The UK's financial services regulator, the Financial Conduct Authority, has set out its expectations on how crypto businesses can comply with the upcoming Travel Rule for transparency in crypto transfers from Sept. 1.

In new guidance published today, the FCA’s expectations include crypto businesses taking "all reasonable steps" to comply with the rule when sending or receiving crypto transfers to a firm in the UK or any jurisdiction that has implemented it, even when using third-party suppliers. 

What is the Travel Rule?

Stemming from a change in UK money laundering legislation in July 2022, the rule mandates that crypto businesses must collect, verify and share information concerning crypto transfers. 

The Travel Rule aims to curb illicit activities by bolstering global …