The regulation is designed to address money laundering and terrorism financing concerns of crypto transactions in the United Kingdom.
Both incoming and outgoing crypto transactions are subject to scrutiny under this regulatory framework.
The United Kingdom has implemented the crypto Travel Rule as of 1 September, which could potentially disrupt certain cryptocurrency transfers.the rule targeting Virtual Asset Service Providers on 17 August. These rules mandate that VASPs located in the UK must “collect, verify, and share information” pertaining to crypto-asset transfers.
The UK’s adoption of the Travel Rule aligns with the global trend of enhancing regulatory oversight within the cryptocurrency industry. This move is part of a broader effort to ensure compliance with AML and CTF regulations.
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