EU 4th AML directive to cut down crimes related to Cryptocurrency

audaciousbeing

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Quote from: daviddaniels on July 16, 2018, 06:51:46 AM

European Union has released 4th AML directive to curb on Cryptocurrency crimes. Will it be beneficial for the cryptocurrency? What do you guys suggest?
Read More: https://shuftipro.com/blogs/eus-4th-aml-directive-aims-make-payment-ecosystem-crime-free/

Currently it might seem it does not have any effect on price but in the long run it would whether its going to be a positive influence or negative, is another subject of discussion. Some people might think how would they effect this rule, this is the source of the new rules that we will start seeing on exchanges that they implement it looks as if they are running a draconian system of business. For me, its a welcome development because it would eventually bring trust to the ecosystem where we are sure that people who would use crypto are illicit activities are put into check. The fear again is how decentralization and freedom promised from the beginning is gradually being eroded.

palle11

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Quote from: daviddaniels on July 16, 2018, 06:51:46 AM

European Union has released 4th AML directive to curb on Cryptocurrency crimes. Will it be beneficial for the cryptocurrency? What do you guys suggest?
Read More: https://shuftipro.com/blogs/eus-4th-aml-directive-aims-make-payment-ecosystem-crime-free/

Any regulation that aims at curbing crimes in cryptocurrency is definitely a positive news and that will help the market to grow more. It will attract new flow of money in the system because of investment and confidence.

Harlot

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I think tgis kind of enforcement might have a positive effect on the economy of the countries inside the European Union. Bitcoin's price on the other hand might be shaking off (as it used to be) with the recent application of the stricter rule and enforcement other than that I don't see any long term negative effect on its price as it will be as usual for them. If this criminals are shaken up we now know that almost the majority of the Bitxoin circulating in the market will be clean.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Kemarit on July 19, 2018, 09:22:29 PM

Short term, it might affect the price negatively,

Why? It seems to be affecting fiat transfers, especially those originating outside the EU. It won't make it harder to buy crypto, but may make it more difficult to sel and keep your privacy. Wouldn't that make less people sell within the EU?

Quote

At least everyone should be aware that its going to be difficult to hide your assets and not being caught.

Not assets, only fiat money, and we all know that it was hard to hide anything on a bank account even before these new laws.

This would maintain the integrity of the region’s payment system, while impeding the efforts towards terrorist financing and money laundering.
There's not much integrity in the EU. € is still not accepted in many member states and they can't even agree if they want to receive migrants or not.

jseverson

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Isn't it this, in a nutshell?

Quote from: https://shuftipro.com/blogs/eus-4th-aml-directive-aims-make-payment-ecosystem-crime-free/

An alert and active checking on cash transactions amounting to ten thousand euros has been implemented. This limit has been brought down from fifteen thousand euros. Any transactions exceeding the aforementioned threshold will be considered as ‘obliged entities’. This comes under the extended AML regulations that now place wider range of restrictions on monetary exchanges that are over a particular amount.

If so, then they basically only lowered the threshold for monitoring. This should only affect a small subset of the community, and even then, it's likely they've already been complying because of the old limit in place. I don't see this directive having much effect to the crypto community, much less reaping benefits for it.

Kemarit

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Quote from: daviddaniels on July 16, 2018, 06:51:46 AM

European Union has released 4th AML directive to curb on Cryptocurrency crimes. Will it be beneficial for the cryptocurrency? What do you guys suggest?
Read More: https://shuftipro.com/blogs/eus-4th-aml-directive-aims-make-payment-ecosystem-crime-free/

Short term, it might affect the price negatively, but we all know that bitcoin is such resilient from this kind of news so in the long run it doesn't have that much effect on the price. I think having a strict AML on crypto will somewhat bring a lot of good news to the ecosystem. At least everyone should be aware that its going to be difficult to hide your assets and not being caught. It will gain that legitimacy and perhaps those legit investors will pour more cash resulting to the price gaining some grounds. I guess if you are not hiding illegal, you wouldn't opposed to this KYC and AML being laid down to us.

avikz

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Regulation and AML norms are good for theory but these are directly against the idea of cryptos. What we are dreaming is a single borderless currency system and what we are getting is even stricter regulatory framework prescribed for cryptos. I don't see anything good in that for the crypto market. Probably we are dreaming of a "Neverland" that doesn't exist.

Yes! I know that majority of the people is thinking otherwise and that is the reason why the market is going green after a long time. The majority is cheering about it. Is it just me who is thinking otherwise?

Strufmbae

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HIRE ME FOR SMALL TASK

so if a person who owns a huge amount of any cryptocurrency will be secured to His transactions if he is connected to EU 4th AML?
how can it be beneficial if only european states are only inside with this privilege?

Theb

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If you are talking about the price movement in Bitcoin with this kind of initiative in the EU I don't think it will have a negative effect on Bitcoin's price when it comes to stricter enforcement. I know some of you might be thinking that the criminals will be liquidating fast their cryptocurrency holdings in order to stray away from this rule the exact opposite might happen. In order for them to stay under the raider they might be moving their funds in small tranches just like what other small traders are doing in order for them not to be notice by the authorities. This alert on bank transaction thresholds might not be effective enough to identify who the real culprits are.

daviddaniels

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European Union has released 4th AML directive to curb on Cryptocurrency crimes. Will it be beneficial for the cryptocurrency? What do you guys suggest?
Read More: https://shuftipro.com/blogs/eus-4th-aml-directive-aims-make-payment-ecosystem-crime-free/

Topic: EU 4th AML directive to cut down crimes related to Cryptocurrency (Read 137 times)