TechFlow news: Cryptocurrency businesses in the UK can now begin withholding certain crypto transfers to comply with new cryptocurrency travel rules that took effect on September 1. The rules for virtual asset service providers (VASPs), first introduced by the UK's FCA on August 17, require UK-based VASPs to collect, verify, and share information related to crypto asset transfers.
If receiving incoming payments from individuals or entities in overseas jurisdictions where travel rules are not implemented, VASPs must conduct a "risk-based assessment" on "whether to provide the crypto assets to the beneficiary."
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