CryptoMediaClub
Tuesday, July 8, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Blockchain

UK’s Travel Rule comes into effect, could halt certain crypto transfers

01.09.2023
A A
0
124
VIEWS
ShareShare

Cryptoasset businesses in the United Kingdom could now begin withholding certain crypto transfers to comply with the new Travel Rule for crypto that came into effect on Sept. 1.

The rules targeting virtual asset service providers were first introduced by the Financial Conduct Authority on Aug. 17, and see to it that VASPs based in the U.K. will “collect, verify and share information” relating to crypto-asset transfers.

If an inbound payment is received from a person or entity from an overseas jurisdiction that hasn’t implemented the Travel Rule, the VASP must make a “risk-based assessment” as to “whether to make the cryptoassets available to the beneficiary.”

The Travel Rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use #crypto for illegal activity.https://t.co/kmB6rgMn5e

— Financial Conduct Authority (@TheFCA) August 17, 2023

The same rule would also apply to Brits looking to send payments outside of the U.K.

The Travel Rule was created by the UN agency Financial Action Task Force in June 2019. The U.K. passed legislation to begin enforcing the Travel Rule in July 2022.

It attempts to prevent anti-money laundering (AML) and counter-terrorist financing (CTF) activities carried out on-chain.

Other countries that have adopted the Travel Rule include the US, Germany, Japan, Singapore, Switzerland, Canada, South Africa, the Netherlands and Estonia, according to Sygna.io.

Related: Crypto ads face stricter rules, referral bonus ban by UK FCA

On June 23, the FATF called out member states for failing to sufficiently implement the rule after a survey revealed more than half of them have failed to take any action towards implementing the rule.

A March 2022 survey by FATF found only 29 of 98 jurisdictions at the time passed the requirements needed as part of the travel rules and a small subset of these jurisdictions had started enforcement.

Ian Andrews, the chief marketing officer of blockchain forensics platform Chanalysis explained in April 2022 that coordinating the exchange of information between VASPs cross-borders will be a “pretty hard problem” to solve — at least at the onset.

Magazine: Deposit risk: What do crypto exchanges really do with your money?

Share10Tweet6ShareSharePin2

Related Posts

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC
Blockchain

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
0

Skip to content

Read moreDetails
Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

Tether USDT: Massive 1 Billion Minting Sparks Crucial Market Shift

04.07.2025
Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

Hancom With Pioneers RWA Space with Gold-Backed Stablecoin

03.07.2025
Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

Stablecoin Revenue Soars: Companies Post Massive $10 Billion Annual Earnings

03.07.2025
Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

Kazakhstan Crypto Reserve: Unlocking a Bold Future for National Digital Assets

30.06.2025
Load More
Next Post
Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions

Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Paradigm accuses SEC of bypassing rules in Binance lawsuit

Paradigm accuses SEC of bypassing rules in Binance lawsuit

2 years ago
Why Did Donald Trump Change His Mind On Bitcoin?

Why Did Donald Trump Change His Mind On Bitcoin?

12 months ago
Bitcoin Price Analysis as HBO Documentary Claims to Identify Bitcoin’s Creator ‘Satoshi Nakamoto’

Bitcoin Price Analysis as HBO Documentary Claims to Identify Bitcoin’s Creator ‘Satoshi Nakamoto’

9 months ago
MEXC is Operating Without License in Hong Kong, Regulator Warns

MEXC is Operating Without License in Hong Kong, Regulator Warns

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Ego Death Capital Raises $100M to Back Bitcoin-Focused Startups

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Non-Custodial Solution Launched for Global and Local Payments in Stablecoins

Pump.fun’s $4B Token Launch Collapses Amid Surging Backlash—Can Bonk Capitalize?

Bitcoin ETFs Soar: US Spot Funds Witness Astonishing $216M Inflows

Bit Digital Goes All-In on Ethereum, Dumping 280 BTC to Build 100K+ ETH Treasury

Trending

AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion
All news

AI Company CoreWeave Will Buy Bitcoin Mining Giant Core Scientific for $9 Billion

08.07.2025
0

Bitcoin mining company Core Scientific has revealed that AI infrastructure firm CoreWeave will acquire it in an...

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

Dubai’s Historic Approval: Qatar National Bank Launches Revolutionary Tokenized Money Market Fund in DIFC

08.07.2025
One of Spain’s Largest Banks Launches Crypto Service for Retail Clients

One of Spain’s Largest Banks Launches Crypto Service for Retail Clients

08.07.2025
Ego Death Capital Raises $100M to Back Bitcoin-Focused Startups

Ego Death Capital Raises $100M to Back Bitcoin-Focused Startups

08.07.2025
Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

08.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz