Mention is made that "wallets like MyCrypto, Exodus and Electrum are software, available for download worldwide....." ....So, the E.U. knows it can’t “ban anonymous crypto wallets.” But by obfuscating the difference between custodial wallets and self-custody software, they may hope they can mislead some portion of the public into thinking that custodial accounts are the only kind that exist.
Do you think there is a difference...and do you think a ban like this will be affective?
The first wallet I had was Coinbase, I did not even know private key or seed phrase exists, all I knew at the time was not to forget my email and login password, that was at the ending of 2019. Until I joined this forum before knowing about seed phrase and private key, also the time I do not know about privacy and many others like that.
So, just know that people nowadays do not even know the differences between custodial and noncustododial wallet. I have a friend that just joined this forum, he did not also know the difference before when I had a conversation with him few weeks ago, I was the one that have just started to let him know the difference. All my friends like that with newbie knowledge, it is me that is correcting them.
You will not be surprised if you see people not on this forum that says binance is safe because they have been using it for years, some will say this or that custodial wallet is good because they have been using it for long but no problem encountered.
Most people nowadays do not know what is private key, they do not know seed phrase, they even think wallet is wallet, they do not know the differences between custodial and noncustododial wallet. People themselves even making the regulation easy for the governments by their lack of knowledge about what noncustododial is.
But the fact remains, no one can regulate noncustododial wallet, it is not possible.