What is the Travel Rule?

The Travel Rule is a regulatory requirement under global standards that obliges Digital Asset Service Providers (DASPs) to collect specific information about the originators (senders) and beneficiaries (recipients) of digital asset transactions.

 

 

 

What is DASP?

DASP stands for Digital Asset Service Provider. It refers to any business or entity that provides services related to digital assets, such as exchange services, transfer services, custodial services, or any other related services.

 

 

 

What are Digital Assets (DAs)?

According to the Astana International Financial Centre (AIFC) Glossary, a Digital Asset is a digital representation of value that:

1. can be digitally traded and functions as (a) a medium of exchange; or (b) a unit of account; or (c) a store of value;
2. can be exchanged back and forth for Fiat Currency, but is neither issued nor guaranteed by the government of any jurisdiction, and
3. fulfils the above functions only by agreement within the community of users of the Digital Asset; and accordingly
4. is to be distinguished from Fiat Currency and E-money.

 

Digital Assets include crypto assets, stablecoins, utility tokens, privacy tokens, digital asset derivatives, and similar instruments.

 

 

 

Why do we need a Travel Rule?

The purpose of the Travel Rule is to enhance transparency and combat financial crime, including preventing money laundering, terrorist financing, and other financial crimes in the crypto space. It ensures that Digital Asset Service Providers (DASPs) share specific transaction details when transferring digital assets.

 

 

 

Does Bybit Kazakhstan have a Travel Rule?

Yes, Bybit Kazakhstan collects relevant information about your crypto deposits and withdrawals. This requirement applies to both individual and corporate clients when transacting with a Digital Asset Service Provider (DASP), such as another crypto exchange, or when sending to or receiving from an unhosted wallet (e.g., Metamask or cold wallet).

 

 

 

How would it affect me as a Bybit Kazakhstan customer? What information am I required to provide?

You will be required to provide specific information for crypto deposit and withdrawal transactions in compliance with Travel Rule requirements. For both deposit and withdrawal transactions, crypto assets will be credited only after the system confirms that the information provided by Bybit Kazakhstan matches the details received from the counterparty DASP (i.e. the sender’s or recipient’s platform).

 

1. Crypto Deposit

For deposits from other DASPs, Bybit Kazakhstan will require you to complete a declaration form, and normally will not require wallet address verification from users. The deposit will be credited to your Funding Account after the system confirms that the information between Bybit Kazakhstan and counterparty DASP (sender’s platform) matches. However, please note that under special circumstances, you may be required to complete a wallet address verification.

 

For deposits from the unhosted/cold wallet, you will need to complete both the wallet ownership verification and declaration form by opening the verification link on the Deposit Account History page.

 

 

If the deposit is from another person’s unhosted/cold wallet, you should copy the verification link and send it to the sender to prove the address.

 

Once the verification process is successfully completed, the deposit will be credited to your account.

 

2. Crypto Withdrawal

When initiating a withdrawal transaction, you will be prompted to complete the Travel Rule declaration as part of the transaction process.

 

For withdrawal to DASP, no further verification is required and your withdrawal will be processed if the information submitted can be matched with the recipient DASP. Nevertheless, please note that under special circumstances the completion of a wallet address verification may be required.

 

For withdrawals to an unhosted/cold wallet, you will need to complete both the wallet ownership verification and declaration form by opening the verification link available on the Withdraw Account History page.

 

 

Once the verification process is successfully completed, your withdrawal request will be processed, and the crypto assets will be transferred.

 

 

 

What information am I required to provide?

Depending on the type of transaction, you will be required to provide the information specified in the table below.

 

1. Deposit

When depositing crypto to your Bybit Kazakhstan account (i.e. when you are the recipient/beneficiary), the required information depends on the source of the funds:

 

 

 

2. Withdrawal

When withdrawing crypto from your Bybit Kazakhstan account (i.e. when you are the sender/originator), the required information depends on the withdrawal destination.

 

 

Note: To check if any further action is required for the crypto deposit please go to the Deposit Account History section, for crypto withdrawal please go to the Withdraw Account History.

 

 

 

Will any additional data be required to comply with the Travel Rule requirements?

Under normal circumstances, the information provided above is sufficient. However, in certain exceptional cases, the wallet owner may be required to verify ownership by completing the wallet ownership verification process via the link provided, depending on the type of transaction, within the Deposit Account History or Withdraw Account History page. If the wallet belongs to another person, please forward the link to the wallet owner for completion.

 

 

 

Note: To check if any further action is required for the crypto deposit and withdrawal, please go to the Deposit or Withdrawal History.

 

 

 

Do I need to complete a verification for every deposit and withdrawal?

Yes, in accordance with local regulatory requirements, you are required to complete a verification form for each deposit and withdrawal transaction. However, for future transactions, you may select the option “No verification needed for this wallet address next time.”, by ticking the corresponding box.

 

 

 

I have submitted a deposit or withdrawal request, but it says “No Match Found Yet”?

This can happen when the deposit or withdrawal destination has not found a match for the originator or recipient information input. You can still submit your deposit/withdrawal request, and it will be processed once we receive a response from the counterparty DASP. You can cancel your withdrawal at any time during the process.

 

 

 

 

Can I cancel my withdrawal?

Yes, you can cancel your withdrawal as long as you have not done the verification. If the Cancel button is grayed out, you can no longer cancel your withdrawal request.

 

 

 

 

Why does it show Information Match Failed for my withdrawal?

This is because the recipient information you provided does not match the details from the recipient's destination. Please ensure you fill in the correct information and submit your withdrawal request again.

 

 

 

 

Does any amount of deposits and withdrawals require verification?

Yes, any deposit and withdrawal amount is subject to verification.

 

 

 

What happens if my verification fails?

If your wallet ownership verification fails, you can click Retry to re-attempt the process. Ensure you correctly select the wallet type and enter accurate details (such as full name and originator/beneficiary data).

 

 

 

 

Can I request a refund to a different wallet if verification fails?

Yes, you can initiate a refund from the Deposit History page or the Pending Assets tab in your Funding Account. Select the coin, chain type, new wallet address, and amount. Then click Submit.

 

Important: Double-check all refund details before submitting.

 

 

 

Will this information be shared with third parties?

The information will only be shared with other counterparty DASPs involved in the transaction, as legally required, and will be treated with the utmost confidentiality. Bybit Kazakhstan takes stringent security measures to prevent unauthorized persons from accessing customer data.