September 27, 2022

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European Union: Vote madness against cryptocurrency

Yes ECON . commission subordinate European Parliament Passed an awesome set of regulations for the industry encryptionIn our opinion, it is unable to reduce its use by criminals and criminals, but it will be an obstacle to the entire industry.

Sad day, at least in our opinion, for European Parliamentwhich makes a bad impression of not understanding the capabilities of the tool on the one hand, and on the other the huge loads that will be subjected to it exchange Fully legal and who are already cooperating for and against money laundering know your customer.

However, the last word was not said

With the good news that we will have the opportunity to see through this our first deepen: In fact there will still be discussions a Long On this issue also at the parliamentary level, and it may not be too late to repeal a series of rules that may not kill the official crypto sector in Europebut it will make it less viable, especially for players who don’t have a lot of volume.

And European customers with little prudence will likely decide to go outside of Europe, nip any ambitions of a European crypto-related industry in its infancy. Bitcoin And the exchange on European soil.

What happened to the European Parliament?

The ECON & LIBE committees voted in favor of several rules that, if approved at the end of the EU’s complex legislative process, would make it more difficult to use. The wallet is not hostedIndividuals, to and from the exchanges they want to work on Europe. But let’s go in order and try to actually understand what lies in these new rules.

  • This is anti-money laundering legislation
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A hat under which the rules are now assembled on the verge of financial repression, increasingly tough on ordinary citizens and good people and on the titillation levels of organized crime.

  • What exchanges and custodians should do

In short, they will have to communicate the identities of those transacting in cryptocurrencies through them, even if the recipient is not a client of the exchange itself, or if it is meant to be wallet to publish. since Brussels They like to fall in the rain, and now it will not be enough for the exchanges to keep the details of these transactions, but according to the text of the law, they will have to check beyond a reasonable doubt the identity of the wallet receiving the money. It is clear that the ways in which this should be done are by no means contained in the law.

  • Consequences for exchanges

This ridiculous pile of rules, born with the not-so-subtle aim of delivering a near-fatal blow to industry on European soil, will have clear consequences for exchanges. Large companies may be able to support bureaucratic burdenwill be under Sword of DamoclesEuropean and national courts and perhaps, with a bit of pressure, will be able to find a way, perhaps very expensive.

For smaller people, who cannot organize themselves in such a way as to respond to such crazy requests, it would probably be easier to block transfers to external wallets that are not immediately attributed to their subscribers. In any case, the restriction of personal freedoms is not only unfair, but also without any kind of Positive effect the communities in which we live. Kind of Panopticon Finance is more prevalent than that which banks now adhere to.

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The last word has not been said: the process is still too long

In fact, the process is still quite long. 1/10 of EU parliamentarians can still raise issues and try to scrap the text before it gets to the so-called dialogue three. Additionally, it is not certain that there is no room for overturning, within this document, some of the more restrictive rules.

However, as we expect it, we must be heard. we love The first Italian information center in World Bitcoin Based on Cryptocurrency We will not fail to do and have our say. We will be asking for your participation shortly. Stay tuned!