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The UK government is changing its stance on data collection from self-custodial crypto wallets

The UK Treasury is issuing new guidance on when crypto companies can collect identifying information related to self-custodial wallets.
After extensive deliberation, the UK Treasury says crypto companies will now be required to collect identifying information from self-custory wallets only for transactions suspected of illegal activity.

“Rather than collecting beneficiary and originator information for all non-hosted Wallet-To require transfers, crypto asset companies are expected to collect this information only for transactions determined to pose an increased risk for illicit funding.”

Respondents to the consultation included regulators from UK anti-money laundering and anti-terrorist financing groups, members of the crypto-asset industry, civil society, academia, as well as various other government bodies.

According to the UK government, an upcoming law will include guidelines for crypto companies to identify suspicious transactions. The new guidelines will come into force after parliamentary approval in September.

Previously, the UK government required crypto companies to collect information about the recipient of funds sent from all self-custodial wallets.

The UK government says the decision to relax guidelines is driven by legitimate reasons for crypto asset holders to opt for self-custodial wallets.

“The government does not agree that non-hosted wallet transactions should automatically be considered higher risk; many people who hold crypto assets for legitimate purposes use non-hosted wallets due to their customization and potential security benefits (eg.

Earlier this year, a report suggested that the UK government would enact more crypto-friendly regulations after consulting with crypto firms and trading groups.
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