While the European Union (EU) refrains from banning personal crypto wallets, it focuses on subjecting these wallets to transaction limits.
The rise and fall scenarios of cryptocurrencies are scrutinized globally. Especially the bankruptcies of FTX and Alameda, which took place after the relentless rises, had a negative impact on all crypto investors. Moves have started to come from officials who dominate many sectors, especially US regulators. In this context, the European Union has expressed an opposition to the ban on personal crypto wallets under crypto regulations.
European Union Makes Move To Personal Crypto Wallets
Under anti-money laundering and crypto regulations, the European Union (EU) has announced that they do not want to ban personal crypto wallets. However, the EU feels that these personal crypto wallets should be subject to transaction limits.
Personal crypto wallets and personal crypto addresses have been the subject of controversy again after European Parliament officials felt that non-custodial services should not be banned altogether.
Privacy-enhancing crypto assets, privacy wallets or crypto mixers could be banned under the current text of the anti-money laundering regulation bill, The Block reported. However, under the recent changes to the text, it is stated that these restrictive provisions should not apply to personal crypto wallets in most cases.
Discussions on transaction limits resulted in the final version of the European Parliament’s review of the anti-money laundering bill changing from “self-hosted wallets” to “self-hosted addresses”.
Additionally, personal crypto wallets will continue to be subject to a £1,000 ($1,070) transaction limit if the owner cannot be identified.
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