Ah the EU, they seem to be the one institution that keeps on giving, after failing to ban proof of work on the continent they are now looking to introduce a bill that stops users from having any privacy when holding bitcoin in a non-custodial wallet and even when you spend it to another non-custodial wallet.
For EU bros you better start securing your non-kyc stack or you're going to be in for a really bad time or if you enjoy regulatory capture, which I am sure you do, you live in the EU, then there's nothing that really changes for you.
Govern me harder daddy!
I am pretty sure very few Europeans care, and even less are going to put up a fight, they will just roll over, dox their holdings to regulators, and get squeezed out of their positions as more and more regulation gets added in the future.
It's great for 3rd world plebs like myself as these choking points force weak hands to sell and for us to pick it up even cheaper, so go right ahead, bitcoin goes to where it is treated best.
So what are the new restrictions?
- Crypto service providers HAVE to collect information on senders and beneficiaries in ALL crypto transactions and must be made available to authorities upon request.
- Removing the minimum threshold for crypto transactions and applying to transfers involving private crypto wallets (unhosted wallets) to track all movement of coins after original public key address
- Extending rules from traditional payments which obligate the validation of collected information for transactions over EUR 1,000 (US$1,107).
Reaction to the news
The proposal faced industry pushback from Coinbase CEO Brian Armstrong, who said the move
“eviscerates all of the EU’s work to be a global leader in privacy law and policy.”
But what he means is that his business will lose revenue as people with any brains would not use a regulated custodian for their coins as it would be tainted and would look to other service providers or P2P markets.
As is the case with negative news markets fell roughly 2% by Friday morning Asia time, with Bitcoin falling 3.2% which is basically nothing and a normal day.
Advertising for P2P and circular economy
Now shitcoiners and statists will cry we need better regulation, if your shitcoin needs that to survive or you want to suckle on the teet of big daddy government go right ahead.
Bitcoin doesn't bend to the will of anyone and is surely not going to be bothered by these laws. All I see is the breeding ground for a more robust, decentralised P2P market and circular economy where coins are moved between individuals without the need for touching fiat on-ramps and off-ramps.
To me, killing off the need for centralised exchanges was always going to happen. Sure normies will still purchase bitcoin through exchanges and hold it with exchanges as their goal is to get more fiat at a later stage, but they will be captured, they will be taxed, they will be forced to comply.
Those of us who are outside that system, will have no issues and it just shows why taking custody, coinswapping and running your own node is the right way to use bitcoin if you want to be anti-fragile.
Sources:
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