***Are Non-Custodial Crypto Wallets Really Banned In The EU? **THE news is that EU Bans Anonymous Crypto Payments Over €3,000 Using Self-custody WalletsBut what does this mean for Crypto Users in the EU and when will this Law come into effect***

EU’s New Anti-Money Laundering Legislation Explained : The European Union Parliament has banned unidentified self-custody crypto wallets for transactions within the region as part of its broader anti-money laundering efforts. Dissenting voices have argued that the ban may disproportionately affect law-abiding citizens and hinder financial privacy. However the EU is not backing down so when will this Law come into effect ?

A recent social media post by Patrick Breyer, an EU Parliament member, revealed that the ban received approval from most of the parliament’s leadership committee on March 19. This move is part of the EU’s broader anti-money laundering (AML) legislation.

The new regulations ban all anonymous crypto payments and cash transactions above certain limits. Specifically, they prohibit cash payments exceeding €10,000 or anonymous cash transactions beyond €3,000. The ban also targets self-custody wallets on mobile, desktop, or browser applications.

Although the law is slated to take effect in three years, there are suggestions that its implementation might be sooner.

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