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.
FATF, the global anti-money laundering watchdog, issued guidance for financial regulators in early 2019. The member governments ratified these guidelines in June of 2019.
What this means practically is that financial regulators had one year until June 2020 to globally implement the guidelines in their local regulation.
Most financial regulators around the world have either implemented or are currently working on implementing the Travel Rule in their jurisdictions.
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: