European Union Proposes Crackdown on Non-Custodial Crypto Wallets
The European Union is considering a regulatory approach that will crack down on cryptocurrency’s “unhosted wallets”—wallets that are not held by a third-party intermediary also known as non-custodial.
Examples of a non-custodial wallet include MetaMask, WalletConnect, or hardware wallets like Ledger and Trezor.
The European Commission has proposed textthat will oblige crypto service providers to obtain personal information from customers.
“In the case of a transfer of crypto-assets from or to a crypto-asset wallet not held by a third party, known as an ‘unhosted wallet,’ the crypto-asset service provider or other obliged entity should obtain and retain the required originator and beneficiary information from their customer, whether originator or beneficiary,” the proposed EU Commission text reads.
Last week they wanted to ban bitcoin mining, now this!