UK government walks back from controversial crypto data collection plan

Quick Take

  • UK government has amended controversial plans for crypto transfers and information sharing.

The UK government on Monday walked back from plans to collect personal information from private crypto wallets. 

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. 

This was in reference to the Financial Action Task Force (FATF) standards — aimed at preventing money laundering and the funding of terror activities — which require the sender and recipient of funds to be identified properly.

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