All About Regulatory Changes for PayCek

As of March 21, 2025, certain changes will take effect for customers using the PayCek service due to regulatory requirements and recommendations. You will still be able to make crypto payments, and the way you pay with cryptocurrencies through the PayCek system will not change significantly.

Do I need to verify my identity to use PayCek services?

If you're making a payment of 1,000 EUR or more, you'll be required to complete a one-time, simple, and automated user verification process (if you haven’t done so already). This verification will appear automatically during the payment flow when needed.

What do I gain as a verified user?

After successfully verifying your account, you will be able to pay directly from the Electrocoin trade platform or your personal crypto wallets using the email address linked to your verification. This allows you to make transactions as before, without additional procedures.

Verification is required once your total transactions exceed 1,000 EUR and remains valid for all future transactions, provided your data is up-to-date and valid.

Transactions that do not meet these regulatory requirements will not be processed.

What is Electrocoin required to do under the new regulatory requirements?
The "Travel Rule" is a regulatory requirement introduced for crypto asset service providers (CASPs) under EU Regulation 2023/1113. This rule mandates that CASPs collect, transmit, and store specific information about the sender and recipient of transactions. When required, they must also verify this information before processing transactions.
Why is the Travel Rule necessary?

Compliance with the Travel Rule is mandatory for crypto asset service providers (CASPs) to meet legal and regulatory requirements. Regulatory bodies require that crypto asset service providers (CASPs), including Electrocoin, have accurate information about senders and recipients of transactions and, in some cases, verify this information.

This aligns with existing practices in the traditional banking sector, where similar requirements apply to fund transfers. Compliance with the Travel Rule and related regulatory recommendations is essential to ensure regulatory compliance and the continued operation in regulated markets.

Which transactions are subject to the Travel Rule?
The Travel Rule applies to all transactions to and from other crypto asset service providers (CASPs), including crypto payments made to businesses that support such payments through a certain crypto asset service provider (CASP).
Are all crypto payments subject to the Travel Rule?
All cryptocurrency payments fall under the Travel Rule regulations. However, small payments (below 1,000 EUR) from self-hosted wallets may not always require strict verification. However, crypto asset service providers (CASPs) must still collect certain customer information for all payments.
Will the Travel Rule affect my ability to pay with cryptocurrencies?
The Travel Rule will not fundamentally change your ability to make crypto payments. You will still be able to conduct transactions, but you may be required to provide additional personal information or complete a one-time verification process.
How can I ensure the best user experience when paying with crypto at PayCek merchants?

By registering and verifying your account once on the Electrocoin trade platform (electrocoin.eu/en), you ensure a seamless payment experience at points of sales or merchants using the PayCek system.

Whether you pay using funds stored on electrocoin.eu or an external crypto wallet, the information collected during verification will be considered valid for future transactions.

What information will Electrocoin collect under the Travel Rule?

To comply with the Travel Rule and related regulatory guidelines, Electrocoin must fully verify every customer once their crypto payments reach 1,000 EUR.

The required information includes:

  • Identification document or an extract from the relevant register for businesses
  • Basic personal details such as full name or company name, address, date, and place of birth
What happens if I do not provide the required information?
If you do not provide the requested information during the transaction process, your transaction cannot be processed or it will be suspended until all required data is received.
How can I comply with the Travel Rule requirements?
Ensure that all information you provide during the payment process is accurate and complete. If you have any questions, feel free to contact us.
Will my information be shared with third parties?

In cases where a refund is required to a wallet of another crypto asset service provider (CASP), Electrocoin must share the collected information with that crypto asset service provider (CASP) to process the refund. Additionally, technical service providers involved in the transfer may receive the data when necessary.

All collected data will be treated with the highest level of confidentiality. You can read more about data privacy in our Privacy policy.

How does Electrocoin protect my personal data when using PayCek?
We take data protection very seriously and implement comprehensive security measures to safeguard your personal information. We collect only the minimum necessary data and ensure that all data is processed in accordance with applicable laws and our Privacy policy, using secure transmission methods.
Who can I contact for help?

During the verification process, we will send you an email with detailed information and instructions to successfully complete your verification.

We are available 24/7 for any questions. Feel free to contact us at [email protected] or through any of our support channels.