CryptoUK, a self-regulatory trade association for the United Kingdom’s crypto industry, released an in-depth guide to navigating the “complications” in complying with the U.K.’s crypto Travel Rule, which aims to bring more transparency to crypto transfers.a 36-page guide to help crypto businesses navigate the U.K.’s Travel Rule.
The trade association said that while they worked with regulators to get more clarity for businesses, businesses still face challenges in navigating the rules. CryptoUK said: Because of this, the organization compiled insights into the current compliance approaches of companies that are members of its Travel Rule Working Group.When asked about the key things businesses should consider when complying with the Travel Rule, the spokesperson said that the rule applies to companies registered with the Financial Conduct Authority and conduct unhosted wallet transfers and inter-crypto asset business—one U.K.-based crypto firm to another.
The spokesperson added that the characteristics of the transfer will dictate the level of information that businesses involved in the transfer should collect, verify and transmit.U.K. “making progress” with regulatory clarity
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