The EU prohibits the use of unverified crypto wallets for any scale of cryptocurrency payments

2024-03-23 20:13:43

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ChainCatcher news, according to Finbold, in recent regulatory developments, the European Union (EU) has now banned the use of unverified self-custody crypto wallets for any scale of cryptocurrency payments. This decision is part of a series of new anti-money laundering laws (AML) across the European continent.

According to a post by Patrick Breyer, the majority of the leading committees in the European Parliament approved this ban on March 19.

Specifically, the new anti-money laundering laws prohibit certain thresholds for cash payments as well as any anonymous cryptocurrency payments. In this context, any cash payment exceeding €10,000 will become illegal, and any anonymous cash payment exceeding €3,000 will also become illegal.

The ban on cryptocurrency payments will specifically target unverified wallets operated by providers (custodial wallets). This includes any self-custody wallets provided by mobile applications, desktop applications, or browser applications.

Furthermore, according to Dillon Eustace, the now-approved AML scheme will come into effect three years after its implementation. However, the Irish law firm anticipates that these laws will be fully effective before the usual enforcement timeline.

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