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Author Topic: EU plans KYC regulations for online wallets and exchanges services  (Read 1396 times)
countryfree
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February 02, 2016, 11:30:26 PM
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A few weeks ago, there was a proposal from 3 lone members of the European parliament, but it's much more serious now with this proposal. It's coming straight from the European Commission in Brussels:

Virtual currency exchange platforms can be considered as 'electronic' currency exchange offices that trade virtual currencies for real currencies (or so-called 'fiat' currencies, such as the euro). On the other hand, virtual currency wallet providers hold virtual currency accounts on behalf of their customers. In the 'virtual currency' world, they are the equivalent of a bank offering a current account. They store virtual currencies and allow for their transfers to other wallets/virtual currency accounts.

There is a growing consensus in Europe that virtual currency exchange platforms should be subjected to 'know-your-customer' rules under the Fourth Anti-Money Laundering Directive, which will have to identify and verify the identity of the person exchanging virtual currencies for real currencies and vice versa.


No more anonymous transactions in Europe. That's their goal.
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February 02, 2016, 11:36:48 PM
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Hmm. I'd love to see how that would work. Any exchange with conventional banking can be exterminated any second. I wonder what the line is between supplying wallet software and being considered a wallet provider/ host. 

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February 02, 2016, 11:46:46 PM
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Hmm. I'd love to see how that would work. Any exchange with conventional banking can be exterminated any second. I wonder what the line is between supplying wallet software and being considered a wallet provider/ host. 

Blockchain.info might get some heat from the EU if these proposals go further. If the EU is already describing it as the equivalent of a bank then regulation of online wallets might be on the cards. How long is the average time between the EU proposing something and legislating?
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February 02, 2016, 11:54:43 PM
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Well, this idea is a part of a global Action Plan to strengthen the fight against terrorist financing. With so many people afraid in Europe, politicians may feel obliged to act fast, even if without any hard facts against BTC. I guess there's a need for some BTC lobbyists in Brussels.
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February 03, 2016, 12:00:27 AM
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A few weeks ago, there was a proposal from 3 lone members of the European parliament, but it's much more serious now with this proposal. It's coming straight from the European Commission in Brussels:

Virtual currency exchange platforms can be considered as 'electronic' currency exchange offices that trade virtual currencies for real currencies (or so-called 'fiat' currencies, such as the euro). On the other hand, virtual currency wallet providers hold virtual currency accounts on behalf of their customers. In the 'virtual currency' world, they are the equivalent of a bank offering a current account. They store virtual currencies and allow for their transfers to other wallets/virtual currency accounts.

There is a growing consensus in Europe that virtual currency exchange platforms should be subjected to 'know-your-customer' rules under the Fourth Anti-Money Laundering Directive, which will have to identify and verify the identity of the person exchanging virtual currencies for real currencies and vice versa.


No more anonymous transactions in Europe. That's their goal.

if your going to touch FIAT. expect to be asked for your life story. remember they need to monitor the devil (FIAT) if they want to control the devil(FIAT).

this has nothing to do with bitcoin and is standard world wide mindset of all governments of their devilish currency (FIAT)

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February 03, 2016, 12:04:31 AM
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And that my friend is why i use paper wallets and store my own keys.   Grin  The exchanges future looking like its gona be filled with a lot of paper work, and bean counters
simon66
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February 03, 2016, 12:08:55 AM
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It sounds like atleast the people will be able to avoid these centralized institutions such as exchanges and still be able to freely own and use there BTC in any way they wish anonymously as long as that doesn't include using an exchange.

As long as they don't make it illegal to own/use unregistered BTC/addresses then things aren't so bad.

Even if they do make it illegal there is nothing they can do to stop people from using it, only apply penalties after the fact. 
lostintranslation
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February 03, 2016, 12:11:39 AM
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If this goes foward will be seen with a lot of suspicion from all bitcoin community. I don't think those attemps to subvert the very decentralized and unregulated nature of cryptos will suceed.
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February 03, 2016, 12:19:14 AM
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Is the wallet in my back pocket, which holds my credit cards & cash, equivalent of a bank offering a current account?
Should I have the government insure my back pocket from theft and etc?

This is crazy. They may be able to regulate exchanges, but wallet software is too stupid.

I support a decentralized & unregulatable ledger first, with safe scaling over time.
Request a signed message if you are associating with anyone claiming to be me.
LiberOptions
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February 03, 2016, 12:30:14 AM
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This is just great news Sad
A few months ago they were saying it was tax-free now this.
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February 03, 2016, 12:33:19 AM
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That would suck if it is implemented. Ruins one of the points of using bitcoin. Regulating wallets are just dumb.

lostintranslation
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February 03, 2016, 12:41:06 AM
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That would suck if it is implemented. Ruins one of the points of using bitcoin. Regulating wallets are just dumb.

But there is no way to actually regulate it if it's not related officially to the financial market, right?

As long as it's segregated from traditional fiat services, regulations should not be able to touch crypto economy!
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February 03, 2016, 12:47:18 AM
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Doesnt Brussel got more important stuff on their agenda?? I mean yea of course th
ye want to  get this sorted but there are many more  and far greater things the EU could focus on.
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February 03, 2016, 01:25:45 AM
 #14

A few weeks ago, there was a proposal from 3 lone members of the European parliament, but it's much more serious now with this proposal. It's coming straight from the European Commission in Brussels:

Virtual currency exchange platforms can be considered as 'electronic' currency exchange offices that trade virtual currencies for real currencies (or so-called 'fiat' currencies, such as the euro). On the other hand, virtual currency wallet providers hold virtual currency accounts on behalf of their customers. In the 'virtual currency' world, they are the equivalent of a bank offering a current account. They store virtual currencies and allow for their transfers to other wallets/virtual currency accounts.

There is a growing consensus in Europe that virtual currency exchange platforms should be subjected to 'know-your-customer' rules under the Fourth Anti-Money Laundering Directive, which will have to identify and verify the identity of the person exchanging virtual currencies for real currencies and vice versa.


No more anonymous transactions in Europe. That's their goal.

do you have a link dude
cheers

anasazi
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February 03, 2016, 02:57:22 AM
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Doesnt Brussel got more important stuff on their agenda?? I mean yea of course th
ye want to  get this sorted but there are many more  and far greater things the EU could focus on.

You must be new here. Welcome to Planet Earth.
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February 03, 2016, 03:28:38 AM
 #16

A few weeks ago, there was a proposal from 3 lone members of the European parliament, but it's much more serious now with this proposal. It's coming straight from the European Commission in Brussels:

Virtual currency exchange platforms can be considered as 'electronic' currency exchange offices that trade virtual currencies for real currencies (or so-called 'fiat' currencies, such as the euro). On the other hand, virtual currency wallet providers hold virtual currency accounts on behalf of their customers. In the 'virtual currency' world, they are the equivalent of a bank offering a current account. They store virtual currencies and allow for their transfers to other wallets/virtual currency accounts.

There is a growing consensus in Europe that virtual currency exchange platforms should be subjected to 'know-your-customer' rules under the Fourth Anti-Money Laundering Directive, which will have to identify and verify the identity of the person exchanging virtual currencies for real currencies and vice versa.


No more anonymous transactions in Europe. That's their goal.

if your going to touch FIAT. expect to be asked for your life story. remember they need to monitor the devil (FIAT) if they want to control the devil(FIAT).

this has nothing to do with bitcoin and is standard world wide mindset of all governments of their devilish currency (FIAT)


I'm afraid that is so.  All .govs seem to be cracking down (and relatively quickly at that).  Especially on moving wealth around in a quiet way.  It's very disturbing to those of us who value our LIBERTIES above all.

This is getting worse almost everywhere.  In Peru (where we have an auto parts import company), their tax authorities now require our company there to submit every Invoice (with details on EVERY line items we sell) to them on a spreadsheet via email.  Rather advanced and Orwellian for a place like Peru.
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February 03, 2016, 03:37:21 AM
 #17

That would suck if it is implemented. Ruins one of the points of using bitcoin. Regulating wallets are just dumb.

it's not dumb. the wallets store funds and even to the existing laws, they need a financial license.
now, they are out of law.

let's see what Wallets get it. let's see the so called "Bitcoin investors" now when they will need to pump money.
Are you a wallet or/and exchanger? OK! Take a financial license in EU or in other place and run your business in peace.
What's the big deal? Smiley

The clients will have the peace of the mind because they will be protected. A wallet or exchanger won't be able to disappear overnight if it has a financial license. So, everybody should sustain a such thing.
mayax
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February 03, 2016, 11:34:01 AM
 #18

A few weeks ago, there was a proposal from 3 lone members of the European parliament, but it's much more serious now with this proposal. It's coming straight from the European Commission in Brussels:

Virtual currency exchange platforms can be considered as 'electronic' currency exchange offices that trade virtual currencies for real currencies (or so-called 'fiat' currencies, such as the euro). On the other hand, virtual currency wallet providers hold virtual currency accounts on behalf of their customers. In the 'virtual currency' world, they are the equivalent of a bank offering a current account. They store virtual currencies and allow for their transfers to other wallets/virtual currency accounts.

There is a growing consensus in Europe that virtual currency exchange platforms should be subjected to 'know-your-customer' rules under the Fourth Anti-Money Laundering Directive, which will have to identify and verify the identity of the person exchanging virtual currencies for real currencies and vice versa.


No more anonymous transactions in Europe. That's their goal.

do you have a link dude
cheers

http://www.reuters.com/article/us-eu-terrorism-financing-idUSKCN0VB1N7

http://europa.eu/rapid/press-release_IP-16-202_en.htm
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February 03, 2016, 07:00:39 PM
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No need for bit licences, just regulate as fiat.

Bitcoin going mainstream.
mayax
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February 03, 2016, 07:04:57 PM
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No need for bit licences, just regulate as fiat.

Bitcoin going mainstream.

mainstream=regulation. there is NO other way.
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