2023: A year in regulation
2023 is a challenging year for the digital asset space, with major firms collapsing, high-profile names getting into lawsuits, and regulators rushing to balance innovation and regulation.
Latest travel rule News
UK’s Travel Rule comes into effect, requiring digital asset firms to seize funds from suspicious sources
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.
UK digital currency businesses to implement Travel Rule from September 2023
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.
FATF calls for better implementation of its digital asset guidance to combat financial crimes
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."
Japan to impose stricter AML measures for digital currencies in June 2023
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.
South Korea: Lawmaker faces criticism over digital currency holdings, disobeying travel rule
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.
Swiss financial regulator to keep threshold for KYC on digital asset transactions
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.
Travel Rule now applies to VASPs in South Africa, but Centbee has been ready for years
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.
South Korean exchanges begin a new Travel Rule era, with DeFi and NFTs taking biggest hit
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.
EU to ban anonymous digital currency transfers
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.