Farcaster

From December, the rules for crypto exchanges in the European Union are changing. All participants in the circulation of digital assets are required to report transfers and conduct KYC checks on all transaction participants. According to Travel Rules, crypto service providers must collect and store data on transactions over 1000 euros for five years. Violators can be fined up to 5 million euros or have their operations suspended. These requirements stem from the MiCAR regulation. Circle stated that non-compliance with the new rules could lead to a loss of market share or cessation of operations.