFutureofTravelRuleCompliance:KeyFocusAreasFATF’sin

Recommendation16ProposedAmendment

96

3.

StayingAheadofEmergingChallengesbyAdoptingTAP:TheTransaction

AuthorizationProtocol

101

4.

ChallengesinAdoptingChangestoR16PresentMajorOpportunitiesVASPsfor

andStablecoinPSPs

103

Appendix1:

SurveyMethodology

106

Appendix2:

TransactionAuthorizationProtocol(TAP):AdvancingRegulatory

ComplianceBlockchainPaymentsin10

9

1.

ExecutiveOverview:SolvingTravelRuleChallengesImplementation10

9

2.

AlignmentFATF’sR16ProposedUpdateswith1

11

3.

BeyondBasicCompliance:TAP’sAdvancedFeatures1

12

4.

TAP:AdvancingBlockchainComplianceandInnovation11

3

Appendix3:

Glossary

114

References1

16

AboutNotabene11

9

3

ANoteFromNotabene’sHeadofRegulatoryandCompliance

Theregulatorylandscapeforvirtualassetsisevolvingatanunprecedentedpace.Aswenavigatethrough2025,compliancewiththeFinancialActionTaskForce’s(FATF)TravelRulehasneverbeenmoreimportant.Acrosstheglobe,wearewitnessingasurgeinregulatoryframeworksaimedatenhancingtransparency,mitigatingillicitfinancialactivities,andfosteringamoresecurefinancialecosystem.

AtNotabene,weremaincommittedtosupportingvirtualassetserviceproviders(VASPs)intheircompliancejourney.Overthepastyear,wehaveobservedasignificantshiftinTravelRulecompliance:100%ofsurveyedVASPseithercomplywithorplantocomplywiththeTravelRulebytheendof2025.Thisdemonstratesthattheindustryistakingcomplianceseriously,butchallengesremain.

Forthefirsttime,thisyear’sStateofCryptoTravelRulereportincorporatesinsightsfromregulators,providinga360-degreeviewofcomplianceexpectationsandenforcementtrends.Ourfindingsrevealcriticalgapsandopportunitiesforimprovement:

?Regulatoryoversightisstrengthening,with91%ofregulatorsactivelycheckingforTravelRulecomplianceduringexaminationsandonsitevisits.However,perourindustrysurvey,overhalf(53.8%)ofVASPshaveneverbeenexaminedforcompliance,highlightinginconsistenciesinenforcement.

?Interoperabilityremainsatopconcern,withregulatorsemphasizingtheneedforbetterTravelRuleprotocolreachabilityandimprovedcounterpartyresponsiveness.

?Only35.4%ofVASPsarepreparedtoreportnon-compliantcounterparties,despiteclearmandatesinjurisdictionsliketheEU.Thisunderscorestheneedforclearerguidanceonreportingobligations.

Whiletheindustryhasmadesignificantstrides,complianceisnotastaticdestination—it’sacontinuouslyevolvingprocess.RealworldpaymentusecasesdonotjustinvolveAliceandBob;theyarefarmorecomplex,withvariousintermediariesinbetween.We,asanindustry,needtoevolveaccordingly.Inourforward-lookinganalysis,severalkeythemeshaveemergedthatwillshapethefutureofTravelRulecompliance:

?Strengtheningpre-transactionriskmitigation:Withcryptotransactionssettlinginstantlyandirreversibly,real-timeverificationofbeneficiaryinformationwilllikelyshiftfrombestpracticetoregulatorynecessity,aligningwiththeFATF’sproposedupdatestoRecommendation16(R16).

?Technology-drivencompliancesolutions:InnovationssuchastheTransactionAuthorizationProtocol(TAP)arepavingthewayforsmarter,morecomplex,andseamlessTravelRuleimplementation,enhancingsecurityandefficiencyincryptotransactions.

4

?Greaterregulatoryscrutinyandenforcement:AsregulatorsincreasesupervisionandintegrateTravelRulecomplianceintolicensingrequirements,VASPsmustproactivelystrengthentheircomplianceprogramstostayaheadofevolvingmandates.

Toaddresstheabove,globalenforcement,cooperationandtechnologicalinnovationareofparamountimportance.RegulatorsmustactivelyoverseeandensuretheeffectiveenforcementofTravelRulecomplianceintheirrespectivejurisdictions,whileindustryparticipantsmustactivelyengageincollaborativeinitiativesthatpromoteinteroperability.AtNotabene,weareleadingthechargebyprovidingsolutionsthatenhancepre-transactiondecision-making,real-timecounterpartyriskassessment,andsecuredatatransmissiontoenableseamlesscompliance.

IwouldliketoextendmysinceregratitudetotheentireNotabeneteamfortheircontinueddedication,whichensuresthesuccessofthisreporteachyear,andaspecialthankyoutotheamazingCatarinaVelosoforherdedicationtowritingthereportanddrivingitssuccess.

Aswelookahead,thelandscapewillcontinuetoevolve,butourmissionremainsclear:toenabletrustincryptotransactionsbymakingregulatorycomplianceefficient,secure,andscalable.Weareproudtoplayaroleinshapingacompliantandresilientfinancialecosystem,andwelookforwardtosupportingyouonthisjourney.

Sincerely,

LanaSchwartzman,

VP,GlobalRegulatory&ComplianceStrategy

5

ExecutiveSummary

WelcometoNotabene’sStateofCryptoTravelRule2025report.ThisisourfourthannualreportontheFinancialActionTaskForce’s(FATF)’sTravelRuleanditswidespreadimpactonfinancialinstitutionsandcryptocompaniesaroundtheglobe.Producingthisreporteachyearsupportsourmissiontoserveasthecomplianttransactionauthorizationlayerandnetworkfortoday’scryptoandstablecoinecosystem.

Thisyear’sreportunderscoressignificantprogressmadeinTravelRuleadherence,persistenthurdlesfacedbyVASPsinadoptingtheTravelRule,andtheemergenceofnewsolutionsdesignedtostreamlinecomplianceefforts.

OverviewofKeyFindings

Near-universaladoptionoftheTravelRule:100%ofsurveyedVASPsareeithercompliantorplantobeby2025,with85%targetingthefirsthalfoftheyear.Only3.3%expecttoreachcomplianceaslateasQ4.

Interoperabilityremainsakeychallenge:19%ofrespondentscitedlackofinteroperabilitybetweenprotocolsasthesecond-biggestbarriertoimplementation—trailingthejointtophurdlesofregulatoryuncertaintyandsunriseperiodeffectsbyjust1%.

ImpactoftheEU’sTransferofFundsRegulation(TFR):FollowingtheTFR’senforcementdateonDecember30,2024,weobservedasignificantactivationeffortfromEUCASPswithintheNotabenenetwork.BetweenJanuary2024andJanuary2025,EU-originatedtransactionvolumesincreasedby200x,comparedtoan8xincreaseinnon-EU-originatedvolume.

SurgingTravelRuletransactionactivity:ThenumberofVASPssendingTravelRulemessagesmorethandoubledfromJanuary2024toJanuary2025.Transactioncountssurgedby171.67%,growingfromroughly1.5millioninJanuary2024toover4millioninJanuary2025.Transactionvolumeincreasednearlysixfold,climbingfrom$13.5billiontoalmost$80billion—a492.9%spike.

Ongoingcompliancegaps:While100%ofsurveyedVASPsintendtocomply,only30.8%arecurrentlyfullycompliant,withasubstantialportionoftheindustryremainingnon-compliant.

Enforcementlags:TravelRulelegislationenforcementremainslimited.53.8%ofindustryrespondentshaveneverbeenexaminedforcompliance.36.4%ofregulatorsdonotrequireTravelRuleadherenceaspartofthelicensingprocess,allowingVASPstooperatelegallywithoutdemonstratingcompliance.

6

What’sintheReport

Chapter1:FATF’sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation

highlightstheTravelRule’sroleinmitigatingcounterpartyrisks,enhancingsanctionscontrols,andpreventingfraud.

Chapter2:TheEUTravelRuleRollout:ATurningPointinGlobalAdoptionexaminestheEU’sTransferofFundsRegulation(TFR),whichtookeffectonDecember30,2024,asamilestoneinglobaladoption.

Chapter3:ResultsFromThisYear’sStateofCryptoTravelRuleSurveypresentsinsightsfromthisyear’sindustrysurvey,comparingtrendsovertime.

Chapter4:GlobalLandscapeofCryptoTravelRuleAdoptionanalyzesglobalvariationsinimplementation,fromcompliancethresholdstoenforcementtimelines.

Chapter5:Forward-LookingTravelRuleCompliance:EmergingConsiderationsandInnovativeSolutionsaddressesupcomingchallengesthattheindustrymustfocuson,likestricterRecommendation16(R16)complianceandreal-timetransactionverification.ItintroducestheTransactionAuthorizationProtocol(TAP)asawaytostayahead.

Appendix1:SurveyMethodologyshareshowwegatheredthedatainthisreport.

Appendix2:TransactionAuthorizationProtocol(TAP):AdvancingRegulatoryComplianceinBlockchainPaymentsintroducesadecentralized,pre-transactioncompliancesolutionthataddresseskeyTravelRulechallenges,aligningwithFATF’sproposedR16updatesandofferingawayfortheindustrytostayaheadinmeetingemergingregulatoryrequirements.

Appendix3:Glossarydefinestermsandacronymsusedthroughoutthereportrelatingtothecryptoindustry,governments,regulatoryentities,andlegislation.

AboutNotabene

Notabeneisthetrustlayerforglobalmoneymovement,poweringthelargestTravelRule-compliantnetworkofregulatedcryptoinstitutions.Ourmissionistomakecryptotransactionsapartoftheeverydayeconomy.Weprovideanuancedviewoftheregulatorylandscapebyleveragingindustryexpertise,insightsfromourannualsurvey,andextensiveresearchonpublicsectordata.Weaimtoequipbusinessesandotherindustrystakeholderswiththeknowledgeandtoolsnecessaryforsuccessinadynamicenvironment.

7

Chapter1

FATF’sCryptoTravelRule:APathwaytoPowerful

Pre-TransactionRiskMitigation

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation8

Theregulatoryenvironmentforcryptocurrencyandvirtualassets(VAs)changesoften,andcompliancerequirementsplayapivotalroleinensuringthesecurityandintegrityoffinancialtransactions.TheFinancialActionTaskForce(FATF)isattheforefrontofshapinganti-moneylaundering(AML)andcounter-terrorismfinancing(CTF)regulationsforVAsandVASPs,ensuringregulatorycompliance.

ThischapterdescribestheFATF’sguidanceonVAsandVASPs,anupdatedframeworkthatextendsitsrecommendationsfortraditionalfinancialsystemstoincludedigitalassets.AnanalysisofthekeydefinitionsprovidedbytheFATFonwhatconstitutesVAsandVASPsisfollowedbyadetaileddescriptionoftheintricaciesoftheTravelRule,whichisnotmerelyaninformationexchangemechanism,butalsoapowerfultoolformitigatingpre-transactionrisks(includingsanctionsrisks)andunlockingnewopportunities.Thediscussioncoverstherule’spurpose,objectives,andcorecomponents:VASPidentification,duediligence,transactionqualification,informationcollection,andpre-transactioncounterpartyriskassessment.

1

TheScopeofFATFGuidanceonVAsandVASPs

TheFATFistheleadinginternationalorganizationthatcombatsillegalfinancialactivitieslikemoneylaundering(ML)andterroristfinancing(TF).Theorganizationtakesatwo-prongedapproach:researchingthemethodsandtechniquesusedinsuchillicitactivities,andpromotingglobalstandardsthatmitigatemoneylaunderingandterrorismfinancingrisks.

ThecoreoftheFATF’sworkisitssetofrecommendations,which,whilenotlegallybinding,serveasaninfluentialframeworkthatencouragescountriestotakeactiontowardcompliancewithintheirrespectivejurisdictions.TheserecommendationsserveasguidelinesthatmembersoftheFATFandFATF-styleregionalbodies(FSRBs)canincorporateintotheirlocalregulations.Theresultinglocalregulationsaremandatoryandlegallybindingforfinancialinstitutionsintheirrespectivejurisdictions,andempowerauthoritiestotrackdownfundstiedtocriminalactivitieslikeillegaldrugtrading,humantrafficking,andtheprocurementofweaponsofmassdestruction.

Over200jurisdictionsworldwidehavecommittedtotheFATFStandards,eitherasFATFmembersorasmembersofanFSRB.1

TheFATFhascontinuallyadapteditsstandardsinthefaceofnewrisks,asevidencedbyitsresponsetothepopularityofcryptocurrencies.InOctober2018,expandingfromitshistoricalfocusonfiat,theFATFadoptedtwonewGlossarydefinitions(“virtualasset”and“virtualassetserviceprovider”)andupdatedRecommendation15.2

1Findacompletelistofcommittedjurisdictionshere:

/en/countries.html

2FATF,

12-MonthReview:RevisedFATFStandardsonVirtualAssetsandVirtualAssetServiceProviders

,June2020,p.3.

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation9

InJune2019,theFATFsignaleditsintenttofocusonVAsbyaddingthemtoitslistofkeythreatstothefinancialsystem’sintegrity.Theyissuedapublicstatementatthetime,andpublishedtheirfirstGuidanceforaRisk-BasedApproachtoVirtualAssetsandVirtualAssetServiceProvidersreport.

2018

Table1TheevolutionoftheFATF’sguidanceonVAsandVASPs

FATFGlossary

October2018

?DefinitionsforVAsandVASPsadded;clarifiedthattheRecommendationsappliedtoboth.

?R15requiredVASPstoberegulatedforAML/CTF,licensedorregistered,andsubjectedtomonitoringorsupervision.

2019

June2019

PublicStatementonVirtual

AssetsandRelatedProviders

?AdoptedaninterpretivenotetoR15,clarifyinghowrequirementsforVAsandVASPsshouldapply.

?DescribedhowcountriesandobligedentitiesmustcomplywithVArecommendationstopreventmisuseformoneylaunderingandterroristfinancing.

?InstatedAML/CTFobligationstocoverVAsandVASPs.

?ExtendedR16TravelRulerequirementstoVASPs.

June2019

GuidanceforaRisk-BasedApproachtoVirtual

AssetsandVirtualAssetServiceProviders

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation10

2020

June2020

12-MonthReview:RevisedFATF

StandardsonVirtualAssetsandVirtual

AssetServiceProviders

?NotedsubstantialprogressinimplementationoftherevisedFATFstandards.

?Expressedneedforfurtherclarificationsandguidance.

June2020

FATFReporttotheG20FinanceMinisters

andCentralBankGovernorsonSo-called

Stablecoins

?AnnouncedplansforguidanceonstablecoinsandVAsinabroaderupdate.

March2021

PublicconsultationonFATFdraft

2021

guidanceonarisk-basedapproachto

VAsandVASPs

?Outlinedplanstoregulatespecificdecentralizedfinance(DeFi)protocols,stablecoinplatforms,andmulti-signaturewalletproviders.

?Notedthatitsstandardsdonotapplytounderlyingsoftware,e.g.,adecentralizedapplication(DApp)orsoftwareprogram.

?Recommendedrisk-basedapproachforpeer-to-peer(P2P)transactions.

?Mandatedpre-transactioncounterpartyVASPduediligence.

?AddedclarityandspecificrequirementstotheTravelRule.

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation11

July2021

Second12-MonthReviewofRevised

FATFStandards–VAsandVASPs

?Highlightedpublicsectorprogressandnotedinsufficientimplementationofstandards,whichhindersaglobalAML/CTFregime.

?StatedthattheTravelRuledoesn’timpedeinnovation;stronginternationalAML/CTFcontrolsandregulatorycertaintycanaidbusinessdevelopmentandpublicadoption—pointedatrapidgrowthasevidence.

?Highlightedpotentialjurisdictionalarbitrageduetounevenglobalimplementation.

?Expandedscopeofstandardsandupdates,includingsectionsonstablecoins,decentralizedplatforms,P2Ptransactions,self-hostedwallets,andtheTravelRule.

?UpdateddeminimisthresholdandrequiredinformationinaTravelRule-regulateddatatransfer.

?AffirmedstanceonP2PtransactionsandtransactionsfromVASPstoself-hostedwallets.

October2021

UpdatedGuidanceforaRisk-Based

ApproachtoVAsandVASPs

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation12

June2022

TargetedUpdateonImplementationof

FATF’sStandardsonVAsandVASPs

2022

?Sharedapositiveviewoftheprivatesector’sprogressionondevelopingandimplementingTravelRulesolutions.

?PresentedtheconclusionthatcountriesandtheindustrymustmovefastertoensureglobalapplicationoftheTravelRule.

?Reportedthat29countrieshaveimplementedtheTravelRule,butfeweractivelyenforceit.

?UrgedcountriestoenforcetheTravelRuletoresolvetheSunriseIssue(seeChapter5,Section1),whichslowsindustryadoption.

?CalledontheprivatesectortoaccelerateinteroperabilityofTravelRulesolutions.

2023

?DelegatesagreedonanactionplanforglobalVAstandards,includingoriginatorandbeneficiaryinformationtransmission.

?Approvedroadmapforimprovingstandards.

?AnnouncedplanstoreportonkeyFATFandFSRBmemberactionsinsupervisingVASPsinthefirsthalfof2024.

OutcomesFATFPlenary,22-24February2023

February2023

June2023

TargetedUpdateonImplementationoftheFATFStandardsonVAsandVASPs

?ReportedinsufficientprogressinimplementingtheTravelRule:35jurisdictionsenactedlegislation,27wereintheadoptionprocess,13activelyenforcedcompliance.

?ClarifiedthatcounterpartyVASPduediligencemustbecarriedoutindependentlyandthattheTravelRuleisapre-transactionrequirement.

?HighlightedshortcomingsincurrentTravelRulecompliancetoolsandcalledouttheirlimitedinteroperability.

?ProvidedguidanceonassessingthesuitabilityofTravelRulesolutionproviders.

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation13

2024

February2024

OutcomesFATF21-232024

Plenary,February

?AgreedtopublishanoverviewofFATFandFSRBmemberjurisdictions’stepstoregulateandsuperviseVASPs.

?ProposedamendmentstoRecommendation16tokeeppacewiththechangingcross-borderpaymentslandscape,incorporatingstandardslikeISO20022.

?Solicitedpublicfeedbackontheproposedamendments.

March2024

StatusofimplementationofRecommendation

15FATFMembersandJurisdictionswith

by

MateriallyImportantVASPActivity

?AssessedglobalimplementationgapsinVAandVASPregulations,highlightingweakareasofenforcement.

?Publishedatableevaluatingjurisdictionsonriskassessments,AML/CTFcontrols,TravelRuleadoption,andenforcement.

?Found89%ofkeyjurisdictionsenactedorwereplanningtoenactTravelRulelegislation;over90%implementedcoreAML/CTFmeasures.

?ReiteratedtheSunriseIssueandurgedfasterTravelRuleenforcementglobally.

OutcomesFATFPlenary,26-28June2024

June2024

?Reaffirmedconcernsoverhigh-riskjurisdictionsDemocraticPeople’sRepublicofKorea(DPRK),Iran,andMyanmar;urgedcountermeasuresandenhancedduediligence.Russia’ssuspensionwasupheld.

?Jamaica,Türkiyeremoved;Monaco,Venezuelaaddedtowatchlist

?Approvedrevisionstoensurearisk-based,fair,andtransparentprocess.

?Foundthat75%ofjurisdictionsareonlypartiallyornotcompliantwiththeFATFStandardsonVAsandVASPs.

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation14

July2024

VirtualAssets:TargetedUpdateon

ImplementationoftheFATFStandardson

VAsandVASPs

2025

?Found85%ofjurisdictionspassedorareintheprocessofpassingTravelRulelegislation,thoughenforcementremainsweak.

?Foundthatonly26%ofjurisdictionsthatpassedTravelRuleregulationhavetakenenforcementaction.

?UrgedtheprivatesectortoprogresstowardscompatibilityamongTravelRulecompliancetools.

?SuggestedthatVASPsshouldconductcounterpartyduediligence,evenwithdifferingTravelRuleobligations.

February2025

?RemovedthePhilippinesfromthegreylist;addedLaoPeople’sDemocraticRepublicandNepaltojurisdictionsunderincreasedmonitoring.

?RevisedRecommendation1topromotefinancialinclusionbyenablingarisk-basedapproachforlow-riskcustomers.

?OpenedasecondconsultationonrevisionstoRecommendation16,aimingtoenhancepaymenttransparency.

OutcomesFATFPlenary,19-21February

2025

Chapter1|FATF,sCryptoTravelRule:APathwaytoPowerfulPre-TransactionRiskMitigation15

KeydefinitionsfromtheFATF:VAsandVASPs

ThedefinitionsofVAsandVASPsprovidedintheFATF’supdatedguidancearevitaltounderstandingtheeffectthattheFATFRecommendationshaveoncryptobusinessesandservices.Thesedefinitionsinformwhichtypesofcrypto-assetsandservicesshouldbecovered