As of December 30, 2024, the new European Union Markets in Crypto Assets Regulation (MiCAR) will come into effect, marking a transformative shift in the regulatory landscape for cryptocurrency service providers across Europe. This regulation aims to enhance consumer protection, promote market integrity, and create new opportunities for crypto service providers, customers, and stakeholders, including partners.

In line with these upcoming changes, we’re thrilled to announce the successful integration of the Travel Rule API solution which is provided by VerifyVASP, a critical component of anti-money laundering (AML) regulations. Travel Rule data will be shared when sending cryptocurrencies of a specified value or above to Virtual Asset Service Providers (VASPs) through the Travel Rule API solutions. And this integration underscores OrangeX's commitment to compliance and its proactive approach to meeting the requirements set forth by MiCAR.

The Travel Rule is a regulatory requirement to combat money laundering (AML) and the financing of terrorism (CFT) in the financial system, including the cryptocurrency industry. It requires that certain information about the sender and recipient of a financial transaction be shared between Virtual Asset Service Providers (VASPs), when transferring funds above a specific threshold.

Currently, OrangeX holds a trading license in the Czech Republic, positioning the exchange to operate within the EU regulatory framework. As part of our ongoing efforts to align with MiCAR, OrangeX is dedicated to preparing for compliance as a Crypto-Asset Service Provider (CASP). We are actively working to ensure that all operational practices meet the stringent requirements outlined in the new regulations.

The integration of the Travel Rule API is a significant step in our compliance journey, enabling us to securely share necessary transaction information with other financial institutions, thereby enhancing transparency and security in our operations. This initiative reflects our commitment to upholding the highest standards of regulatory compliance and customer protection. 

Thank you for your support!

OrangeX Team

2024-12-31

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