Regulatory development in the EU on crypto wallets

Cosgrove Gaynard Solicitors

In recent developments, the EU has voted on further provisions in proposed legislation to ban crypto currency payments to hosted wallets using unidentified self-custody crypto wallets.  

There is wide spread concern that self custody crypto wallets have been banned which is not the case.

The prohibition is specifically in relation to unidentified self custody wallets in relation to transfers of crypto to service providers. 

This is part of new anti-money laundering laws being considered in the EU.  It is important to note that the legislation has not passed as of yet, however voting is in favour of this amendment as part of the new AML reform package proposed in the EU.

All news