The crypto world was rattled by the news of the potential ban on the use of non-custodial crypto wallets in the European Union (EU), a piece of news that now has more factual insights.
Current Claims In the EU Crypto Wallets Ban
As part of the broader Anti-money Laundering regulation (AMLR), it was reported that the EU has released new laws that target anonymous crypto and cash transactions.
Consequently, crypto transactions committed through non-custodial wallets that have not been verified are banned. In addition, it was said that a majority of the European Parliament‘s leading commission on March 19 approved the decision.
They were described as having a unified stance against these anonymous transactions. The regulation allows for banning self-custody wallets that do not have proper identification, encompassing those facilitated by mobile, desktop, or browser applications.
Furthermore, the public was made to believe that the ban encompasses cash transactions above 10,000 eu
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