#anti-hype #anti-fake

❗️There is NO ban on anonymous transactions/ wallets in Europe!

✔ AMLR (AML Rules) is not crypto regulation, but an extended AML/CFT system for institutions with the status of "obliged entities" (OEs).

✔ All financial institutions, including CSPS (crypto Asset Service Providers), are such.

✔ Non-financial organizations such as football clubs or gambling services fall under this most advanced system (AMLR).

AMLR does not apply to vendors of hardware and software for self-storage of cryptocurrencies (for example, Ledger or Metamask, etc.).

✔ AMLR will apply to all CASPs (exchanges, brokers, etc.) that are regulated by MiCA. In these cases, standard KYC/AML procedures will need to be followed.

CASP - Crypto-Asset Service Provider.

(a striking example is the crypto exchange)

✔ This is nothing new, since all crypto exchanges and custodial wallet providers in the EU are already subject to these obligations in accordance with the current AMLD5.

✔ AMLR, Art. 58 - "the custodial crypto business cannot provide services to anonymous users." It's already banned in Europe...

✔ CASP also does not provide services to anonymous users and does not work with "anonymous coins" (privacy coins) - an already existing business practice around the world. Nothing new.

✔ MiCA already prohibits the listing of crypto assets with a built-in anonymization function. (anonymisation function)

✔ AMLR, Art 31b - the rule requires "risk mitigation measures" when it comes to transactions between a CASP (exchange) and a non-custodial wallet - the origin and purpose of these assets.

Non-custodial wallets or wallets with independent storage - Ledger, Safepal, Metamask, etc.

✔ Existing Crypto Regulation (FATF, TFR) it already requires crypto exchanges (CASP) at a minimum, collect data on transfers to/from wallets with independent storage.

✔ AMLR, Art. 59 - Cash payments are indeed limited to the amount of 10,000€. Lower limits may also be introduced in the EU.

✔ The limit of 1000€ is NOT accepted when it comes to transferring, for example, from Ledger to a crypto exchange.

✔ You can use your wallets to purchase goods/services in the EU without any restrictions.

✔ If you want to transfer to a crypto exchange, for example, #USDC for 1000€, then the company will have to verify your identity (KYC/AML), according to AMLR Art. 15.

Conclusions:

- AMLR does not prohibit transfers from wallets with independent storage of assets (Ledger, Safepal, Metamask, etc.) to anywhere.

- AMLR does not prohibit the use of such wallets itself.

- THERE are NO restrictions on P2P transactions.

Thus, the impact of "AMLR" on cryptocurrencies in the EU will be extremely limited.