Bitcoin

<ul><li>Crypto businesses in the UK now adhere to the Travel Rule, which took effect on September 1.</li><li>FCA mandates that UK-based Virtual Asset Service Providers (VASPs) collect, verify, and share information for crypto transfers.</li><li>Concerns arise as over half of FATF members still need to enforce the Travel Rule, questioning its anti-money laundering and anti-terror financing efficacy.</li></ul>In a significant development for the cryptocurrency industry in the United Kingdom, crypto asset businesses have <a href="https://www-forbesindia-com.cdn.ampproject.org/v/s/www.forbesindia.com/amp/article/cryptocurrency/uks-crypto-travel-rule-now-in-effect-for-safer-digital-asset-transactions/87939/1?amp_gsa&#61;1&amp;amp_js_v&#61;a9&amp;usqp&#61;mq331AQIUAKwASCAAgM%3D#amp_tf&#61;From%20%251%24s&amp;aoh&#61;16935701471807&amp;referrer&#61;https%3A%2F%2Fwww.google.com&amp;ampshare&#61;https%3A%2F%2Fwww.forbesindia.com%2Farticle%2Fcryptocurrency%2Fuks-crypto-travel-rule-now-in-effect-for-safer-digital-asset-transactions%2F87939%2F1" rel="noopener noreferrer nofollow">started</a> implementing the new Travel Rule, effective September 1. The Financial Conduct Authority (FCA) introduced these regulations on August 17, requiring Virtual Asset Service Providers (VASPs) based in the UK to comply with stringent information-sharing requirements for crypto-asset transfers.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/219fdf8446344eb990e9a7bb5ba3ac18.png" />The Travel Rule mandates that UK-based VASPs must &#34;collect, verify, and share information&#34; regarding crypto-asset transfers. If a payment is received from an overseas source that does not have the Travel Rule in place, VASPs must conduct a &#34;risk-based assessment&#34; to determine whether to release the crypto assets to the beneficiary.The Travel Rule, originally devised by the United Nations agency Financial Action Task Force (FATF) in June 2019, became legally <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1083351/MLRs_SI_2022_-_Consultation_Response_final.pdf" rel="noopener noreferrer nofollow">binding</a> in the UK in July 2022. Its primary objective is to enforce Anti-Money Laundering and Counter-Terrorist Financing rules for on-chain activities. The UK joins a list of nations, including the United States, Germany, Japan, Singapore, Switzerland, Canada, South Africa, the Netherlands, and Estonia, in adopting the Travel Rule, as <a href="https://www.sygna.io/blog/fatf-travel-rule-implementation-and-vasp-crypto-regulation-2022/" rel="noopener noreferrer nofollow">reported</a> by Sygna.io.Read full article at <a href="https://cryptotale.org/uk-crypto-firms-begin-enforcing-travel-rule-withholding-certain-transfers/" rel="noopener noreferrer nofollow">CryptoTale.</a>

UK Crypto Firms Begin Enforcing Travel Rule, Withholding Certain Transfers

CryptoTale

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