UK crypto industry association CryptoUK publishes travel rule guidance

CryptoUK, the UK crypto industry self-regulatory association, has published an in-depth guide on the "complexity" of complying with the UK crypto travel rules to help crypto businesses comply with the UK's travel rules. When asked about the key things companies should consider when complying with the travel rules, the spokesperson said that the rules apply to companies registered with the Financial Conduct Authority (FCA) and conduct non-custodial wallet transfers and inter-cryptocurrency business, that is, one UK crypto company to another crypto company. Cryptocurrency businesses based in the UK must collect, verify and share information about the source of funds and beneficiaries when transferring digital assets to another cryptocurrency business. The spokesperson added that the characteristics of the transfer will determine the level of information that the business involved in the transfer should collect, verify and transmit. It is reported that the UK has previously implemented travel rules for crypto businesses under its jurisdiction. The rules require virtual asset service providers (VASPs) to collect, verify and share information related to crypto transfers. Under the rules, VASPs must conduct a risk-based assessment before providing cryptocurrencies to the recipient. (Cointelegraph)