EU parliament building and cryptocurrencies

EU Votes to Ban Cryptocurrency Payments to Hosted Wallets in New AML Law

The EU Parliament’s lead commission has greenlit new AML laws, including a ban on cryptocurrency payments to “hosted wallets” via unidentified self-custody wallets. Patrick Breyer and Gunnar Beck, the two dissenting voices, expressed concerns over the potential impact on financial freedom and the efficacy of such measures in combating crimes. Historically, EU citizens have opposed cash payment prohibitions, emphasizing the importance of anonymity in financial transactions and questioning the effectiveness of such restrictions in curbing criminal activities.

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