What Is the Crypto Travel Rule?

The Travel Rule is a global standard established by the (FATF), an international body that combats money laundering and terrorist financing. 

In June 2019, the FATF extended , requiring similar transparency for digital asset transfers.

Since 2020, the Crypto Travel Rule mandates that when a virtual asset transfer occurs, Virtual Asset Service Providers (VASPs) – such as crypto exchanges – must obtain and exchange the Personally Identifiable Information (PII) of both the sender and recipient.

The purpose is to create an information trail that prevents illicit actors from using for money laundering or terrorist financing. By ensuring that sender (originator) and recipient (beneficiary) details “travel” with each transaction, it adds a level of transparency to crypto transfers that would otherwise be pseudonymous.

While the FATF sets the global standard, each member country (like Singapore) is responsible for incorporating it into domestic regulation. 

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How Singapore Implements the Crypto Travel Rule

Singapore’s central bank, the Monetary Authority of Singapore (MAS), enforces the Crypto Travel Rule through formal regulatory notices that bind all regulated crypto service providers to specific compliance actions.

MAS Guidance

In Singapore, the Travel Rule is implemented under – Prevention of Money Laundering and Countering the Financing of Terrorism - Digital Payment Token Service. 

This notice took effect on January 28, 2020, making compliance a legal requirement for all holders of a payment services license under the 2019 (PSA) that carry on a business of providing a digital payment token service. 

How the Travel Rule Affects Your Transactions

The Travel Rule applies whenever a digital payment token service provider (DPTSPs), like a crypto exchange, handles a crypto transfer on your behalf. In practice, it covers three main types of transactions:

• Withdrawals to another exchange.

• Withdrawals to a self-hosted wallet (e.g., MetaMask, Ledger).

• Deposits from an external exchange or wallet.

For each of these, MAS sets different requirements depending on the transfer amount.

Thresholds and Required Information

The key threshold for the Travel Rule is S$ 1,500.

• Transfers ≥ S$ 1,500: For transfers at or above this amount, DPTSPs must collect and transmit a full set of identifying details. This includes the sender’s name, account number, and additional identifiers like their residential address, a national ID number, or date and place of birth. The recipient’s name and account number are also required.

• Transfers < S$ 1,500: Unlike in some jurisdictions, Singapore applies the Travel Rule to all transactions, regardless of size. For smaller transfers, the requirement is less stringent, requiring only the exchange of the sender’s and recipient’s names and their account or wallet numbers. MAS has effectively removed any “anonymous threshold” for transactions facilitated by Singaporean DPTSPs.

Reporting Obligations 

Under MAS Notice PSN02, DPTSPs must comply with strict record-keeping and reporting requirements:

• Originator (Sender) Information: Must include the sender’s name and account number (or unique transaction reference). For transfers of S$1,500 or more, additional details like an address or ID number are required.

• Beneficiary (Recipient) Information: Must include the recipient’s name and their account number (e.g., their destination wallet address).

• Record-Keeping: DPTSPs must log all details for every transaction – including the date, value, and token type – so that the transfer can be fully retraced for an audit or investigation.

• Counterparty Verification: Sending DPTSPs must verify that the receiving institution is a legitimate entity before transmitting customer data, to avoid sending personal information to an unregulated party.

Step-by-Step: How to Send Crypto Under the Travel Rule

The Travel Rule introduces a few extra verification steps when sending and receiving crypto through a Singapore-regulated exchange. Below is an overview of what to expect.

Sending Crypto (Withdrawals)

1. Provide Recipient Details: When initiating a withdrawal, provide the recipient’s full name and specify whether  the funds are being sent to another exchange or to a personal, self-hosted wallet.

2. Specify Wallet Type: You will be asked if the wallet is hosted by another DPTSP or is self-hosted (unhosted). Singapore exchanges may restrict or block transfers to non-compliant exchanges that have not implemented the Travel Rule.

3. Verify Ownership of Self-Hosted Wallets: If sending to your own private wallet (e.g., a Ledger or MetaMask), you must prove ownership. This is often done through a “small deposit test” (sending a tiny amount of crypto back to the exchange) or by signing a cryptographic message. Once verified, the address is whitelisted for future use.

4. Provide Additional Information for Large Transfers: For withdrawals of S$1,500 or more, you may be prompted to enter additional beneficiary information, such as their physical address or ID number.

Receiving Crypto (Deposits)

1. Declare Sender Details: For any incoming crypto deposit, declare the sender’s full name and originating platform or wallet.

2. Provide Extra Info for Large Deposits: If the deposit exceeds S$1,500, you will need to provide further details about the sender, such as their residential address or ID number.

3. Await Verification: Deposits may remain pending until all required information is verified. Once approved, the funds will be credited to your account.

Just getting started with crypto? Read our guide on to learn the basics.

Exceptions & Special Cases

Understanding how the Travel Rule applies in specific cases helps ensure smooth transactions. Below are the key scenarios to be aware of. 

Self-Hosted Wallets

The Travel Rule applies only between regulated entities. When withdrawing to a self-custody wallet (like Ledger, Trezor, or MetaMask), there’s no counterparty DPTSP to receive customer data. MAS therefore treats these as higher-risk transactions and requires enhanced due diligence (EDD). 

You may need to verify wallet ownership through a , digital signature, or address whitelisting. Many Singapore-regulated exchanges allow withdrawals only to verified wallets and may block direct transfers to third-party wallets.

Low-Value Transfers

Basic sender and recipient details are required for all transfers. For transfers above S$1,500, providers must attach additional originator details (e.g., more identifying data), and may run extra checks based on risk. For certain domestic routing scenarios, providers can send minimal data immediately and furnish full details on request to intermediaries or MAS. Some providers also run extra checks if a transaction looks unusual, even if it’s under the limit.

P2P (Wallet-to-Wallet) Transactions

If two people send crypto directly between self-hosted wallets, with no regulated provider in the flow, the Travel Rule doesn’t apply to that on-chain transfer. The checks come back into play the moment funds touch a Singapore-regulated exchange or custodian, where and Counter-Terrorist Financing (CFT) rules kick in.

To Avoid Delays

Before a first-time withdrawal or deposit, complete any address verification your provider offers, keep recipient names consistent with records, and save the transaction hash.

How Gemini Ensures Travel Rule Compliance

Singapore’s Travel Rule strengthens the safety and integrity of crypto transactions but  can add verification steps and occasional delays. 

At Gemini, we aim to make compliance seamless without compromising user experience:

• Fast Withdrawals: Our Address Book feature lets you pre-verify and save external wallets. Once verified, future withdrawals can be completed quickly without repeated checks.

• Secure Data Transfers:  We safeguard your privacy by using the TRUST Network to share your personal information securely and only with other compliant, verified platforms.

• Simplified Deposits:  For incoming crypto transfers, a one-time attestation verifies sender details and helps release funds promptly, preventing unnecessary holds.

For a detailed look at our compliance framework, you can review our complete guide on Singapore’s

Ready to experience a simpler, more secure way to manage your crypto in Singapore?

FAQs

Is crypto legal in Singapore? 

Yes. While it is legal for individuals to own and use crypto, any business offering crypto services in Singapore must be licensed and regulated by the Monetary Authority of Singapore (MAS).

What is the FATF Travel Rule in crypto?

The FATF Travel Rule is a global standard that requires crypto platforms to collect and share sender and recipient information for each transfer. This creates a data trail to prevent illicit activities.

Is the Travel Rule crypto requirement enforced in Singapore?

Yes, the Travel Rule is fully enforced in Singapore and has been a mandatory requirement for all licensed crypto service providers since the Monetary Authority of Singapore (MAS) implemented Notice PSN02 on January 28, 2020.

What happens if I send crypto to an unregulated wallet?

When sending crypto to an unhosted wallet, your exchange will require you to prove you are the owner before permitting the withdrawal. This is often done via a Many exchanges will only allow withdrawals to your own verified personal wallets.

Does the Travel Rule apply to small personal transfers?

Yes, in Singapore the rule applies to all transfers, regardless of amount. However, there is a “lighter touch” for transfers below S$1,500. For these smaller transactions, exchanges only need basic information (like the names and account numbers of the sender and recipient) rather than the more extensive identity details required for larger transfers.

Are my crypto transfers taxable in Singapore?

While Singapore does not have a capital gains tax for long-term personal investments, profits from frequent trading or using crypto to pay for goods and services

How does Gemini ensure Travel Rule compliance?

To meet the Travel Rule, Gemini collects the required information of both the sender and recipient. We exchange that data with other providers through the encrypted TRUST network and allow exchange-to-exchange withdrawals only to interoperable providers. For self-hosted wallets, we verify control via a Signature Test or Small Deposit Test before enabling withdrawals. For deposits, we request a short deposit attestation (legal name and country).