Nostr Web Client

I'm guessing it will be the other way around. If the business controlling the point of sale does not enforce KYC they will get AML penalties. How much will be based on their yearly revenue. But that's just my guess.

fc994dc4... 1y ago

Yeah, sounds like what I just found:

What are the non-custodial or self-hosted wallet requirements in the European Union?

For transactions exceeding 1,000 EUR with self-hosted wallets, European CASPs must collect the required originator and beneficiary information and comply with the following additional wallet verification obligations:

The originator CASP must verify if the wallet is owned or controlled by the originator customer when sending a transfer exceeding 1,000 EUR,

The beneficiary CASP must verify that the beneficiary customer owns or controls the originating wallet when receiving a transfer exceeding 1,000 EUR. [3]

This means wallet ownership verification requirements apply to first-party transactions to/from self-hosted wallets exceeding EUR 1,000.

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fc994dc4... 1y ago

But even so, people using wos and other custodial wallets are that are custodial, not self-hosted, but still have no kyc.

<old>cypherhoodlum 1y ago

Yes I think we will be able to pay online at least for some services using custodial lightning wallets without KYC. We will see in 3 years when the legislation is supposed to be fully enforced.

<old>cypherhoodlum 1y ago

That sounds like some old proposal, I think there will be no threshold for any "crypto" payments. There will be KYC without a threshold of 1000 euros or any amount for that matter.

Cash payments over 3000 euros will be prohibited in commercial transactions and cash payments above 10 000 euros for businesses will be prohibited completely.