UK Government Reverses Stance on Data Collection of Self-Custody Crypto Wallets

UK Government Reverses Stance on Data Collection of Self-Custody Crypto Wallets


The United Kingdom’s finance ministry is issuing new guidance on when crypto businesses can collect identifying information relating to self-custody wallets.

After extensive consultation, the UK Treasury says crypto businesses will now be required to collect self-custody wallets’ identifying information only for transactions suspected of illegal activities.

“Instead of requiring the collection of beneficiary and originator information for all unhosted wallet transfers, crypto asset businesses will only be expected to collect this information for transactions identified as posing an elevated risk of illicit finance.”

Trending: “You’re a F*cking Scumbag!” – Staten Island Supermarket Worker Physically Assaults Rudy Giuliani (VIDEO)

The respondents in the consultation exercise included supervisors from the UK’s anti-money laundering and counter-terrorist financing groups, members of the crypto asset industry, civil society, academia, as well as various other government departments.

According to the UK government, a forthcoming piece

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend