Published on September 01, 2023 13:33 GMT+00:00edited on September 01, 2023 13:34 GMT+00:00

Crypto asset firms in the UK are now required to comply with the Financial Action Task Force's Travel Rule, which came into effect on September 1. The rule represents a global attempt to apply anti-money laundering and counter-terrorist financing regulations to on-chain activities.

The UK's Financial Conduct Authority will now enforce the Travel Rule, requiring UK-based Virtual Asset Service Providers (VASPs) to collect, verify, and share information on domestic and cross-jurisdictional transactions. According to an FCA statement, cryptoasset businesses domicile in the UK are required to "comply with the rule when sending or receiving a cryptoasset transfer to a firm that is in the UK, or any jurisdiction that has implemented the Travel Rule."

In addition to this, the FCA's statement …