The travel rule requires financial institutions participating in a transaction to exchange relevant beneficiary and originator KYC information. From June 2019, this rule has been extended globally to most crypto businesses.
What this means practically is that financial regulators had one year until June 2020 to globally implement the guidelines in their local regulation.
FATF has created a new definition of businesses operating in the crypto space that they call a VASP (Virtual Asset Service Provider). These VASPs now need to become licensed in jurisdictions they operate in.
The Travel Rule probably does apply if your business is involved in: