In the name of anti money laundering and cracking down on terrorism funding through crypto, the EU has passed the bill according to which every transaction that exceeds €1,000 from and to a crypto unhosted wallet has to go through the KYC process that regular banking services have in place.
The surveillance state is in the making in the EU and crypto is no longer benefitting from the freedom it used to have prior to this bill. It remains to be seen how exchanges are going to be obliged to enforce it, and that's our fault for asking for too much approval and regulation when we should instead have focused on circumventing tyrannical governments...
Two European Parliament committees have voted in favor of measures requiring crypto companies to collect and share data on certain transactions.
The Committee on Economic and Monetary Affairs and the Committee on Civil Liberties, Justice and Home Affairs voted to expand anti-money laundering requirements in the crypto space.
source
It was somehow expected, you know... These bastards will always crack down and fight on anything trying to evade their centralized tyrannical system and it's our fault for that. We've become to obedient and weak. Congratulations Binance, Coinbase and all the regulated exchanges that somehow asked to "be regulated"!
That's probably just the beginning.
It was supposed to be about anarchy, privacy, freedom and decentralization but it's come to CEXs, ETFs and KYC on unhosted wallets. Nice...
The proposal aimed to require crypto service providers, such as exchanges, to collect and share information about the sender and beneficiary of these asset transfers — a practice that payment service providers currently do for wire transfers.
Legislators hoped to ensure traceability of transfers between crypto service providers and so-called “unhosted wallets” so as to be able to better identify possible suspicious transactions and potentially block them.
The path from untraceable to traceable is just a regulatory approval away, that's the way I see it and that's why I try and circumvent the current system as much as I can.
What's to do now for us Europeans in this case? I guess staying low profile and not exceeding €1,000 per transfer, so we won't have to KYC our wallets. Sad... It's really sad, but such event is just a follow up to all of the shit that has started since covid that's part of that new world order that's been discussed for decades. We're just proving lately to be nothing more but obedient sheep.
And don't tell me it's the politicians fault for the worlds "state of being right now", cuz these are elected from the people and somehow reflect our mass conscience. It's disappointing, but I have nothing to do to change that. What's your take on the matter?
Thanks for attention,
Adrian