Topic: This is very bad for the European crypto community! (Read 1020 times)
I was absolutely disgusted to see that the U.K's AMLD5 policy also wants to forbid publishing open source (non custodial) software.
What will this mean in reality? Will every exchange based in Europe have to send information about their exchange users and their transactions to a centralized authority?
have they not done that already?
its not a positive sign no matter which angle you will look at it. its objective is for AML. its the implementation of these law that we'd get in trouble. its not like they will investigate first before freezing an account, its the other way round. and its not just about how much you have but probably where you are from as well. they do have the data of those who submitted KYC. nothing you can do if the exchange says you have a coin that come from somewhere and freeze your account.
What will this mean in reality? Will every exchange based in Europe have to send information about their exchange users and their transactions to a centralized authority?
Won't it be good for the market ?
This way the whales and the companies won't be able to change the price so soon , this will inturn increase the stability in their respective country , therefore it does have a good side too and trust me the minimum amount would be no less than 2000$ therefore people would be good to go because all I know is even if you are not allowed to withdraw you could still use an inbuilt wallet for the trading and then keep that money in the wallet itself.
This way the whales and the companies won't be able to change the price so soon , this will inturn increase the stability in their respective country , therefore it does have a good side too and trust me the minimum amount would be no less than 2000$ therefore people would be good to go because all I know is even if you are not allowed to withdraw you could still use an inbuilt wallet for the trading and then keep that money in the wallet itself.
Europe is really considered the largest in terms of money laundering in cryptocurrency, and this is a fact. More and more attention is being paid to security on their part, and cryptocurrency can do nothing. Need to protect your rights.
I would not say that the establishment of rules to counter the laundering of dirty money and the fight against the financing of terrorism in Europe is bad. Cryptocurrency will go on the territory of states according to the rules established by them, or will not go at all. This has long been known. In addition, the rules introduced are not so bad. Cryptocurrency users will only pass KYC checks if transactions exceed one thousand euros. Now we are required to undergo a KYC audit in almost all cases if we participate in ICO bounty campaigns, even if we get several dollars for our efforts.
actually the existing regulations make crypto users more structured there, because a country makes regulations because of problems that occur. and in the data collection system it might also be useful, because the data written can be used to create data structures about the economy there
I would not say that the establishment of rules to counter the laundering of dirty money and the fight against the financing of terrorism in Europe is bad. Cryptocurrency will go on the territory of states according to the rules established by them, or will not go at all. This has long been known. In addition, the rules introduced are not so bad. Cryptocurrency users will only pass KYC checks if transactions exceed one thousand euros. Now we are required to undergo a KYC audit in almost all cases if we participate in ICO bounty campaigns, even if we get several dollars for our efforts.
New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.
The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.
Source link here
It means that they're clearly in a war against decentralization.
They are doing whatever it takes to "take over" and make centralized payments dominant once again.
Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.
It's just that these lawmakers are doing something to make sure we do not prosper, but only them.
The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.
Source link here
It means that they're clearly in a war against decentralization.
They are doing whatever it takes to "take over" and make centralized payments dominant once again.
Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.
It's just that these lawmakers are doing something to make sure we do not prosper, but only them.
Corrupt EU was expected to be strict against Bitcoin as they always strive for centralization of power in the hands of few and they treat civilians as slaves. If anyone is judging the US political system, he should take a look at Europe first. The EU is not a democracy and does not promote any democratic values. Compared to Trump's America, the EU looks closer to a dictatorship. National votes does not matter as any government has limited decision making, dictaded by the EU directives (mostly what Germany decides). Meanwhile there are trillions of European funds laundered and transfered in accounts at the Cayman Islands and Panama, all wired through the corrupt centralized banking system.
Of course they wouldn't want this information recorded at an open source distributed ledger and available for anyone to observe. Quite a lot of corrupt politicians would get into big trouble. So they will try to keep their shady business running and keep the population under financial control. They will try to limit access to trading Bitcoin and will demand KYC so they will keep any control they can on our finances.
What they are targeting is basically the economic freedom Bitcoin is providing.
Asian become most friendly for crypto community because almost in countries from Asian accepted bitcoin as legal transaction payment and allowed to make bitcoin become investment assets for investing, most transaction bitcoin every day come from Asian country like from China, Japan and Indonesia. But still less country want to accept bitcoin as legal currency payment transaction.
Credentials are constantly being collected. They're constantly asking for our credentials. Binance Dex opens. There are many decentralized exchanges. People may soon move their investments to decentralized Exchange. I don't want to distribute my credentials.
Of course, I understand your opinions and many cryptocurrency users support just such a point of view, when all users can be anonymous, so as not to provide their passport data anywhere. But for some reason it seems to me that the situation is such that the cryptocurrency will be recognized all over the world only if it has not only stability in price, but also real control by special structures, where KYC will be initially provided for users. 
Credentials are constantly being collected. They're constantly asking for our credentials. Binance Dex opens. There are many decentralized exchanges. People may soon move their investments to decentralized Exchange. I don't want to distribute my credentials.
Let's see how they will going to handle it. I think they are just targeting and trying to prevent money laundering but doesn't mean they are going against decentralized cryptocurrency. Because when adopting and accepting crypto, they're expecting to encounter more cyber crimes so they have to be prepared about it.
Governments have no other option but to bring strong regulations for cryptocurrencies. The governments have recognized that this is the right time to bring regulations before it gets too late. All crypto enthusiastic should be ready for such regulations that are yet to come from government bodies.
There’re two ways to look at this news one view is that it’ll force people to avoid bitcoins because of KYC hassles, second view is that EU has recognised crypto’s as an currency and this may pave the way for legalising it. As the article states many companies are shutting down, and many are making sure they comply with the rules hence only by February or March will we will come to know it’s real impact on bitcoin prices.
How is "know your customer" process going to be such a hassle for people that they will avoid using bitcoin? You are using fiat currency in your daily life right? I also believe you have a bank account that you use almost every day. Before you were able to open a bank account you had to submit your documents which had your identity and go through the full KYC process, right? I don't think the process was a hassle for you and you still did it. You also had to go through the same process before starting your job or did you avoid it just because of verification "hassle"? I think the use of KYC is not a big problem. the important thing is that cryptocurrency remains legal in Europe. I think it's natural that the government will make a regulation and tighten crypto transactions because indeed all this time we often hear the news that cryptocurrency is often used for criminal activities such as money laundering and terrorist financing. maybe with this regulation can reduce money laundering using crypto.
actually KYC is also used to make the company still look pure, that they have customers who are truly genuine. and I think KYC is indeed needed the most important place used for KYC can protect our data from data manipulation 
I think the use of KYC is not a big problem. the important thing is that cryptocurrency remains legal in Europe. I think it's natural that the government will make a regulation and tighten crypto transactions because indeed all this time we often hear the news that cryptocurrency is often used for criminal activities such as money laundering and terrorist financing. maybe with this regulation can reduce money laundering using crypto.
hero member
Activity: 2660
Merit: 651
Want top-notch marketing for your project, Hire me
New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.
It means that they're clearly in a war against decentralization.
They are doing whatever it takes to "take over" and make centralized payments dominant once again.
Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.
It's just that these lawmakers are doing something to make sure we do not prosper, but only them.
No buddy, you got all wrong and the last time I checked the EU are crypto friendly countries but the 5AMLD was implemented because they are taking an enormous step in making crypto a legal tender which the banks and local store owners will accept. In other to make sure people don't abuse the system 5AMLD was figure as the right solution. It means that they're clearly in a war against decentralization.
They are doing whatever it takes to "take over" and make centralized payments dominant once again.
Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.
It's just that these lawmakers are doing something to make sure we do not prosper, but only them.
So, what is your suggestion exatcly? Leave/quit from Bitcoin/crypto investment now?
Bitcoin is based on nothing, and its value will eventually go to near zero once market psychology changes.
If I owned bitcoin now, I would sell and buy Gold. Remember this suggestion and save it for the future, one day a lot of people here will REALLY REALLY wish they had taken my advice 😭😭😭😭
Hard Facts
I don't see anything bad for the crypto community in general and the European cryptocurrency community in particular. Clearly, anti-money laundering regulations are only aimed at criminals, not genuine investors.
Anti-money laundering regulations will make the crypto market cleaner, thereby creating confidence for new investors.
Anti-money laundering regulations will make the crypto market cleaner, thereby creating confidence for new investors.
I have said this before that the government does not like something they have no control over, they prefer to have a complete control over everything and that's what they are planning to do now. They are only going to be able to control centralized exchanges. Anyone that's making use of Centralized exchanges will always be opted to fill a KYC form when they want to register.
But, for a decentralized exchange you will not be needing all that, you just sign up and start trading. A lot of people prefer to make use of CEX because they are very easy to use, just like Coinbase, whereas DEX are hard to use.
But, for a decentralized exchange you will not be needing all that, you just sign up and start trading. A lot of people prefer to make use of CEX because they are very easy to use, just like Coinbase, whereas DEX are hard to use.
Jump to: