HM Treasury changes course on collecting data around unhosted crypto wallets By Cointelegraph

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HM Treasury changes course on collecting data around unhosted crypto wallets

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.