UK Backtracks on a Controversial Proposal to Collect Private Wallet Data

The government of the United Kingdom has backtracked on a controversial proposal that requires private data collection. Previously, the rule indicated that fund senders must ID all receiving crypto-asset wallets before completing transactions.

Finally, on Monday, the UK Government decided not to proceed with the proposal. Rather, the Treasury published an amendment to the rule which will no longer include all crypto transactions. Instead, only suspicious transactions that pose a high risk of illegal activities are subject to the rule.


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