Finbold reports that the EU now bans the use of unidentified self-hosted cryptocurrency wallets for cryptocurrency payments of any size, Wu said. A majority of the EU Parliament's leadership committee approved the ban on March 19. The new anti-money laundering law bans cash payments up to a certain threshold and any anonymous cryptocurrency payments.

Under the regulations, any cash payment over €10,000 will be considered illegal, as will anonymous cash payments over €3,000. For payments made in cryptocurrencies, the ban will specifically target unidentified wallets (hosted wallets) operated by providers. This includes self-hosted wallets provided by mobile, desktop or browser applications.