Crypto asset businesses in the United Kingdom can now start withholding certain cryptocurrency transfers to comply with new cryptocurrency travel rules that come into effect on September 1.
The rules for virtual asset service providers were first introduced by the U.K. FCA on Aug. 17 and ensure that U.K.-based VASPs will collect, verify and share information related to crypto asset transfers.
If inbound payments are received from individuals or entities in overseas jurisdictions that have not implemented the Travel Rules, VASPs must conduct a risk-based assessment of whether to provide crypto assets to beneficiaries.