UK FCA unveils guidelines for crypto operators ahead of ‘Travel Rule’ enforcement
From Sep. 1, 2023, crypto businesses in the UK will be legally required to collect, verify, and share transfer information, under the so-called “Travel Rule.” This directive, endorsed by the Financial Action Task Force (FATF), seeks to standardize procedures across crypto entities involved in sending and receiving transactions. Under FAFT guidelines, crypto operators must identify the senders and recipients involved in funds transfers. While these more stringent anti-money laundering measures are at various stages of implementation globally, the UK is set to introduce even more rigorous regulations, including restrictions on advertising. Companies like PayPal have already ceased their crypto operations due to these impending rules. You might also like: UK FCA to introduce permanent digital sandbox for technology startups In the context of this announcement, companies have to take all reasonable actions and demonstrate their commitment to ensuring full compliance ...