The UK Crypto Industry Association CryptoUK releases travel rules guide

ChainCatcher news, according to Cointelegraph, the UK's self-regulatory body for the crypto industry, CryptoUK, has released an in-depth guide outlining the "complexities" of complying with the UK's crypto travel rules to assist crypto businesses in adhering to the UK's travel regulations.

When asked about the key considerations for businesses in complying with the travel rules, a spokesperson stated that the rules apply to companies registered with the Financial Conduct Authority (FCA) and involved in non-custodial wallet transfers and inter-crypto asset transactions, meaning from one UK crypto company to another.

Cryptocurrency businesses based in the UK must collect, verify, and share information about the source of funds and beneficiaries when transferring digital assets to another cryptocurrency business. The spokesperson added that the characteristics of the transfer will determine the level of information that the businesses involved in the transfer should collect, verify, and transmit.

It is reported that the UK previously implemented travel rules for crypto businesses under its jurisdiction. The rules require virtual asset service providers (VASP) to collect, verify, and share information related to crypto transfers. Under these rules, VASP must conduct a risk-based assessment before providing cryptocurrency to the recipient.