UK's Travel Rule comes into effect, could halt certain crypto transfers

Crypto asset businesses in the UK may begin withholding certain crypto transfers to comply with the new Travel Rule, which aims to prevent money laundering and terrorist financing activities carried out using cryptocurrencies.

cointelegraph.com

Relevant topic timeline:

9/7/2023

Key G20 policy paper calls for licensing of crypto services, money laundering standards on sector

A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.

9/8/2023

Coinbase Shifts Focus Abroad Amid Murky US Crypto Rules

Crypto exchange Coinbase plans to focus on non-U.S. markets, including the European Union, the United Kingdom, Canada, Brazil, Singapore, and Australia, due to their clearer crypto laws, as it seeks to expand its operations and establish partnerships with global and local banks and payment providers while ensuring compliance with governance systems. The company also aims to intensify its lobbying and visibility efforts ahead of the EU elections and engage with the G20 to create global crypto standards.

9/9/2023

G20 Leaders Agree to Start Sharing Crypto Transaction Data in 2027

The leaders of the G20 countries have called for the swift implementation of a cross-border framework for crypto assets that would facilitate information exchange between jurisdictions starting in 2027, aiming to give tax authorities greater visibility into crypto transactions.

9/21/2023

UK Crypto Firms Warned to Comply With New Promotion Rules or Face Fines

The UK's Financial Conduct Authority (FCA) has warned cryptocurrency businesses to comply with new financial promotion rules, as the majority of firms are ignoring them; failure to comply could result in imprisonment, fines, or both. Only 24 out of over 150 firms have responded to the FCA's survey regarding the new rules, which will severely restrict communication of financial promotions from unauthorized crypto businesses.

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Posted 9/1/2023, 12:38:01 AM