EU Votes To Ban Non-KYC Crypto Wallets

By Cryptopeach | Public Thoughts | 2 Apr 2022

Crypto wallets are the base for trading and holding crypto, one of the best ways to secure your crypto for yourself is to use a non-custodial wallet. A non-custodial wallet ensures that you own your crypto by owning the private keys. These wallets are private and are owned by the individual who transfers crypto to it.

This week in the European Union there was a preliminary vote to ban this type of wallets. The vote consists on making KYC (know your client) mandatory, abolishing any privacy you might have holding your crypto. This vote was done without warning and only came to be known only days before it was done, which made impossible for people to complain or to say why they don't agree with it.

This vote is not final and there will be more rounds of votes before any law will be passed. This type of law is made on the argument that it tries to prevent money laundering and crimes associated with crypto.

The problem with this is that it takes a major principle of cryptocurrencies away. This can lead to people not being able to truly own their crypto or have their crypto holdings ceased by any reason someone thinks is necessary. Another thing that would be compromised is decentralization, a fundamental of the whole crypto world.

This can lead to everyone only being able to hold their crypto in crypto exchanges, centralizing the holdings of cryptocurrencies in a few places.

It seams like EU, like many other countries, are trying to make crypto market the same as the fiat market. The purpose of crypto always was and is to provide a better financial system for everyone, separating the state from money. Doing this will ensure that all stays the same and defeats all the propositions of cryptocurrencies.

If you disagree with this and live in the European Union you might want to make your voice heard, this might destabilize all the crypto markets and make its fundamentals defeated. You might want to contact your representatives in the EU and make them know why this law is bad. This might mobilize them to vote no if enough people know about this and stand against it.

Crypto, unlike unfair systems that are in place right know, is attacked everyday because it gives people ownership and control over their finances and a way out of a corrupted financial system. If you want your voice to be heard don't forget to contact someone, every single voice that gets heard counts.

Best Regards,


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