FCA New Travel Rule Requires UK Crypto Businesses to Collect and Verify Information About Transfers



The Financial Conduct Authority (FCA) has introduced new rules, known as the Travel Rule, which require cryptoasset businesses in the UK to collect and verify information about cryptoasset transfers. Starting from September 1, 2023, individuals who receive money in digital wallets on crypto exchanges may have their funds seized if they cannot provide evidence of the sender's identity and the purpose of the payment. The Travel Rule aims to bring transparency to cryptoasset transfers and prevent illicit activities.
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