Implementing the Travel Rule for Cryptoassets in the UK

The UK government has outlined its expectations for cryptoasset businesses in regards to money laundering legislation that will come into effect in July 2022. From September 2023, firms will be required to collect, verify and share information about cryptoasset transfers, known as the ‘Travel Rule’. This rule is designed to bring greater transparency to cryptoasset transfers, making it harder for criminals to use cryptoassets for illicit activity. Furthermore, stronger standards like those brought in by the Travel Rule and the financial promotions regime for cryptoassets in October 2023 will help protect people, the integrity of our markets and support the sustained competitiveness of the cryptoasset sector in the UK.