The EU wants transparency on Cryptocurrencies - page 3.

Getcoinsite

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Quote from: Don Pedro Dinero on April 14, 2018, 11:36:30 AM

This can be very big.

When reading the sentence: “those who keep bitcoins in their wallet” it is not clear to me if that affects to hardware wallets for example. They could ask Trezor and Ledger to know their customers before selling and to hand over their data to the EU. I’ve read the article but can’t find an explanation. Until now we thought that regulation was going to reach exchanges, but we also thought that we would have some freedom using wallets.

and now they are targeting wallets directly,this would be a big problem because were here in crypto to find freedom on our funds,and now EU wanted to interfere our privacy what would be the next?we need to send our details in order to make transaction?this is other government way of taking privacy from people

ladydark

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Quote from: Ultegra134 on April 14, 2018, 11:29:14 AM

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:

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?

Yes this might happen if the government pressurise the wallet providers,then they would have no other option than asking KYC details from the customers and this would bring an end to anonymity completely.

symbian

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We needed them to regulate cryptocurrency not make it as something equivalent to a local currency. If they are talking more about identity verification in exchange for traders, then, it's not a new thing cause we already have it. But for identity verification for every bitcoin or any cryptocurrency spent, then it's unacceptable.

stompix

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Blackjack.fun

Quote from: RamonBTC on April 20, 2018, 02:01:04 AM

Lol. Hypocrisy indeed. We’re against terrorism, but we’re not against American bombing. We’re humanitarian advocates, but we don’t accept refugees. We love children, but most child abuses are from Europeans.

Hypocrisy from EU? No, it's just you spreading lies.
https://www.humanium.org/en/rcri-world-ranking-by-countries/

And even those statics are lenient towards 3rd world countries because almost nobody is reporting the cases there as they know nobody will take actions.
In the EU if your child cries at night you might end up with the police at your door, in Africa they will act only if they find his dead body.

Humanitarian ad?
The EU has contributed to the UN with more than $91.784 billion, that's 180$ per capita, we have accepted more than 4 million refugees while our countries are still recovering.

What about the hypocrisy of the refugees that come to our countries and start raping stealing and killing the ones that welcomed them.

Funny how you're criticizing the EU now when just two weeks ago you were saying this:

Quote from: RamonBTC on April 02, 2018, 12:10:56 AM

Is it fair to say that Europe is now the new haven for cryptocurrency exchanges because nonetheless 2 of the most popular sites/company is moving from Asia ( Binance and bitfinex ) to Europe (Malta and Switzerland). If not mistaken I’ve read something about Europe new regulation on crypto, but forgotten about it. If this would solve the problem then looking forward for a relocation attempt by them.

Probably they are choosing Europe over your beloved Venezuela because of our hypocrisy....

marsmyname

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Quote from: Sled on April 19, 2018, 03:04:51 AM

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.

This is a very positive news that the government of most of the countries are taking this concept of crypto currency very much seriously and that all of them are trying and looking for the best possible thing to do which can then help them in getting their economy more stronger and that there are likely chances that soon, most of the countries declare these crypto currencies as legal currencies.

Daveeoff

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Honestly I don't see this happening unless the EU really pushesh some really hard regulations on exchanges and etc. They cannot force wallet devs to get info from us but they can stip their business in the EU.

kolinko

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Quote from: torch2121 on April 20, 2018, 06:14:51 AM

I'm fine with it. This will lower down crime rate and make sure that no money laundering and terrorism will be supported. As long as everything will be the same as what Bitcoin started, all is fine with me with that change.

Transparency is needed so that bitcoin and cryptocurrency can survive and thrive in the financial markets of the world. Adoption by most EU countries is a very big recognition for bitcoin and crypto, which shows the bright future of this market.

South Park

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I am terrible at Fantasy Football!!!

Quote from: Sled on April 19, 2018, 03:04:51 AM

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.

They can look at the blockchain and see every transaction that has ever been made in bitcoin or in almost every other cryptocurrency, that is not what they want what they want is to link those transactions with real names so they can tax them and obtain money from them that is what they want, but it's going to be really difficult for them to obtain that.

pawanjain

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Nothing lasts forever

Quote from: Ultegra134 on April 14, 2018, 11:29:14 AM

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:

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?

The article is very interesting and I think EU is really taking a good necessary step because everyone wants to be on the safer side of the terrorism and other money laundering activities. I think by collecting the data from the traders they just want to be on the safer side and they really want to maintain the stats and database regarding the wallets and the user's necessary KYC etc. Hoping for the best and expecting some more good moves taken by the EU and other countries regarding the fight against the money laundering and Terrorism Financing. In our country, India we are soon going to see strict rules against the cryptocurrency trading as the government is planning to regulate the coins.

torch2121

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The revolutionary trading ecosystem

I'm fine with it. This will lower down crime rate and make sure that no money laundering and terrorism will be supported. As long as everything will be the same as what Bitcoin started, all is fine with me with that change.

Bitcoinjheta

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Well, there is no problem if EU wants transparency on cryptocurrencies unless they are the one who initiate or conduct and investigation together with there own tools to catch criminals if they think cryptocurrency are being used by funding criminals.

darewaller

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Quote from: Don Pedro Dinero on April 14, 2018, 11:36:30 AM

This can be very big.

When reading the sentence: “those who keep bitcoins in their wallet” it is not clear to me if that affects to hardware wallets for example. They could ask Trezor and Ledger to know their customers before selling and to hand over their data to the EU. I’ve read the article but can’t find an explanation. Until now we thought that regulation was going to reach exchanges, but we also thought that we would have some freedom using wallets.

The wallet they must be talking about here is the centralized wallet since that is the only category of wallet that they can issue their regulation on and this at the end of the day with exchanges being the main target. So, whoever may be planning to buy bitcoin via exchanges with fiat must have to go through KYC process as with this, anyone that is bringing in unaccounted funds would have to explain where that came from. It is not something we can hide away from, as it is expected that somehow this would end up happening anyway.

RamonBTC

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Quote from: paulaitwesley on April 20, 2018, 02:23:58 AM

There have been many terrorist activities in Europe in recent years.

The anonymous trading of digital cryptographic currencies could facilitate terrorists.

The ban on anonymous transactions has helped to combat crime and terrorism.

You really believe on that? Look at the war zone, power house countries are financing rebels or government to kill each other. In legal ways with millions of dollars, ask Uncle Sam about that. This manipulation from mainstream media is making me nuts, lies are just norms at this days as we ourselves being blinded by it.

ISIS or other terrorist groups have been bombing around the world for decades, even when bitcoin and cryptocurrency is not in existence. The government and business tycoons is funding them legally by means of donations, so don’t be just a slave of their narrative.

paulaitwesley

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There have been many terrorist activities in Europe in recent years.

The anonymous trading of digital cryptographic currencies could facilitate terrorists.

The ban on anonymous transactions has helped to combat crime and terrorism.

Roukawa

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Quote from: RamonBTC on April 20, 2018, 02:01:04 AM

Lol. Hypocrisy indeed. We’re against terrorism, but we’re not against American bombing. We’re humanitarian advocates, but we don’t accept refugees. We love children, but most child abuses are from Europeans.

It is more of political thing what I’m talking about, but I’m just stating that anonymity is not even the cause of all this money laundering and funding of terrorism. Ask Soros he knows how to do it without hiding.

This is insanely against the standard of freedom, it’s prone to corruption by which our identity can be used for reason like kidnap for ransom, I know you have billions of bitcoin EU parliamentary leak/exposed it.

Decentralization will null if the government will maneuver the cryptocurrency. At some point, they are correct because anti-money laundering and tax evasion can track by the government and terrorism may prevent specially, now that crypto is used in criminalities. But I think the new regulation of the government is not newly in our eyes, KYC and tax. The old times that we are happy in cryptocurrency will change by our disappointment due to the care of central authority.

RamonBTC

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Lol. Hypocrisy indeed. We’re against terrorism, but we’re not against American bombing. We’re humanitarian advocates, but we don’t accept refugees. We love children, but most child abuses are from Europeans.

It is more of political thing what I’m talking about, but I’m just stating that anonymity is not even the cause of all this money laundering and funding of terrorism. Ask Soros he knows how to do it without hiding.

This is insanely against the standard of freedom, it’s prone to corruption by which our identity can be used for reason like kidnap for ransom, I know you have billions of bitcoin EU parliamentary leak/exposed it.

mostcrack

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Quote from: Lampaster on April 14, 2018, 03:00:30 PM

Quote from: pvk444 on April 14, 2018, 02:01:13 PM

This is a two edged sword.

For one, any governmental control goes against the fundamental philosophy of bitcoin.

But on the other hand, this shows that politicians start taking cryptocurrencies seriously.

On the whole though, I think this is a good development. It requires some give and take, but if it's done properly, it will give users some protection similar to that found in regulated markets, while not giving up too much of the privacy and anonymity afforded by crypto currencies. Furthermore, such an at least "weakly" regulated market is essential for broad adoption by mainstream businesses, which in turn is essential for cryptocurrencies to reach the next growth segment.

At the beginning of your post to say correctly. It is contrary to all what was created by bitcoin. To allow the legalization of cryptocurrencies is a betrayal. I think you're wrong. Any regulation of the cryptocurrency from the state will lead to a decline in demand. Moreover, it can kill bitcoin. We can't let that happen.

Yes, of course I am also very worried about my friends, where there will be regulations that are not beneficial to us but it will be a little disadvantage that will be a lot of very annoying regulations, especially on big enough taxes and many related affairs in the input into the affairs political. or the interests of the government, I think it will make all the chaos and people will leave crypto because the disgust does not meet the expected society.

scorpionso

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this demand is not fits with nature of cryptocurriencies. everybody forget why bitcoin and blockchain idea had discovered.

Commie

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I can't really see how they can make this happen. Crypto doesn't belong to any country/jurisdiction, so they just can't oblige developers to implement it. And with growth of DEX's it will eventually be the same picture.

gambitcoin53

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Quote from: maurobiasolo on April 14, 2018, 12:52:07 PM

EU is working hard on privacy, blockchain and cryptocurrencies. With regards to this article, I think they want to track activities mostly for tax purposes. Terrorism is just an excuse: terrorists are much more likely to use USD or EUR than crypto

agree, most governments are eyeing on bitcoin as milking cow, and not just to get rid of illegal activities that uses bitcoin transaction, they tend to regulate it by tracing the user's wallet, though they cannot trace them in blockchains, so they are now focusing on exchange wallets, which is more less anonymous. just imagine how much tax revenues they can milk to millions of users worldwide.

Topic: The EU wants transparency on Cryptocurrencies - page 3. (Read 627 times)