HM Treasury changes course on collecting data around unhosted crypto wallets
Cointelegraph
Published Jun 20, 2022 04:47PM ET
Updated Jun 20, 2022 06:20PM ET
The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets that were the recipients of digital asset transfers.
In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury said it will be scaling back its requirements for gathering data from both the senders and recipients of crypto sent to unhosted wallets, unless the transaction poses “an elevated risk of illicit finance.” The U.K. government added that unhosted wallets could be used for a variety of legitimate purposes, including asan additional layer of protection as is sometimes the case for cold wallets.
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Written By: Cointelegraph
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