The British Government Changed the Law Related to Private Crypto Wallets

The UK government has decided to change a controversial law designed to prevent the collection of personal information from private crypto wallets. Strong protest was expressed on social media regarding this law. This law was announced by the UK Treasury Office last year.

The purpose of this law was to strengthen all financial systems, including cryptocurrencies. It proposed that private crypto transactions require the collection of information on recipients of £1,000 or more. People had expressed displeasure about this law on social media, which could be a reason for its change. Following the amendment, the law directs private crypto wallet providers to collect details of only transactions that appear suspicious. “Instead of collecting information related to all unhosted wallet transfers, crypto firms must only collect information about transactions suspected of being illegal,” the document said. Changes in this law may remove the displeasure of the people associated with the crypto segment.

Block Key Report It is reported that the UK government introduced this law almost a year ago to prevent money laundering and funding for terrorist activities. The UK wanted to ensure that all funds linked to crypto could be identified. Cryptocurrencies have recently been included in the official financial systems in the UK. Like Tether and Binance USD stablecoins was approved as an official mode of payment in April. Stablecoins are cryptocurrencies that attempt to link their market price to a reserve asset such as gold or common currencies. These are more commonly used for digital transactions that involve converting virtual assets into real assets.

Apart from this, there is also a plan to create a financial market infrastructure called ‘Sandbox’ in the UK. This will give firms the ability to experiment and innovate in infrastructure related to crypto services. Some other measures to boost the crypto segment in the UK are also being considered. <!–

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