Crypto Ban In EU?

By Cryptofab | Cointune | 1 Apr 2022

If you are a crypto hodler in Europe, you need to know that EU Parliament voted on March 31 a law forcing centralized exchanges (e.g., Binance) to report to the authorities any time a customer received or transfered over EUR 1000 of crypto from or to a self-hosted wallet (e.g., Metamask wallet).

Is it the end of cryptos in the EU?

Not really... It could even be an opportunity:

  • It is only a first vote, which needs to be approved through a long process. Next steps are in April. If it is not approved, it will pump crypto prices.
  • This new attempt against crypto shows that EU has failed with a real ban and is trying as usual to make it a bit more complicated through KYC.
  • There will be multiple ways to bypass these rules: use sites (e.g., Bisq) to cash out crypto without KYC... Use a VPN... Transfer less than EUR 1000.

Therefore, in the next few months, most of the European hodlers will likely transfer their cryptos to self-hosted wallets before these rules are effective.

In summary, it is a great opportunity for cryptos to get more decentralized than today, and it will likely pump the prices of all the blockchain coins (e.g., BTC, ETH, SOL, AVAX, BNB, MATIC, XTZ) and all the DeFi tokens linked to decentralized exchanges (e.g., GMX on Arbitrum).

Below a few referral links to earn more cryptos...

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