I am getting email about terms of service update from like more than tens of sites (both bitcoin related trading platforms to non crypto related sites including google) within last few days. Why every service is updating their terms of service specially things regarding privacy policy and taxation rule (in crypto) just in a single week. Its just a coincidence or is it linked to any recent major data leak?? or its just to keep user happy who are concern about their privacy and keep government happy through increased surveillance and taxes.
Interestingly, yesterday, I received an email from an Australian exchange saying that GST is now applicable on certain transactions within their service. They operate from the UK I think, though.
I think there has just been a pretty big overhaul in the EU's rules regarding privacy and all that. Plus, the regulatory pressures surrounding exchanges have tightened as well, particularly in the EU where a lot of bitcoin services are located. That's the primary reasons why you're seeing such a big amount of services updating their Terms and Conditions.
GDPR's definitely one of the reasons, it's due for implementation in a week's time on 25th, but it's also a lot to do with the recent acceptance of the EU to recognise crypto exchanges as payment service providers - thus requiring them to follow the same AML procedures as typical payment processors and banks do. It's a step towards legitimisation, sure, but a step away from what cryptocurrencies aimed to do (provide an alternative form of money away from conventional finance and banking).
Time to wisen up guys.
Time to wisen up guys.
Precisely, all of this are a double edged sword.
