Australia's New Crypto Transfer Rules Explained
What Pay It Now Customers Need to Know
From 1 July 2026, new Australian regulatory requirements known as the Travel Rule will come into effect for cryptocurrency businesses operating in Australia.
The changes form part of Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework and will require Australian cryptocurrency exchanges and digital asset service providers to collect additional information relating to certain cryptocurrency transfers involving external wallets and third-party platforms.
These changes apply across the Australian digital asset industry and are not specific to Pay It Now.
Similar Travel Rule requirements have already been introduced for New Zealand digital asset service providers since 2024.
Why are these changes being introduced?
Historically, cryptocurrency transfers have operated differently to traditional banking and payment systems.
When sending funds between banks, payment providers are generally required to share information relating to the sender and recipient of a transaction.
Cryptocurrency transactions, however, have traditionally involved little more than a wallet address, transaction amount and blockchain network.
The Travel Rule extends similar information sharing requirements to digital asset businesses when facilitating transfers involving external wallets and third-party platforms.
As a result, cryptocurrency businesses such as Pay It Now may now be required to collect additional information relating to certain transfers involving external wallets, exchanges and service providers.
What changes for Pay It Now customers?
For most customers, very little will change.
Customers buying or selling cryptocurrency using NZD or AUD, making purchases through PIN merchants, or transacting entirely within the PIN Network are unlikely to notice any difference to their experience.
The biggest changes will generally apply to customers sending cryptocurrency to:
External wallets
Cryptocurrency exchanges
Other individuals
Businesses
Third-party service providers
In these situations, customers may be asked additional questions before a transfer can be completed.
What information may I be asked to provide?
Depending on the transaction, customers may be asked to provide:
Whether the destination wallet belongs to you or another person
The name of the individual or business receiving the funds
The name of the receiving exchange or platform
Confirmation that you control an external wallet
Additional supporting information where required
The information requested will vary depending on the transaction type and destination.
What parts of the PIN Network are likely to be affected?
Customers using Bridge On and Bridge Off functionality are likely to notice the biggest changes, as these services involve cryptocurrency moving between the PIN Network and external wallets or service providers.
Transfers involving third-party exchanges, self-custody wallets and business counter-parties may also require additional information or review before they can be processed.
Transactions that remain entirely within the PIN Network ecosystem are generally not expected to be affected.
FAQ’s (Frequently Asked Questions)
Can I still use hardware wallets such as Ledger or Trezor?
Yes.
Customers can continue using hardware wallets and self-custody solutions such as Ledger and Trezor. Depending on the transaction, you may be asked to confirm ownership of the wallet before funds can be transferred.
Can I still send cryptocurrency to my own wallet?
Yes.
You can continue transferring cryptocurrency to wallets that you own and control. However, you may be asked to confirm ownership of the wallet or provide additional information before the transaction can proceed.
Can I still send cryptocurrency to friends or family?
Yes.
The Travel Rule does not prevent customers from sending cryptocurrency to other individuals. Depending on the transaction, you may be asked to provide additional information relating to the recipient before the transfer can be completed.
Can I still send cryptocurrency to other exchanges?
Yes.
Customers can continue sending cryptocurrency to external exchanges and trading platforms such as Binance, Coinbase and Kraken. You may, however, be asked to provide the name of the receiving exchange and confirm ownership of the destination account.
Does this affect deposits as well as withdrawals?
Potentially, yes.
The requirements may apply to both incoming and outgoing cryptocurrency transfers involving external wallets, exchanges and third-party service providers.
Does this affect Bridge On and Bridge Off transactions?
Yes.
Customers using Bridge On and Bridge Off functionality are likely to notice the biggest changes, as these services involve cryptocurrency moving between the PIN Network and external wallets or service providers.
Does this affect internal PIN transfers?
Generally, no.
Transactions that remain entirely within the PIN Network ecosystem are generally not expected to be affected by the Travel Rule requirements.
Does this affect buying and selling cryptocurrency?
Generally, no.
Buying cryptocurrency using NZD or AUD, and selling cryptocurrency back to fiat currency, is not expected to change as a result of these requirements.
Does this affect merchant payments?
Generally, no.
Merchant payments that occur entirely within the PIN Network are not expected to be affected. However, merchant settlements involving external wallets or exchanges may be subject to additional requirements.
Will my transactions take longer?
Most transactions are expected to continue processing normally.
However, transactions involving new wallets, external exchanges, third parties or business counter-parties may require additional information or review before they can be processed, which may result in longer processing times than customers have previously experienced.
Does this only apply to large transactions?
No.
Australia has not introduced a minimum transaction threshold for cryptocurrency transfers under the Travel Rule requirements. As a result, these requirements may apply regardless of transaction value.
Will I need to provide information every time I transact?
Not necessarily.
Where possible, Pay It Now will look to retain previously verified information relating to approved wallets, exchanges and counter-parties to minimize repeated requests and reduce friction for customers.
However, additional information may still be requested from time to time depending on the transaction or regulatory requirements.
Will every transaction require manual review?
No.
Most transactions are expected to continue processing automatically and without interruption. Only some transactions may require additional review or information before they can proceed.
Is Pay It Now the only exchange doing this?
No.
These requirements apply across the Australian digital asset industry and will affect exchanges, brokers, OTC providers and digital asset service providers operating in Australia.
Does this affect New Zealand customers?
New Zealand introduced similar Travel Rule requirements for digital asset service providers during 2024.
As a result, some New Zealand customers may already be familiar with these types of checks and verification requirements.
Does this mean I can no longer self-custody my cryptocurrency?
No.
Customers can continue using self-custody wallets and maintaining control of their assets.
The Travel Rule changes the information exchanges are required to collect when facilitating certain transfers. It does not prevent customers from transferring cryptocurrency to wallets they own and control.
Will this change how I use the PIN Network App?
For most customers, very little will change.
Customers transacting entirely within the PIN Network ecosystem are unlikely to notice any difference to their experience. The biggest changes are expected to affect customers transferring cryptocurrency to or from external wallets and third-party platforms.
When do these changes come into effect?
The Australian Travel Rule requirements come into effect from 1 July 2026.
Where can I learn more?
For further information and guidance, including what to expect and how these changes may affect you, please visit the AUSTRAC website or check out our handy customer guide.
Important: The Pay It Now team will never ask for your PIN Network App password, 2FA codes, or credit card details - including any numbers from your Web3 Mastercard® Please be aware that the information provided here is for educational and informational purposes only and should not be considered as financial or investment advice.
