{"id":13070,"date":"2022-06-30T11:56:17","date_gmt":"2022-06-30T11:56:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/unhosted-wallet-not-subject-to-aml-checks\/"},"modified":"2022-06-30T11:56:17","modified_gmt":"2022-06-30T11:56:17","slug":"unhosted-wallet-not-subject-to-aml-checks","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/unhosted-wallet-not-subject-to-aml-checks\/","title":{"rendered":"Unhosted Wallet Not Subject to AML Checks"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>Despite <a href=\"https:\/\/igaming.org\/crypto\/eu-crypto-firms-sound-alarm-over-anti-money-laundering-laws\/\">industry protests<\/a> over the breach of privacy and <a href=\"https:\/\/igaming.org\/crypto\/eu-crypto-regulations-being-questioned-unfair-invasion-of-privacy-and-stiffling-innovation\/\">stiffling of industry innovation<\/a>, on Wednesday, the European Union finally agreed on landmark anti-money laundering rules for crypto transactions.<\/p>\n<p>Lawmakers agreed on the verification of customer identity for crypto transfers between two regulated digital wallet providers, even for the tiniest amounts.<\/p>\n<p>Nevertheless, payments involving unhosted private <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/cryptocurrency-wallets\/\">wallets<\/a> will mostly be left out of laundering checks. Unhosted wallets are also known as cold storage or self-custody and enable<b> the user to maintain a cryptocurrency balance outside of an exchange. This is essentially the same as holding banknotes in your own purse or wallet. Example of such unhosted wallets are <a href=\"https:\/\/igaming.org\/crypto\/ledgers-new-browser-extension-feature-connects-hardware-wallets-to-web-3-apps\/\">Ledger<\/a>\u2018s products or the popular <a href=\"https:\/\/www.exodus.com\/\">Exodus<\/a> crypto wallet.\u00a0<\/b><\/p>\n<p>For the past three months, EU lawmakers and government representatives have been deliberating on the bill, which the European Commission introduced in July 2021.<\/p>\n<p>EU lawmaker Ond\u0159ej Kova\u0159\u00edk confirmed the draft agreement in a\u00a0<a href=\"https:\/\/twitter.com\/okovarikmep\/status\/1542216232098844674?s=21&amp;t=l2sZLZm0-RDQZLMdUgCKCA\">tweet<\/a>, and said:<\/p>\n<blockquote>\n<p>\u201cEU institutions have found a provisional political agreement on the Transfer of Funds Regulation. I believe it strikes the right balance in mitigating risks for fighting money laundering in the crypto sector without preventing innovation and overburdening businesses.\u201d<\/p>\n<\/blockquote>\n<p>The agreement will still need to be translated into legislature and gazetted in the EU\u2019s Official Journal.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/igaming.org\/crypto\/eu-crypto-legislation-unhosted-wallet-not-subject-to-aml-checks\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) Despite industry protests over the breach of privacy and stiffling of industry innovation, on Wednesday, the European Union finally agreed on landmark anti-money laundering rules for crypto transactions. Lawmakers agreed on the verification of customer identity for crypto transfers between two regulated digital wallet providers, even [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":13071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13070"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13070"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13071"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}