Coinspeaker
Crypto Travel Rule Takes Effect in UK
Commencing today, September 1, a new regulatory requirement is now in effect for cryptocurrency-related enterprises operating within the United Kingdom. This crypto rule was initially introduced by the Financial Conduct Authority (FCA) on August 17. It obligates Virtual Assets Service Providers (VASPs) to gather, validate, and transfer information related to cryptocurrency transactions.
In the event that a payment originates from a foreign jurisdiction that has not adopted the Travel Rule, the VASP involved must conduct a risk assessment to determine whether to release the cryptocurrency to the recipient. Furthermore, this rule will also be applied to assess transactions made by UK citizens attempting to send cryptocurrency outside of the country.
The FCA, in a release, stated:
“In line with our consumer protection and competitiveness objectives, the Travel Rule is one way we are raising standards in the cryptoasset sector. Stronger s
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