Debunking Myths: EU's Anti Money Laundering Regulation and Its Impact on Crypto

Debunking Myths: EU's Anti Money Laundering Regulation and Its Impact on Crypto

The European Union's Anti Money Laundering Regulation (AMLR) has caused quite a stir in the crypto community. Many people on Twitter and in the media have been claiming that the EU is banning anonymous crypto transactions and self-custodial wallets. However, this is not true.

In short, the AMLR doesn't really change much for most crypto users.

The AMLR is not just about crypto. It's a broad set of rules that apply to all kinds of businesses, like banks, crypto exchanges, and even football clubs. These businesses are called "obliged entities" (OEs).

The AMLR only applies to these OEs, not to people who use hardware or software wallets to store their own crypto (like Metamask or Ledger). If you use these types of wallets, the new rules don't affect you.

Crypto exchanges and other crypto businesses in the EU will have to follow the same rules they already do, like verifying their customers' identities. They won't be allowed to offer anonymous accounts or support privacy coins.

When people transfer crypto between exchanges and their own wallets, the exchanges will have to take some extra steps to make sure everything is safe and legal. This is similar to rules that already exist.

The AMLR does put a limit on cash payments (no more than 10,000 euros), and some countries might set even lower limits. But the good news is that you can still use your own crypto wallets to buy things in the EU without any restrictions.

It doesn't ban self-custody wallets, payments, or transfers between people. The new rules mostly just make sure that crypto businesses are following the same rules as other financial companies.

A lot of the scary stories going around on Twitter and in the media are just not true. The final version of the AMLR is actually a pretty good outcome for the crypto industry, thanks to the efforts of many people who worked to educate the EU Parliament.

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