⚠️ Is it true that the EU will ban anonymous crypto wallets?

⚠️ Is it true that the EU will ban anonymous crypto wallets?

Over the weekend, the cryptocurrency community experienced unease due to a series of posts suggesting that anonymous cryptocurrency wallets and self-funded payments would be banned in the EU. However, the situation didn't turn out to be as alarming as initially thought: the media misinterpreted the comment made by a member of the European Parliament,, and this triggered a sort of "broken telephone game".

🔣 In reality, it's about the final text of the new "Anti-Money Laundering Regulation" (AMLR), which aims to combat financial crimes and includes comprehensive measures and clear recommendations for various sectors. Cryptocurrencies are not the only subject covered in the Regulation.

➡️ Here are the facts:

😻 Self-storage wallets are not banned.

😻 Payments to and from self-storage wallets are not banned.

😻 P2P transfers are not considered in the Regulation... neither are software nor hardware providers.

🔣 The document regulates the activity of so-called "OEs" (obligated subjects), which include any financial institution + "CAPS" (crypto service providers) + casinos in the AML/CFT risk zone.

🔣 AMLR (art. 58) directly prohibits CASPs from providing crypto services to anonymous users. However, this provision is already reflected in the existing AML regulations, so it does not present significant changes.

🔣 Also banned are cryptocurrencies with built-in anonymization... However, they are already prohibited by the existing legislation on crypto asset markets (MiCA).

🔣 Cryptocurrency exchanges and custodial wallet providers must still follow standard KYC/AML (customer identity verification) procedures. Nevertheless, they are subject to the obligations outlined in the regulation in accordance with current AMLD5 legislation.

🔣 As for commercial payments, AMLR establishes a cash payment limit of a "maximum" of 10,000 (10,830 USD). If the transaction amount (individual or accumulated) for the acquisition of goods or services with crypto exceeds €1,000 ($1,083), the CASP must verify the users' identity and adopt additional KYC/AML measures.

🔣 This regulation will be implemented over the next 3 years.

That's the situation. It's advisable to confirm any information found on the internet not just once, but twice...

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