Topic: The EU wants transparency on Cryptocurrencies - page 2. (Read 627 times)
If thats concretly is the case then people will begin to avoid hardware wallets, when it's obvious that regulation is coming it seems that governments aren't realizing how difficult it will be to go against bitcoin
Stumbled upon this article today.
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
cryptocurrencies are as transparent as their "licensed" and "burocratic" and "legal" bankster cartells.
Whom among us here don't want a transparent transaction? I know that all of us are here because we saw the transparency in cryptocurrency. EU wants to have a fair system in cryptocurrency because right now, people are using it in illegal activities. I guess it is good if all countries will regulate cryptocurrency instead of banning in order for the scammers to prevent the scamming the people.
even though it happens I guess that new solutions towards those regulations will be found and created in blockchain so it would not affect the privacy too much if anyone wants to keep it private.
Stumbled upon this article today.
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
Semilar to KYC,they want every individuals in their region that transacting here in crypto will be have transfarency things that good for me,the only problem is,if the government takes advantage to the members,since they have the profile of the users,i guess this must have a full security and safeties for all of us http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
In my opinion they can easily achieve it because there is a blockchain explorer that they can use in order to see the things that they wanted to see. Most of the cryptocurrencies are already transparent so what kind of transparency is they want. The government can tell people to have an annual report of their cryptocurrency activities so they can get more transparency.
The thing especially with using an exchange to do transaction is that your name and details are already attached to your accounts and all the wallets you generate are as well. It is not a stage we are not prepared for anyway, as we cannot expect the government to keep quiet on the idea of laundering.If you start doing something fishy within the exchange, what they are looking for is to be able to tag those activities and question it, which is where the whole idea of regulation kicks in. But multi accounts and few kind of malfunctionings are not new just due to cryptocurrencies. But, government may understand this not in near future unfortunately.
I can hardly say anything about it as I am totally new to this system
Is there a way they could implement kyc on wallets? If the wallets are not based on EU then they will not comply with that regulation.
KYC on exchanges should be because there are lots of movements of money in there. But KYC on wallets os an overkill.
KYC on exchanges should be because there are lots of movements of money in there. But KYC on wallets os an overkill.
This is true. Considering you could also potentially keep your bitcoin on a piece of paper. There's no way they could effectively implement this. I still think the best way to do it is through exchanges. Besides it's not btc is as liquid as fiat. Or at least at its current state, regulation on exchanges could still work.
They should better have erradicted the possibility if blockchain expansion rather than demanding for an impossible policy
The nain reason of the bitcoins for not being transparent is that, it a set of mere codes, that cant be kept track of
I think because of that monero cannot be listed on coinbase etc. But rather on decentralized exchanges. It may make them less valuable in the future, I don't think they will be valuable while no central authority sympathises it.
I would not say Monero cannot be listed. The way some of these exchanges that are fiat based works is not just basically to monitor the transactions from wallet to wallet, but the transaction within the exchange. That is where the whole money laundering thing comes in anyway, except for those who may want to go the dark way and preferably not go through exchanges to invest. With that, as long as you are registered on the exchange and you are making fiat-cryptocurrency transactions, all that will end up being monitored.
It can be possible because the people involved in transaction just are connected by their respected id. now we can see them in data mining
It's impossible, it's fighting against windmills. If they control one coin, we can simply create another one - completely anonymous.
I certainly agree with you, if Bitcoin was regulated it is very unlawful to this nature , people will soon change the entire existence of this currency which we should not let happened cause this forum had done very well this passed few years because people also maintain the nature that it keep to its system and putting some regulation to this might not be a great idea for me since thats what we take care of, personal information whether you are a scammer or not
This will surely happen and they have all rights to ask for more information if the exchanged amount exceeds 10,000€. This is anyway common standart for banks and as long as they do not prohibit crypto currencies, you can not really complain about it.
I see it possitive and this should motivate the crypto currencies users to use the banking and fiat money system less.
I see it possitive and this should motivate the crypto currencies users to use the banking and fiat money system less.
It's impossible, it's fighting against windmills. If they control one coin, we can simply create another one - completely anonymous.
Which other way can we guard against the evil uses of cryptocurrencies such as drug trafficking and the likes? They're obviously not trying to fight against cryptocurrencies, they're trying to see how users could be more transparent as many could hide under its anonymity to perpetrate evil. If you know a better way to go about it, suggest it here.
Actually in my opinion government in my particular country just wants to fave profit and taxes from those, who are not paying them yet from crypto.
Stumbled upon this article today.
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
I think that this will be another way for the government to place taxes on cryptocurrency investors so i do not think that this will be a great idea, they can catch people who are having illegal activities but they should not get our own informations because it can be used to threaten people who are holding a huge amount.
if only the btcs be supported as well as blockchain ran partially by govt. then it could happen.
I don't believe this is possible. Many purses are outside the EU zone. These rules cannot be applied to them and will not be supported. Maybe some of the funds users will show to the government but the main savings will remain in the shadows and governments will never force them to show.
More transparency is maybe the key for a massive adoption. Moreover, EU has to find a solution to take advantage of the crypocurrentcy, otherwise, it will be soon outperformed by other countries or regions, on a economically plan;
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