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HM Treasury changes course on collecting data around unhosted crypto wallets -Breaking


HM Treasury revises its policy on data collection around non-hosted crypto wallets

According to the United Kingdom’s government, it plans to amend a proposal which would have made crypto companies collect personal information from recipients of digital assets transfers.

Its Amendments to Money Laundering Terrorist Financing Transfer of Funds (updated on Wene by HM Treasury It will reduce its data collection requirements from senders as well as recipients. Crypto sent to wallets that are not hosted, 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.