In the age of AI, nothing can be hidden.
KYC is an attack on crypto, as if identity documents were not forged to buy alcohol, for example. There are other, much more effective methods of identification (AI, digital fingerprints, etc.).
Small exchanges are the most affected by KYC, as they cannot afford to implement it (compliance is expensive), and who would trust them with their personal data?.
These small exchanges allow new currencies to emerge and be sold because they have low listing fees (or early purchase of currencies at much lower prices than large exchanges, thus yielding much higher profits). Without them, mining cryptocurrencies can become unprofitable because new coins lead to the dissipation of miners, keeping the difficulty low for existing ones, which makes mining somewhat profitable (this is what happened with GPU mining due to the increase in difficulty but now extended to all CPU, ASIC, etc). But if they don't let crypto industry to develop, the EU economy and beyond will be finished because there are no others new industry to help the economy-budget, and the existing ones can no longer provide the necessary funds for budget expenditures...Ultimately, crypto will win; that's how the economy works – it doesn't know about doctrine.
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