Expert Clarifies No EU-Wide Ban on Anonymous Crypto Wallets
An industry expert, on Sunday, has ‘debunked’ claims that the European Union has banned anonymous crypto wallets and transactions.
On Saturday, reports spread across the industry, claiming that the EU’s recent anti-money laundering (AML) law specifically targets banning anonymous crypto accounts.
However, industry expert Patrick Hansen addressed these claims, clarifying that the law does not specifically target cryptos.
“Yesterday was a prime example of why crypto Twitter (and often crypto media) should not be trusted when it comes to crypto policy,” he wrote on X (Twitter).
1/ Yesterday was a prime example of why crypto Twitter (and often crypto media) should not be trusted when it comes to crypto policy. Let's debunk claims that the EU is banning anonymous crypto transactions or self-custodial wallets.
Here is what’s actually in the EU Anti Money… pic.twitter.com/dsNZQzl9Mx
— Patrick Hansen (@paddi_hansen) March 24, 2024
“Let’s debunk claims that the EU is banning anonymous crypto transactions or self-custodial wallets.”
He stressed that the law “is not a crypto regulation,” but a broad framework that applies to all financial institutions. These includes CASPs (crypto-asset service providers), as well as services that are prone to AML risks such as gambling services.
“The AMLR will apply to all CASPs (exchanges, brokers etc.) that are regulated under MiCA,” Hansen wrote. “These CASPs will need to follow standard KYC/AML procedures like customer due diligence (CDD) etc.”
4/ The AMLR will apply to all CASPs (exchanges, brokers etc.) that are regulated under MiCA. These CASPs will need to follow standard KYC/AML procedures like customer due diligence (CDD) etc.
This is nothing new, as all crypto exchanges & custodial wallet
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