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Topic: EU proposes stricter rules on Bitcoin - page 3. (Read 2355 times)

hero member
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July 05, 2016, 06:53:29 PM
#24



Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?



They will fight bitcoin till the end. It's instead of them seeing the benifts of bitcoin and using it some bureaucrats take bribe money from bitcoin's competitors and they fight againstit.
Too ignorant to understand bitcoin can't be stopped.
hero member
Activity: 574
Merit: 500
July 05, 2016, 06:46:42 PM
#23
I think that with the refugees and UK leaving the UE, they have greater problems to deal with. Probably this will not be a big issue for the time being...
Well,i assume they will actually forget about it at the meeting,because like you said-after UK leaving UE,they would not try to get stricter rules to bitcoin.
We have bought some time,but im afraid it might happen one day... i dont like politics if they mess with bitcoin lol
legendary
Activity: 4270
Merit: 4534
July 05, 2016, 06:44:08 PM
#22
Basically they propose to put exchanges that operates within the EU, within the list of reporting entities in the AML framework. If adopted, that would mean that an exchange that operates within the EU must follow all the Know Your Customer (KYC) regulations in terms of identification of clients. Moreover, they must monitor transactions and generate Suspicious Transaction Reports (STRs) whenever a transaction raises certain red flags. 

well thats been the case for decades.. if your a MSB (money service business) you have to be registered anyway. i dont see anything different now then before..

any "bitcoin" exchange that does swaps for euros has always needed to declare themselves as a MSB..

im still looking for any data that pertains to just bitcoin hoarders/holders.. because i cant see anything that has changed in relation to bitcoin itself
their talks about Virtual currency wallet services is more like payza, paypal, skrill, netteller, etc that just hoard euro for people to send to each other rather than exchanges that swap euro for other currencies.

all in all i just see it as the same rules as before, but reinforced. if you touch Euro expect to need to give KYC details if moving a certain amount
legendary
Activity: 1372
Merit: 1014
July 05, 2016, 06:15:26 PM
#21
NO-OH NO...are you telling me, soon our BTC wallets will refuse to accept payments over 250 (whatever scam currency units)? Grin

But not to worry, EU is currently dismantling itself, very good. EUR is helping. Wow, such coincidence today:

Italian banks turn out to have 4x as many sour loans as US banks had in 2008. My, oh my, I do not think terrorism is the issue here.

http://www.wsj.com/articles/bad-debt-piled-in-italian-banks-looms-as-next-crisis-1467671900

THEY ARE WORRIED ABOUT COMPETITION FOR THEIR EUR SCAMCOINS!!!!!!!!  Angry Angry Angry
sr. member
Activity: 294
Merit: 250
July 05, 2016, 04:58:42 PM
#20
Lots of bitcoin services are linked to pre-paid cards to allow people to load their cards with bitcoin and spend. Xapo, and Coinbase cards come to mind. This EU development is designed to nix that.

indirectly. as it would be things like mastercard and visa that would put a "limit" on prepaid cards. and would make people upgrade to debit cards if they want to deposit more than 150euros

all zapo would do is release lots more virtual card numbers with something like 130 euros max. rather than one card number with alot of funds on it


As I understand the bitcoin services which linking to pre-paid cards comply with Know Your Customer regulations already, because when you create account there you need all the identification to upload.

So it does not matter if you have one linked pre-paid card or many virtual card numbers with small amounts only, the sum of your activity is what can tigger a red flag and investigation. So better is use Bitcoin directly the way it is intended, otherwise the bureaucrats going to have ultimate power over you.
hero member
Activity: 593
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Wherever I may roam
July 05, 2016, 03:45:36 PM
#19
from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

that said the other part about making "trusts" and tax havens more transparent is meaningless..
a "trust" is designed that there is no "owner". the trust itself is the owner. and all the supposed "beneficiary" has to do is change things so that they are not a beneficiary and instead they are just a paid advisor/contractor. then they can still grab funds out without being the official "beneficiary".

i say this because it is already being done. many trusts have a second trust as the beneficiary and the humans just treat themselves to "management fee's" or services rendered payments in the middle.

but putting all of that to the side. i do not see the article mentioning what they are going to do in regards to bitcoin directly.. only the FIAT touching establishments..

That's what you read in the article. But actually, if you read the proposal (http://ec.europa.eu/justice/criminal/document/files/aml-factsheet_en.pdf), there is much more.

The first proposal reads as follows: Add virtual currency exchange platforms as well as custodian wallet providers to the list of obliged entities. These are the “gatekeepers” allowing the public to have access to the various schemes of virtual currencies. By providing a regulatory framework for the functioning of exchanges, competent authorities will be able to better monitor currency transfers. As obliged entities under the 4AMLD, as financial institutions are, virtual currency exchange platforms (and wallet providers) become subject to the obligation to implement preventive measures and report suspicious transactions.

Basically they propose to put exchanges that operates within the EU, within the list of reporting entities in the AML framework. If adopted, that would mean that an exchange that operates within the EU must follow all the Know Your Customer (KYC) regulations in terms of identification of clients. Moreover, they must monitor transactions and generate Suspicious Transaction Reports (STRs) whenever a transaction raises certain red flags. 
member
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Merit: 10
July 05, 2016, 03:32:24 PM
#18
Quote
Good luck! Still have to understand which are the "positive" consequences.

Exactly, it's so unimaginably bad for england to have left the EU, it was such a strong country it's sad to see it fall now, I'm glad I moved to Canada.  
legendary
Activity: 1204
Merit: 1000
July 05, 2016, 03:30:24 PM
#17
Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?

From this article they have lowered the maximum amount from 250 euro to 150 euro but as far as i know most bitcoin debit cards have higher limits for those that want to pay/spend the bitcoins anonymously.
Bitcoin in that article was mentioned only once and I think it is affected indirectly.
legendary
Activity: 4270
Merit: 4534
July 05, 2016, 03:03:06 PM
#16
from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..



Lots of bitcoin services are linked to pre-paid cards to allow people to load their cards with bitcoin and spend. Xapo, and Coinbase cards come to mind. This EU development is designed to nix that.

indirectly. as it would be things like mastercard and visa that would put a "limit" on prepaid cards. and would make people upgrade to debit cards if they want to deposit more than 150euros

all zapo would do is release lots more virtual card numbers with something like 130 euros max. rather than one card number with alot of funds on it
hero member
Activity: 593
Merit: 505
Wherever I may roam
July 05, 2016, 02:59:32 PM
#15
You want to know how? Don't be a part of the EU and let every country do its own thing.

Agree! Everybody is currently talking about the negative consequences for Britain after voting for leaving the EU. But less asked for the positive consequences. Britain could be a new bastion for new technologies like Bitcoin without the chronic sceptic rest of the EU.

Good luck! Still have to understand which are the "positive" consequences.
legendary
Activity: 4270
Merit: 4534
July 05, 2016, 02:59:15 PM
#14
You want to know how? Don't be a part of the EU and let every country do its own thing.

Agree! Everybody is currently talking about the negative consequences for Britain after voting for leaving the EU. But less asked for the positive consequences. Britain could be a new bastion for new technologies like Bitcoin without the chronic sceptic rest of the EU.

exactly here are some examples
1. cries that the pound is dropping Vs the dollar.
response: if it costs more for us brits to buy stuff from america, then the flip side is that its chaper for america to buy from us.. so walmart would invest more in the UK, startbucks would, even google UK.. things like exports would increase because american can buy more british cheddar cheese and aberdeen angus. etc etc etc

1. cries that the pound is dropping Vs the dollar.
response:if it costs more for us brits to buy stuff from america. we will stop buying. and instead start making it ourselves. thus restarting our manufacturing industry instead of importing

2. we are not part of the EU, we are cut off from trade
response: we are still part of the EEA, we can still trade with europe.. nothing has or will change in that respect. take norway. they are not part of EU but still trade in europe
in short we are not part of asia, but strangely(sarcasm) our leader was able to buy an asian car for his wife.. hmm i wonder why(sarcasm).. because we can still trade no matter what country we deal with. another example is we are not one of america's "states" yet we get budweiser, KFC, and many other american products.. (is your mind now blown!)
legendary
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July 05, 2016, 02:56:29 PM
#13
from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..



Lots of bitcoin services are linked to pre-paid cards to allow people to load their cards with bitcoin and spend. Xapo, and Coinbase cards come to mind. This EU development is designed to nix that.
legendary
Activity: 1456
Merit: 1001
July 05, 2016, 02:52:59 PM
#12
Its only a proposition that some parlamentaries wanted to discuss, EU have lots of law propositions, that never goes to vote. Also if they approve that rule, the  eu exchanges could go to england or other non eu countries.
legendary
Activity: 1008
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July 05, 2016, 02:52:43 PM
#11
from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

that said the other part about making "trusts" and tax havens more transparent is meaningless..
a "trust" is designed that there is no "owner". the trust itself is the owner. and all the supposed "beneficiary" has to do is change things so that they are not a beneficiary and instead they are just a paid advisor/contractor. then they can still grab funds out without being the official "beneficiary".

i say this because it is already being done. many trusts have a second trust as the beneficiary and the humans just treat themselves to "management fee's" or services rendered payments in the middle.

but putting all of that to the side. i do not see the article mentioning what they are going to do in regards to bitcoin directly.. only the FIAT touching establishments..

Ive wondered for a while now if pre paid bitcoin debit cards are linked to any personal details? because if not they would be pretty easy to use as a tax dodge on spending your bitcoins , so maybe thats one of the reasons the eu are trying to crack down on them. Maybe time for a referendum if you live in an eu country.
tyz
legendary
Activity: 3346
Merit: 1530
July 05, 2016, 02:48:50 PM
#10
You want to know how? Don't be a part of the EU and let every country do its own thing.

Agree! Everybody is currently talking about the negative consequences for Britain after voting for leaving the EU. But less asked for the positive consequences. Britain could be a new bastion for new technologies like Bitcoin without the chronic sceptic rest of the EU.
legendary
Activity: 4270
Merit: 4534
July 05, 2016, 02:29:35 PM
#9
from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

that said the other part about making "trusts" and tax havens more transparent is meaningless..
a "trust" is designed that there is no "owner". the trust itself is the owner. and all the supposed "beneficiary" has to do is change things so that they are not a beneficiary and instead they are just a paid advisor/contractor. then they can still grab funds out without being the official "beneficiary".

i say this because it is already being done. many trusts have a second trust as the beneficiary and the humans just treat themselves to "management fee's" or services rendered payments in the middle.

but putting all of that to the side. i do not see the article mentioning what they are going to do in regards to bitcoin directly.. only the FIAT touching establishments..
legendary
Activity: 1652
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July 05, 2016, 02:25:05 PM
#8
I'm so glad Britain has voted to leave! We're not going to be subject to this idiocy any more.
I was going to write the same.
London and the UK will still continue to be the best hub for innovation if this is what the European Union wants to do.



The UK is going to turn into the EU's worst nightmare - a giant free wheeling innovative centre on their doorstep!
legendary
Activity: 2310
Merit: 1422
July 05, 2016, 02:03:42 PM
#7
I'm so glad Britain has voted to leave! We're not going to be subject to this idiocy any more.
I was going to write the same.
London and the UK will still continue to be the best hub for innovation if this is what the European Union wants to do.

hero member
Activity: 2478
Merit: 644
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July 05, 2016, 02:03:05 PM
#6
Their actions can't stop terrorism at all, they need to do something better.
Regulation such as this only can stop regular criminal activity.

Also, there are still many ways to buy bitcoin without reveal much private information.


I dont think all this can be fruitful. And bitcoin cannot be controlled as it is available online. People can find different ways to transfer the coins to their wallets etc.
I think it is very difficult to impose the rules on bitcoins
legendary
Activity: 1652
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July 05, 2016, 02:00:51 PM
#5
I'm so glad Britain has voted to leave! We're not going to be subject to this idiocy any more.
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