☕ Europe Bans Payments from Self-Custody Crypto Wallets:
⭐Decision:
- European Union (EU) passes law prohibiting payments from self-custody wallets (where users hold their own private keys).
- Aim: To identify all individuals using cryptocurrency.
⭐Restrictions:
- Crypto payments can only be made through third-party companies such as exchanges.
- Anonymous crypto payments from self-custody wallets are banned, including mobile, desktop, and web browser wallets.
⭐Exceptions:
- The regulation does not affect buying, selling, or investing in crypto.
- Users can still use self-custody wallets to store crypto.
⭐Additional Regulation:
- Bans cash payments exceeding 10K euros.
⭐Reason:
- EU aims to strengthen control over financial activities, combat money laundering and terrorist financing.
Impact:
The regulation may affect the use of crypto in daily payments.Users may switch to using licensed crypto payment services.
Note:
The regulation is still under discussion and may change.It is important to monitor updates for further details.
