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By order of the Financial Conduct Authority (FCA), as of September 1, 2023, crypto-asset companies operating in the United Kingdom must collect, verify and share information about the transfers made by their clients, applying what is known as the "Travel Rule". It is a set of regulations designed to combat money laundering, terrorist financing, the proliferation of weapons of mass destruction and other crimes involving cryptocurrencies. They were proposed by the International Financial Action Task Force (FATF) in 2019, being updated in June 2022 and reviewed in the plenary that concluded on June 23 of this year. According to what the FCA points out in a statement on August 17, the guideline is implemented in compliance with the FATF requirements, which has been exerting increasing pressure for member countries to apply these measures to regulate the bitcoin ecosystem ( BTC) and other cryptocurrencies. Consequently, the FCA requires UK exchanges to fully comply with the Travel Rule when sending or receiving bitcoin or other crypto assets, either within the country or in jurisdictions that have already applied the rule. Companies will also be responsible for compliance when using third-party providers. The supervisory body calls the attention of companies to "take all reasonable measures and exercise all due diligence to comply with the Travel Rule", even requesting that the status of implementation of the regulations in other jurisdictions be periodically reviewed and adapt processes accordingly. "Exchanges must guarantee the collection and storage of information in any case," the FCA notes, "even when the companies with which they relate do not have sufficient data." To do this, they must consider whether they operate inside or outside the country and take the appropriate measures. The FCA adds that, in order to further support companies in the application of the regulation, they have been working -together with the Joint Money Laundering Steering Group (JMLSG) and Her Majesty's Treasury (HMT)- in the elaboration of a series of guidelines that exchanges must follow. It is indicated that companies have until August 25, 2023 to enter the guide. With this new requirement, the Kingdom joins the countries that are advancing in the implementation of the Travel Rule. This, after the FATF called attention to the fact that 75% of the members of the body do not comply with the regulations.

$GAFI is soaring at $2.72, targeting $8.26. With Bitcoin’s backing and $AAVE’s support, $GAFI has massive upside potential. Stay tuned for further price action as the market conditions remain favorable, offering opportunities to capitalize on this growth.

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$GAFI is rallying at $1.11, with a target of $4.32. Backed by $AAVE and Bitcoin’s dominance, this asset has breakout potential. Track moving averages and volume spikes to enter strategically and maximize trading profits.