Under the Travel Rule regulations introduced by the Markets in Crypto-Assets (MiCA) framework, financial service providers must comply with strict rules to ensure transparency and security in cryptocurrency transactions. These regulations require us to verify wallet ownership to:
- Prevent fraud and unauthorized withdrawals.
- Comply with regulatory requirements for tracing and reporting crypto asset transfers.
- Enhance trust and security for all users of the BVNK platform.
By verifying that a wallet is owned by the merchant, BVNK ensures compliance with these legal requirements while maintaining a secure and reliable payments environment.
Steps to add a self-hosted Wallet address
- Create a crypto Contact:
- Log in to your BVNK portal.
- Navigate to the Contacts section and create a new crypto contact.
- Set the contact as "This is my company."
- Add a Payment instrument:
- Within the contact, add a new payment instrument.
- Select the payment instrument type as Self-Hosted Wallet.
- Verify Wallet ownership:
- Shortly after adding the payment instrument, you will receive an email prompting you to provide proof of wallet ownership via the Payment Support app in the BVNK Merchant Portal.
- Navigate to the Payment Support app and submit proof of ownership for the wallet.
- Your proof of ownership should include a clear screenshot showing the wallet address and confirming that you own the wallet. Ensure the screenshot is legible and includes identifying details of the wallet.
- Verification by BVNK Support team:
- Once submitted, the BVNK support team will review and verify your proof of wallet ownership.
- Withdraw funds:
- After verification is complete, you will be able to withdraw funds directly to your self-hosted wallet from the BVNK portal.
What is a Self-hosted wallet?
A self-hosted wallet (also referred to as a non-custodial wallet) is a cryptocurrency wallet that is fully controlled by the user. Unlike wallets provided by exchanges or third-party services, self-hosted wallets allow users to manage their private keys, providing full control and responsibility for their funds. Examples include wallets like MetaMask, Ledger, and Trust Wallet.
Managing the process in the payment Support App
The entire wallet verification process is managed via the Payment Support app in the BVNK portal. Ensure you monitor your email and the Payment Support app for any updates or requests during the verification process.