🚨 We would like to provide the necessary clarifications to the false rumors that the EU 🇪🇺 has banned self-hosted wallets and payments in cryptocurrencies.
This is what you have to know:
👉 The initial formulation proposed in Article 58 prohibited CASPs from allowing their clients to use "anonymous crypto-asset wallets". As these wallets are not legally defined, a broad interpretation could directly include - and therefore have prohibited - self-hosted wallets in Article 58.
✅ The article was clarified by negotiators and the final text agreed upon specifies that CASPs are prohibited from "keeping anonymous crypto-asset accounts".
👉 Still, the article doesn’t add anything as Articles 15 and 30b of AMLR and Articles 14 and 16 of TFR require CASPs to perform Know Your Customer due diligence. Accordingly, CASPs will have, at least, to identify and verify the customer’s identity for all transactions.
👉 For transfers involving a self-hosted address, AMLR requires CASPs to implement enhanced due diligence measures (AMLR Art. 31b).
👉 Regarding crypto payments, the amendment including a limitation to EUR 1K on payments in crypto-assets without the involvement of a CASP was finally discarded and thus not included in the final text.
✅ Therefore, AMLR does NOT prohibit or restrict users from choosing the type of wallet they want to use nor restrict the type of wallets they should use when operating with a CASP nor bans or restricts peer-to-peer transactions or payments in crypto-assets.
📘 Check out the final text being agreed here : https://lnkd.in/dUx-86jz
🔜 Next Steps: The Plenary of the European Parliament is expected to give the formal approval to the final text in April following the Council's adoption shortly thereafter. It will enter into application 3 years after its publication in the Official Journal of the EU (OJEU) (2027).
CEO at Coinhouse
2 ansJ'ai cru voir un Stephane Ifrah et un Romain Saguy de Coinhouse ! Merci Faustine Fleuret pour l organisation de cette réunion