UK Government Has Amended Controversial Plans for Crypto Transfers and Information Sharing

UK government has amended controversial plans for crypto transfers and information sharing. According to the amended release on Monday: Instead of requiring the collection of beneficiary and originator information for all unhosted wallet transfers, cryptoasset businesses will only be expected to collect this information for transactions identified as posing an elevated risk of illicit finance. Previously, last July, the UK Treasury office released a consultation document on cryptocurrencies which stated that financial standards should be consistent across all financial services — including cryptocurrency. The document proposed that people that wished to send funds to private crypto wallets would need to collect the recipient's personal identification when doing so.