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UK Starts Consultation on Applying 'Travel Rule' to Crypto
The rule should be applied consistently “regardless of the technology being used to facilitate transfers,” the Treasury said.
Par Sheldon Reback
The U.K. government is starting the process of implementing the Financial Action Task Force (FATF) “travel rule” for cryptoassets.
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- Under FATF standards to prevent money laundering and terror funding, the originator and recipient of funds being transferred need to be identified.
- The rule should be applied consistently across the financial services industry, “regardless of the technology being used to facilitate transfers” the Treasury said in a consultation document published Thursday.
- Existing regulations don’t transfer smoothly to crypto because of peculiarities of the sector and need to be adapted, it said.
- “Cryptoasset firms will need to put in place systems for ensuring that personal information of the originator and beneficiary of a cryptoasset transfer is transmitted and received alongside the transfer, in an appropriate format,” according to the document.
- The document includes several proposals from FATF's proposals, among them the suggestion that beneficiaries should be prevented from withdrawing amounts above £1,000 if required information is missing.
- Responses to the consultation must be received by Oct. 14.
Read more: EU Policymakers Propose Tighter Regulation of Crypto Transfers
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