The UK Ministry Of Finance Launches A Public Consultation On The Implementation Of FATF's Cryptocurrency Travel Rule

With the aim of improving the UK's regulations on terrorist financing, money laundering, and money transfers, the UK Ministry of Finance announced a public consultation, including how to implement the Financial Action Task Force (FATF) Travel Rule, according to a public announcement. 

The public consultation will continue until October 14 with the goal of legislative action in the spring of 2022. 

Travel Rule has always been a hot topic of discussion in the crypto industry. How to implement this regulatory measure has been under discussion for a long time.

The report states: "The government’s approach to implementation is guided by the principle that the application of [the travel rule] should be consistent across the financial services industry, regardless of the technology being used to facilitate transfers, unless there is a compelling reason to adopt a different approach. The requirements will apply to crypto-asset exchange providers and custodian wallet providers, as defined in The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which are carrying on business in the UK."

By Mary Liu

Related Articles