In a significant regulatory move, the European Union (EU) has declared cryptocurrency payments using unidentified self-custody crypto wallets illegal, as part of newly enacted anti-money laundering (AML) laws.
The prohibition, approved by the majority of the EU Parliament's lead commission on March 19, is a notable component of the continent's updated AML regulations. Dr. Patrick Breyer, a member of the European Parliament for the Deutsch Piraten Partei, along with Gunnar Beck from the Alternative for Germany (AfD) party, were the two dissenting voices against this approval.
Voting results of the EU Parliament’s lead committee for AML. Source: Piraten Partei
Under the new AML legislation, certain thresholds for cash payments and any anonymous crypto payments are now prohibited. Cash payments exceeding €10,000 and anonymous cash payments above €3,000 are deemed illegal. Similarly, payments made in cryptocurrencies from unidentified wallets operated by providers (hosted wallets) are also banned. This includes self-custody wallets provided by mobile, desktop, or browser applications.
The approved AML package is expected to come into effect three years from its enactment. However, legal experts anticipate that these laws may be enforced sooner than the stipulated timeline.
Dr. Breyer has expressed skepticism regarding the efficacy of combating crimes through these laws. He emphasized the importance of anonymous payments as a fundamental human right, crucial for individual financial freedom. Breyer warned against the negative economic and social implications of prohibiting sovereign payments, highlighting the increased dependence on banks and the erosion of financial autonomy.
Historically, European citizens have demonstrated resistance against any form of cash payment prohibition. During a public consultation in 2017, over 90% of respondents opposed limiting cash payments, citing anonymous cash payments as an "essential personal freedom." Additionally, shadow economy expert Friedrich Schneider believes that these measures would have minimal impact on reducing crime.
India’s Financial Intelligence Unit has taken steps to block the URLs of nine cryptocurrency exchanges. The move comes as the FIU claims these exchanges are "operating illegally" and not complying with the Prevention of Money Laundering Act.
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