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