The U.K. Travel Rule came into force on September 1, requiring digital asset businesses operating in the country to collect, verify, and share information about digital asset transfers.
The United Kingdom is preparing to enforce its Travel Rule in September, a regulation that intends to weed out money laundering and terrorism financing in the territory by promoting transparency.
The Financial Action Task Force urged member states to promptly implement its virtual asset and virtual asset service provider guidance, including implementing the money transfer "Travel Rule."
Aiming to align with global AML standards, Japan is pushing for enhanced digital asset regulation in hopes that the move would help avoid the recurrence of large-scale collapses in the industry.
Kim Nam-kuk, an opposition member of the South Korean National Assembly, is under investigation in connection with allegedly liquidating KRW 6 billion worth of digital currencies.
Beginning January 2023, wallet providers and digital asset exchanges in Switzerland will be mandated to follow the new KYC regulations, including a CHF1,000 threshold on digital asset transactions.
The Travel Rule has focused on banks, but a recent amendment has broadened it to include VASPs, and as Centbee revealed, it preempted the rule months ago.
All South Korean exchanges now adhere to the FATF Travel Rule, with transfers above $821 being flagged as DeFi and NFT traders expect to feel the heat.
Policymakers in the European Union proposed that all companies that transfer BTC and other “crypto-assets” must collect details of the senders and recipients in an effort to crack down on crimes.
