The Financial Conduct Authority (FCA) has established new guidelines for cryptoasset businesses, mandating their compliance with updated anti-money laundering regulations.
Starting on September 1, 2023, cryptoasset businesses operating in the United Kingdom will be obligated to gather, authenticate, and exchange information pertaining to cryptoasset transfers, a regulation commonly referred to as the "Travel Rule."
This initiative is in alignment with the directives from the Financial Action Task Force (FATF), urging other regions to promptly adopt the Travel Rule.
The aim is to standardize the practices of cryptoasset businesses involved in both sending and receiving transactions, bringing them in line with the established norms of the broader financial services sector.
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