TechFlow reports that the UK Financial Conduct Authority (FCA) has announced that from September 1, 2023, cryptoasset firms in the UK will be required to collect, verify, and share information on transfers of cryptoassets—known as the "Travel Rule." This rule aligns the practices of cryptoasset firms when sending and receiving transactions with those commonly used in other financial services sectors.
The FCA stated that to further support the cryptoasset industry, it has been working with industry stakeholders, the Joint Money Laundering Steering Group (JMLSG), and HM Treasury (HMT) to develop guidance to help firms comply with the Travel Rule. Firms must have inputted this guidance by August 25, 2023.
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