A little known tax-law that went into effect on January 1st is pushing custodial services out of the EU.

Users of the lightning wallet application Wallet of Satoshi are reporting to be unable to access the application's custodial wallet, and are instead being prompted to use the application's non-custodial wallet.

"No longer available in you region," the error message reads, "you can keep using Wallet of Satoshi in self custody mode." According to social media posts, the error message has been reported by users from Germany, France, Italy, Spain, Poland, and the Netherlands.

Although Wallet of Satoshi has not put out an official statement regarding the change, it is likely that the winding down of its custodial service in the EU is in part affected by the Markets in Crypto Assets (MiCA) regulation, as well as the EU's Directive on Administrative Cooperation in taxation (DAC8).

...read more at therage.co