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.
There's likely to be effectively the same law in the US sooner or later
EU plans to make Bitcoin transfers more traceable
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Re: EU plans to make Bitcoin transfers more traceable
#22> The new rules would also prohibit providing anonymous crypto-asset wallets. Does that include open source wallets that you can run in your own computer, like Electrum?
your wallet == a BTC address, not the software or hardware you create or access it with
Re: EU plans to make Bitcoin transfers more traceable
#23So 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.
Should apply to anyone interacting with a european bank account
Re: EU plans to make Bitcoin transfers more traceable
#24>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.
This is completely unenforceable.
Re: EU plans to make Bitcoin transfers more traceable
#25Pretty late and how will they deal with location independent companies like Binance? The CEO is more or less permanently on the lam.
Human beings are not "location independent". They will arrest the humans who run the companies.
Re: EU plans to make Bitcoin transfers more traceable
#26Hmm the whole way bitcoin is set up is tailored to making this impossible. Anyone can write a wallet program and create a private key. Of course when converting to Fiat money they have a chance to ask for ID but I don't see this happening with bitcoin to bitcoin transactions unless the whole protocol is changed around.
Ya the Bitcoin protocol won’t allow it but the law can certainly be make it illegal to make anonymous wallets.
Re: EU plans to make Bitcoin transfers more traceable
#27>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.
I mean, you are allowed to take up to 10k euro in cash with you across borders without reporting it(in the EU anyway), so there is a provision in the law for "small" amounts of money. There is nothing like that here - even if you want to use crypto to send someone 1 euro for something, you will have to register.
Re: EU plans to make Bitcoin transfers more traceable
#28That's why the move to decentralized everything. This total control nonsense will eventually end and these dinosaur idiots will stuck with their own destructive ideas
I do not really want to discourage this line of thinking, but please note the old fashioned golden rule ( he with the gold makes the rules ).
Apart from that, check crypto trends and quickly you will notice that they are very few projects that care about it in any real way. Every major crypto now effectively all about centralization, not the opposite. For different reasons than the central banks, naturally. Still, the trends are hard to ignore.
Otherwise, we would already have crypto outright banned or fully decentralized by now.
Re: EU plans to make Bitcoin transfers more traceable
#29>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.
Yea I think that's what they are proposing. If your in the EU and move crypto around then you have to register your wallet with you PII with some EU authority?
Re: EU plans to make Bitcoin transfers more traceable
#30Earlier quoted context omitted.
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.
This is completely unenforceable.
For small amounts; large amounts tend to get noticed by what they end up buying, and that’s probably what they care about.