In order for customers to make crypto asset (virtual currency) withdrawals, the crypto asset exchange operator must obtain information on sender and recipient as well as notify the recipient crypto asset exchange operator of the information obtained.
The purpose of the travel rule is to prevent the ability for terrorists and other criminals from using digital fund transfer systems as well as track unauthorized use.
More information can be found here.
Please read the following announcement from the Japan Virtual and Crypto asset Exchange Association (only available in Japanese).
Japan Virtual and Crypto asset Exchange Association
March 1, 2022 announcement
“Notification on the Inclusion of Compliance with the Travel Rule in Self-regulations Established by the Association”
https://jvcea.or.jp/cms/wp-content/uploads/2022/03/202203-travel_rule.pdf