The European Union vs. Self-Hosted Crypto Wallets

This episode is sponsored by Nexo.io, Arculus and FTX US.

The EU Parliament today voted to advance new anti-money laundering (AML) rules that would require European crypto asset service providers to collect and verify information about the beneficial owners of all self-hosted (or “unhosted,” to use their terms) wallet owners. The crypto industry sees this as a fundamental threat to decentralized finance (DeFi) and many other parts of the industry. NLW explains sentiment on both sides and what happens from here.

See also: EU Parliament Passes Privacy-Busting Crypto Rules Despite Industry Criticism

“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: SEAN GLADWELL/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.