According to Cointelegraph, starting September 1, crypto-asset businesses in the UK may begin to withhold some cryptocurrency transfers to comply with the new cryptocurrency travel rules. The Financial Conduct Authority first introduced this regulation for virtual asset service providers on August 17, requiring VASPs in the UK to collect, verify and share information related to crypto asset transfers. If an inbound payment is received from a person or entity in an overseas jurisdiction that has not yet implemented the travel rules, the VASP must conduct a "risk-based assessment" to determine "whether the crypto asset is provided to the beneficiary." The travel rules are designed to bring greater transparency to crypto asset transfers, making it more difficult for criminals to use cryptocurrencies for illegal activities.