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Rumors have been circulating on the Internet that the EU would ban self-hosted wallet transfers or limit transactions legally to €1000. This is not the case.
What is in fact the case is that it would be illegal for cryptocurrency exchanges to accept payments worth more than €1000 if the address from which the transfer originates is a self-hosted wallet and if the owner of the wallet cannot be identified. What this does is only require cryptocurrency users to create one extra address to report themselves as the owner of for the purposes of transfers to an exchange.
EU lawmakers haven't demonstrated the level of stupidity required to try and completely ban self-hosted wallets, yet. Should they do that, that would be the end of tax revenue from income generated on DeFi platforms, for instance. Not only whales but even smaller crypto holders (say, those with current holdings in the tens or hundreds of thousands of euros likely worth much more in the future) would most likely consider relocating to friendlier jurisdictions in the future. I for one, would absolutely not move everything over to a centralized exchange if some bureaucrat told me to do so. I'd much rather set up shop someplace else.
Posted Using LeoFinance Beta