{"id":465872,"date":"2022-06-20T23:47:41","date_gmt":"2022-06-20T20:47:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hm-treasury-changes-course-on-collecting-data-around-unhosted-crypto-wallets\/"},"modified":"2022-06-20T23:47:41","modified_gmt":"2022-06-20T20:47:41","slug":"hm-treasury-changes-course-on-collecting-data-around-unhosted-crypto-wallets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hm-treasury-changes-course-on-collecting-data-around-unhosted-crypto-wallets\/","title":{"rendered":"# HM Treasury changes course on collecting data around unhosted crypto wallets"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a32b4122e22b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a32b4122e22b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hm-treasury-changes-course-on-collecting-data-around-unhosted-crypto-wallets\/#%E2%80%9D_HM_Treasury_changes_course_on_collecting_data_around_unhosted_crypto_wallets_%E2%80%9C\" >&#8221; HM Treasury changes course on collecting data around unhosted crypto wallets &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_HM_Treasury_changes_course_on_collecting_data_around_unhosted_crypto_wallets_%E2%80%9C\"><\/span>&#8221; HM Treasury changes course on collecting data around unhosted crypto wallets &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMzEzYWEwYTYtNTRhYS00MjY2LTk0NmEtMTExNTc0ZmIyZTU0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>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.<\/p>\n<p>In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/1083351\/MLRs_SI_2022_-_Consultation_Response_final.pdf\">said<\/a> 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 \u201can elevated risk of illicit finance.\u201d 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.<\/p>\n<p>\u201cThere is not good evidence that unhosted wallets present a disproportionate risk of being used in illicit finance,\u201d said the HM Treasury report. \u201cNevertheless, the government is conscious that completely exempting unhosted wallets from the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">Travel<\/a> Rule could create an incentive for criminals to use them to evade controls.\u201d<\/p>\n<p>The U.K. government made the change in response to a consultation held between July and October 2021 with \u201c[Anti-Money Laundering] (AML)\/[Counter-Terrorism Financing] (CTF) supervisors, industry, civil society, academia and several government departments,\u201d in which many expressed concerns about the \u201cbreadth of personal information collected\u201d around transfers to unhosted wallets as well as the time required to enact such policy. According to the Treasury Department, the amendments will have a one-year grace period, taking effect in September 2023 if <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved by Parliament. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Enforcement and adoption: What do UK\u2019s recent regulatory aims for crypto mean?<\/em><\/strong><\/p>\n<p>HM Treasury hinted it would implement the changes in accordance with the Financial Action Task Force\u2019s Travel Rule, which sets out recommendations for regulators aimed at having cryptocurrency transactions comply with Combating the Financing of Terrorism and Anti-Money Laundering regulations. The FATF will release a report on how participating countries are implementing their travel rule at the end of June.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hm-treasury-changes-course-on-collecting-data-around-unhosted-crypto-wallets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; HM Treasury changes course on collecting data around unhosted crypto wallets &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":465873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMzEzYWEwYTYtNTRhYS00MjY2LTk0NmEtMTExNTc0ZmIyZTU0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75819,74879,71511,70934,4966],"class_list":["post-465872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-wallet","tag-wallet","tag-government","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=465872"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/465872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/465873"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=465872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=465872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=465872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}