Navigating the 'Travel Rule' for crypto - any real-world pain points?

Evening all,

Been thinking a bit lately about the ongoing saga of the FATF's 'Travel Rule' as it seeps further into crypto exchanges and custodians. On paper, it's fairly straightforward: identify sender and receiver for transactions above a certain threshold. In practice, however, the global, pseudonymous nature of many crypto interactions seems to rub directly against this. It feels like an attempt to fit a square peg (decentralized assets) into a very traditional, round hole (bank-like transaction monitoring). I'm curious if anyone here operating in the crypto space, especially those on the ops/compliance side, has encountered any significant headaches or unexpected hurdles implementing this. Are we talking minor workflow adjustments, or are there genuine infrastructure challenges and customer experience impacts that are still being ironed out? Specifically, I'm thinking about cross-border transactions and how different jurisdictional interpretations are playing out. It feels like a compliance minefield waiting for someone to step on the wrong bit of legislation.

Any war stories or practical insights would be greatly appreciated. Trying to gauge whether the industry has truly found a scalable solution or if we're all still just duct-taping it together.