UK crypto asset companies can now halt cryptocurrency transfers in compliance with the Cryptocurrency Transfer Act which came into force on September 1.
The Financial Conduct Authority issued the new law targeting virtual asset service providers on August 17th. The new laws stipulate that UK virtual asset service providers must collect, verify and share information relating to crypto asset transfers.
Accordingly, virtual service providers will have to conduct a risk assessment in the event that cryptocurrencies are delivered to a person or entity, by an offshore jurisdiction that has not adhered to the new transfer law, to see if the cryptoassets can be delivered to the beneficiary.
