Japanese exchange bitFlyer begins implementing Travel Rule

Japan is set to implement the Travel Rule for virtual assets on June 1st. The Japanese exchange bitFlyer has already started implementing it on May 30th, using the international solution TRUST.

bitFlyer Adopts Travel Rule International Solution TRUST

Japanese exchange bitFlyer has announced the adoption of the Travel Rule Universal Solution Technology, TRUST, which is also used by well-known exchanges such as Coinbase and Binance, in response to the Japanese government's travel rule policy.

As per the announcement by the Japanese Financial Services Agency, within the designated jurisdiction, when users transfer assets to other exchanges, including overseas entities, exchanges are obliged to provide the legally required relevant notification content to the destination exchange.

Under the framework of TRUST, bitFlyer designates jurisdictions in countries where notification is required, distinguishing between Virtual Asset Service Providers (VASPs) that support TRUST and those that do not. Users can only send specified assets to VASPs that support TRUST, with the designated assets being BTC, ETH, BAT, LINK, MATIC, MKR, SHIB, and PLT. There are two exceptions: jurisdictions not designated and private wallets, where users can deposit and withdraw from bitFlyer.

Investigations reveal that the countries requiring notification seem to be limited to 21 countries and regions, including Japan, Canada, Switzerland, Bahamas, Hong Kong, Luxembourg, the United States, Cayman Islands, Serbia, Bermuda, Malaysia, Albania, Gibraltar, South Korea, the Philippines, Mauritius, Israel, Singapore, Germany, Venezuela, and Liechtenstein.