Cryptoasset Business (CB)
In the UK, a Cryptoasset Business (CB) is either a cryptoasset exchange provider (CEP) or a custodial wallet provider (CWP). These businesses must register with the FCA and comply with the Travel Rule.
According to Article 14A of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
A business is a CEP if it exchanges, makes arrangements with a view to the exchange of cryptoassets for fiat, crypto for crypto, or if it operates a crypto ATM.
A business is a CWP if it safeguards or safeguards and administers, on behalf of its customers, cryptoassets or private keys to hold, store, and transfer crypto.