To frame it positively: If everyone runs their non-custodial setup, the law doesn't matter.
One more reason to embrace self hosting.
‚The sweeping #AML package aims to eliminate anonymous #cash #payments over €3000 in commercial transactions and prohibit cash payments above €10000 in business transactions.
It would also require AML/KYC checks on all bitcoin payments to #custodial #wallets operated by regulated service providers.‘
https://www.nobsbitcoin.com/eu-inches-closer-to-new-draconian-aml-agreement/
Discussion
For now, at least, it seams they are just closing the #kyc on ramp.