Circle’s EU Policy Chief Patrick Hansen Busts AMLR 2027 FUD

Patrick Hansen, Director of EU Strategy and Policy astatine Circle, has erstwhile again pushed backmost against claims that Europe’s caller Anti-Money Laundering Regulation (AMLR) volition “ban” self-custody wallets oregon peer-to-peer crypto transactions.

It comes conscionable implicit a week aft the Circle enforcement warned that Dual MiCA–PSD2 licensing could treble compliance costs for EU stablecoin firms.

In a station connected X (Twitter), Hansen called retired misinformation circulating among large cryptocurrency accounts.

“Again, a clump of large crypto accounts are claiming upcoming AML rules volition prohibition self-custody oregon anonymous crypto & Bitcoin transactions successful the EU. That's wrong,” helium articulated.

His comments travel arsenic statement intensifies up of the AMLR’s expected implementation astir summertime 2027.

The broad model is designed to combat wealth laundering and violent financing crossed the European Union.

Contrary to societal media panic, Hansen clarified that the AMLR’s obligations use lone to crypto-asset work providers (CASPs). These see exchanges, brokers, and custodial wallets, not individuals utilizing self-custody solutions.

Key takeaways include:

• No prohibition connected self-custody oregon P2P transactions. The regularisation does not restrict peer-to-peer transfers oregon the usage of backstage wallets.

• Hardware/software wallets excluded. Providers similar Ledger and MetaMask stay extracurricular the AMLR’s compliance scope.

• Standard KYC for CASPs. Exchanges volition proceed to travel existing AML rules established nether AMLD5 and MiCA.

• €10,000 currency limit. The regularisation caps carnal currency payments, though subordinate states tin follow stricter thresholds.

In different words, AMLR reinforces existing practices alternatively than introducing sweeping caller bans.

“The interaction connected self-custody wallets and CASPs is precise limited, astir zero,” Hansen explained successful an earlier thread.

The last AMLR substance marks a triumph for crypto advocacy groups. Early drafts projected terrible restrictions, including €1,000 limits connected self-custody payments and extending AML obligations to DAOs, DeFi projects, and NFT platforms.

Those measures were yet removed aft extended manufacture engagement. Hansen credited “education and advocacy efforts” for ensuring a balanced result that preserves Europe’s innovation imaginable portion maintaining regulatory safeguards.

For European crypto users, the favoritism is critical. The AMLR focuses connected intermediaries, not individuals managing their ain crypto assets.