So this is just going to apply to exchanges operating inside the EU right? This will only make bitcoin transfers to and from custodians more traceable.
EU plans to make Bitcoin transfers more traceable
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Re: EU plans to make Bitcoin transfers more traceable
#12Pretty late and how will they deal with location independent companies like Binance? The CEO is more or less permanently on the lam.
The EU regularly fines companies that don’t even have a business entity in the EU so I doubt they’re worried about it.
Re: EU plans to make Bitcoin transfers more traceable
#13Cash wouldn't be allowed to be invented today.
Re: EU plans to make Bitcoin transfers more traceable
#14"The new rules would also prohibit providing anonymous crypto-asset wallets." That's awful. Hosted wallets are an invitation for "exchanges" to steal.
I don't see the full rules but perhaps self-hosted can still be allowed if you do KYC with a central authority to link the address to your identity.
Re: EU plans to make Bitcoin transfers more traceable
#15Pretty late and how will they deal with location independent companies like Binance? The CEO is more or less permanently on the lam.
> location independent companies
That’s not a real thing
Re: EU plans to make Bitcoin transfers more traceable
#16Cash wouldn't be allowed to be invented today.
Cash mostly isn't allowed today, if you are transferring large enough sums of money. Probably for the better.
Re: EU plans to make Bitcoin transfers more traceable
#17>The new rules would also prohibit providing anonymous crypto-asset wallets. As a business/service, or in general? If the latter, then it's literally a ban on cryptography.
You're already not allowed to move undeclared cash across borders, not sure why you can't have a rule that you can't have undeclared crypto wallets. That does not ban cryptography, that just forces people to declare their wallets.
Re: EU plans to make Bitcoin transfers more traceable
#18>> The new rules would also prohibit providing anonymous crypto-asset wallets.
Where should I send my Ledger to so i can be a good, obedient citizen and be compliant with this law?
Re: EU plans to make Bitcoin transfers more traceable
#19The only thing stunning about this, is how anyone ever could've believed that cryptocurrencies would not end in the dystopian future of a government knowing every single transaction of yours plus being able to confiscate every single e-penny at will.
Re: EU plans to make Bitcoin transfers more traceable
#20>The new rules would also prohibit providing anonymous crypto-asset wallets. As a business/service, or in general? If the latter, then it's literally a ban on cryptography.
You're already not allowed to move undeclared cash across borders, not sure why you can't have a rule that you can't have undeclared crypto wallets. That does not ban cryptography, that just forces people to declare their wallets.
People don't own wallets... whoever holds the private key owns the coins. If I don't have the key memorized or on my person, I don't own anything.