UK Government Backtracks on Unhosted Wallet Data Collection Proposal

06/20 23:52

According to Coindesk, the U.K government will not implement its proposed version of a controversial rule requiring all senders of funds to private crypto wallets to collect identification details of recipients, a document published by the Treasury said. Based on the feedback received, the Treasury does not think it would make sense to create a data collection rule for unhosted, or private, wallets, it said. "Instead of requiring the collection of beneficiary and originator information for all unhosted wallet transfers, cryptoasset businesses will only be expected to collect this information for transactions identified as posing an elevated risk of illicit finance," according to the document. The U.K. government still wants to ensure some form of compliance with the FATF's travel rule, which recommends some amount of data collection to prevent money laundering.

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