Recent discussions on social media have highlighted widespread confusion and misinformation regarding the European Union's new Anti Money Laundering Regulations (AMLR) on cryptocurrency transactions. Contrary to the rumors suggesting a complete ban on non-custodial wallets and self-custody of cryptocurrencies, the actual legislation targets the anonymity of transactions rather than the cryptocurrencies themselves. The EU's AMLR specifically affects wallets provided by exchanges and officially licensed crypto-asset service providers (CASPs). The law aims to introduce stricter verification processes for transactions involving self-custody wallets but does not prohibit their use or peer-to-peer (P2P) transfers, which are explicitly excluded from the AMLR. Industry experts have criticized the spread of fear, uncertainty, and doubt (FUD) around the topic, emphasizing the need for accurate information dissemination.