Crypto took a big hit in Europe yesterday. A vote took place today, in the European Parliament, on whether or not to approve the use of ‘unhosted wallets’, i.e. a crypto wallets that do not belong to a financial party. ‘Unhosted wallets’ include, for example: MetaMask and Phantom Wallet,…
The votes were very close, where 52 members voted for the use of these unhosted wallets and 58 people voted against. The Financial Action Task Force (FATF) points out that this will make the flow of capital clearer.
Unhosted wallets in the European Union
What this will mean for crypto in concrete terms is still unclear. It is said that from now on, all transactions in over €1000 will have to be recorded in detail. For example, it must be indicated who the sender is, and who the receiver is.
And that’s not all, you would also no longer be allowed to manage a private crypto portfolio yourself. This should only be done through a recognized authority. If these assumptions are correct, chances are that this means the end of DeFi (decentralized finance).
However, as we indicated earlier, what the exact effects of this decision will be is still unclear.
More will become clear in April, when the Committee on Economic and Monetary Affairs (ECON) has to come up with a proposal in a plenary session. If there is no objection from the European Union by then, the ban on anonymous crypto transactions will go in effect.
We don’t know enough at the moment, to inform you concretely. For example, we don’t know if this ban will take effect in 3 weeks, in 3 months, or in 3 years. So don’t jump to conclusions but be aware!
We are keeping a close eye on everything and will inform you as soon as we know more!
If you want to register with an official exchange, visit our exchanges page!
If you want to learn more about cryptocurrency or have questions, feel free to join our free telegram channel.
