Clarifying the EU’s Stance on Crypto Wallets and Payments
The crypto community sparked a frenzy over the weekend due to misinformation suggesting the EU’s ban on anonymous crypto wallets and self-custodial payments.
Misinterpreted remarks from Patrick Breyer, a European Parliament member, fueled the confusion, attributing it to the approval of the new EU Anti Money Laundering Regulation (AMLR). However, experts swiftly corrected the narrative, clarifying that self-custody wallets remain legal, with only specific regulations for financial institutions and crypto service providers. The AMLR, while imposing KYC/AML obligations on certain entities, doesn’t impact self-custody wallets directly.
Despite concerns, the final AMLR version, hailed as favorable for the crypto industry, awaits formal approval and will take effect in three years. Meanwhile, the European Securities and Markets Authority (ESMA) progresses towards implementing the Markets in Crypto Assets (MiCA) regulation, aiming to standardize the crypto regulatory landscape within the EU.
Clever Robot News Desk 27th March 2024
