FEB 16, 2022
https://cointelegraph.com/news/portugal-slowly-becoming-a-haven-for-european-bitcoiners
Portugal slowly becoming a ‘haven’ for European Bitcoiners
"The small, sunny country recently welcomed the Bitcoin Family to its shores; a closer inspection reveals a growing Bitcoiner community basking in a zero tax glow."
October 10, 2022
https://www.bloomberg.com/news/articles/2022-10-10/portugal-to-start-taxing-crypto-gains-in-next-year-s-budget-plan?leadSource=uverify%20wall
Portugal is planning to start taxing digital-currency gains on purchases held for less than a year in a major policy shift for one of Europe’s most crypto-friendly nations.
"Portugal currently does not tax crypto gains unless they come from professional or business activities. But that’s about to change. A provision in the country’s proposed 2023 budget would tax gains on crypto holdings held for less than one year at a rate of 28%, according to the plan submitted to parliament on Monday. Crypto assets held for longer than 365 days will continue to be exempt from taxes, it said."
Cryptocurrency paradise in Europe ends
Topic: Markets in Crypto Assets Regulation (MiCA) discussions - page 2. (Read 477 times)
Are you implying that there's a universal solution [or solutions] that can be applied to all kinds of crypto-asset service providers and wallets out there?
No, and I don't know why you say that.
What I imply is the following: the countries forming the European Union have had a generally social-democratic political orientation, which had very positive results after WWII and until the end of the last century with high welfare quotas and reduced inequality among its inhabitants. Compared to other parts of the world, the reduced crime rates can clearly be attributed to these welfare quotas and the reduced gap between rich and poor. But for at least a couple of decades now, the regulatory tangle and elephantine bureaucracy is leading to a system more akin to that of the USSR (to exaggerate a bit) than to that of states that allow the private sector to create wealth and then redistribute it.
EU’s Russian Crypto Ban Confirmed as Bloc Tightens Sanctions[/url]
All crypto payments from Russians to European wallet providers will be forbidden
All crypto payments from Russians to European wallet providers will be forbidden
Do we know in a practical way which wallet providers and services we are talking about? Is there a list?
I opened a couple of threads back in the day when the draft was presented. Basically they want to identify everyone who trades cryptocurrencies in the EU, or with anyone in the EU and all transactions, of any amount.
So it's similar to the one The Netherlands hoped to implement (I remember trezor making it mandatory, receiving backlash, then making it optional.
Normally there is always a time lag between the passage of a law and its implementation. When there is a considerable lapse of time between one and the other, it is because it is difficult to implement.
2 years is long though, the UK expected to implement their crypto based laws within half a year (on registering frequent exchanges and exchangers). Do not underestimate the EU politburo.
I guess we'll have to wait to see how this will actually work. They probably have the code universities were working on to find evil addresses and may be able to denonymise quite a lot form there and from information provided to exchanges.
How this could be implemented will also have a big effect on how well it works (especially because of their own GDPR rules which should mkae them hesitent on what they retain - such as using aliases or not denonymising people until they want their identity as long as they do enough proof of concepts to ensure they can).
I think we'll get a quick test of how useful these laws are
We'll see a good glimpse into the start of how they plan to implement these laws but they may have implemented some to scare away people from doing certain transactions until more tracking is available to them.
Even trying to include something into open source code that can't be hacked seems like it'll be impossible - and there doesn't seem to be information on what happens if the user or developer refuses to comply with that law too.
I think we'll get a quick test of how useful these laws are, it came out yesterday EU’s Russian Crypto Ban Confirmed as Bloc Tightens Sanctions
All crypto payments from Russians to European wallet providers will be forbidden
Quote
The bloc introduced an eighth set of economic and political measures against Russia after the invasion of Ukraine in February, tightening a previous rule that limited crypto payments to European wallets to 10,000 euros ($9,900).
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” the European Commission said in a statement on Thursday, after proposals it made last week were signed off by EU governments.
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” the European Commission said in a statement on Thursday, after proposals it made last week were signed off by EU governments.
Source: https://www.coindesk.com/policy/2022/10/06/eus-russian-crypto-ban-confirmed-as-bloc-tightens-sanctions/
you can read statement here https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5989
If we see the growth of Russian dependence on cryptocurrencies, such laws will become more stringent so that open source services can be banned or attempt to legalize significantly.
Do not underestimate the EU politburo.
Are you implying that there's a universal solution [or solutions] that can be applied to all kinds of crypto-asset service providers and wallets out there?- If the answer to the above question is "NO", then instead of eliminating what they think is a problem, they're just going to make it harder for those who live in the EU to transact without exposing their identities (there'll be workarounds for sure).
Well that article seems short...
I opened a couple of threads back in the day when the draft was presented. Basically they want to identify everyone who trades cryptocurrencies in the EU, or with anyone in the EU and all transactions, of any amount.
2024 is a while away, I wonder what the delay is for.
Normally there is always a time lag between the passage of a law and its implementation. When there is a considerable lapse of time between one and the other, it is because it is difficult to implement.
It sounds like something that could be done on paper to check the identity of wallet users but not something that could actually be implemented by anywhere that isn't a custodial exchange (or their software offerings).
Even trying to include something into open source code that can't be hacked seems like it'll be impossible - and there doesn't seem to be information on what happens if the user or developer refuses to comply with that law too.
Even trying to include something into open source code that can't be hacked seems like it'll be impossible - and there doesn't seem to be information on what happens if the user or developer refuses to comply with that law too.
Do not underestimate the EU politburo.
Well that article seems short...
2024 is a while away, I wonder what the delay is for. It sounds like something that could be done on paper to check the identity of wallet users but not something that could actually be implemented by anywhere that isn't a custodial exchange (or their software offerings).
Even trying to include something into open source code that can't be hacked seems like it'll be impossible - and there doesn't seem to be information on what happens if the user or developer refuses to comply with that law too.
2024 is a while away, I wonder what the delay is for. It sounds like something that could be done on paper to check the identity of wallet users but not something that could actually be implemented by anywhere that isn't a custodial exchange (or their software offerings).
Even trying to include something into open source code that can't be hacked seems like it'll be impossible - and there doesn't seem to be information on what happens if the user or developer refuses to comply with that law too.
The European Union (EU) has agreed upon the full legal text of its landmark legislation known as the Markets in Crypto Assets Regulation (MiCA), alongside a further law to reveal the identity of those making crypto payments.
MiCA introduces the first-ever licensing regime for crypto wallets and exchanges to operate across the bloc and imposes reserve requirements on stablecoins that are intended to avoid Terra-style collapses. A separate law on funds transfers requires wallet providers to check their customer's identity, in a bid to cut money laundering.
Soruce: https://www.coindesk.com/policy/2022/10/05/eu-seals-text-of-landmark-crypto-law-mica-fund-transfer-rules/
The text must also be formally agreed to by lawmakers at the European Parliament and is expected to be published in the EU's official journal in the early part of next year before taking effect in 2024.
Quote
At a Wednesday meeting, diplomats representing the bloc's member governments in the EU's Council signed off on the text of laws which were the subject of political deals struck in June, apparently without further discussion, a source briefed on the talks told CoinDesk.
MiCA introduces the first-ever licensing regime for crypto wallets and exchanges to operate across the bloc and imposes reserve requirements on stablecoins that are intended to avoid Terra-style collapses. A separate law on funds transfers requires wallet providers to check their customer's identity, in a bid to cut money laundering.
Soruce: https://www.coindesk.com/policy/2022/10/05/eu-seals-text-of-landmark-crypto-law-mica-fund-transfer-rules/
The text must also be formally agreed to by lawmakers at the European Parliament and is expected to be published in the EU's official journal in the early part of next year before taking effect in 2024.
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