British Government Shelves Controversial Plan for Crypto Wallets

In the UK, the government has shelved its plan to collect personal information from users of private sector cryptocurrency wallets.

The UK Ministry of Finance, in a document published last year cryptocurrenciesbrought to the agenda that it should be subject to the same standards as other financial instruments.

One of the suggestions brought forward in this context is private crypto wallets. people to send moneyby the receiving party obtaining personal information was in the direction.

This recommendation is based on standards established by the Financial Action Task Force (FATF). In these standards created to combat money laundering, the parties involved in the transactions identities need to be known. is stated.

The recommendation of the Ministry of Finance is that personal information is required in cryptocurrency transactions under a certain amount (£1,000). in a limited way sharing, when exceeding this limit sharing more personal information was in the form.

The document released by the Ministry today shows that this proposal has been shelved. Businesses receiving cryptocurrency transfers from their customers are not just about all transactions, but suspected of being illegal Gather information about transactions.

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