EU proposes stricter rules on Bitcoin

[frenulum]

Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?

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[Yakamoto]

Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?

You want to know how? Don't be a part of the EU and let every country do its own thing. They want free movement? Let the country decide by their elected officials and make deals with other countries' elected officials. Want free movement of workers and easy passport movement? Give the countries the ability to decide which countries they want to let that happen with.

The EU is a terrible project that dissolves the culture of each country under its name, and gives power to unelected individuals that listen to a few countries and primarily push off the rest. If countries collapse because they're shit at running themselves, let them collapse and then buy up shit within the country and make money off of it. The trade deals with these countries that sit in a collapse-limbo just makes the recession worse, and it would be more profitable to let the country collapse, fix itself, and then stop propping it up and getting good trade deals.

The EU is not a benefit at all, and only flexes more control over the entirety of Europe for a specific group of people. Free worker movement (and subsequently relative open borders) and less tariffs on trade can easily be implemented by two separate states, the question becomes whether or not they want it. There is no one-size fits all solution, like the Union is trying to push.

[maokoto]

I think that with the refugees and UK leaving the UE, they have greater problems to deal with. Probably this will not be a big issue for the time being...

[pedrog]

Nothing new on exchanges, at least the ones I've used are already applying KYC/AML directives, and doesn't seem to change much with prepaid cards, VISA lobby is still too strong...

[alyssa85]

I'm so glad Britain has voted to leave! We're not going to be subject to this idiocy any more.

[MFahad]

Their actions can't stop terrorism at all, they need to do something better.
Regulation such as this only can stop regular criminal activity.

Also, there are still many ways to buy bitcoin without reveal much private information.

I dont think all this can be fruitful. And bitcoin cannot be controlled as it is available online. People can find different ways to transfer the coins to their wallets etc.
I think it is very difficult to impose the rules on bitcoins

[Karartma1]

I'm so glad Britain has voted to leave! We're not going to be subject to this idiocy any more.

I was going to write the same.
London and the UK will still continue to be the best hub for innovation if this is what the European Union wants to do.

[alyssa85]

I'm so glad Britain has voted to leave! We're not going to be subject to this idiocy any more.

I was going to write the same.
London and the UK will still continue to be the best hub for innovation if this is what the European Union wants to do.

The UK is going to turn into the EU's worst nightmare - a giant free wheeling innovative centre on their doorstep!

[franky1]

from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

that said the other part about making "trusts" and tax havens more transparent is meaningless..
a "trust" is designed that there is no "owner". the trust itself is the owner. and all the supposed "beneficiary" has to do is change things so that they are not a beneficiary and instead they are just a paid advisor/contractor. then they can still grab funds out without being the official "beneficiary".

i say this because it is already being done. many trusts have a second trust as the beneficiary and the humans just treat themselves to "management fee's" or services rendered payments in the middle.

but putting all of that to the side. i do not see the article mentioning what they are going to do in regards to bitcoin directly.. only the FIAT touching establishments..

[tyz]

You want to know how? Don't be a part of the EU and let every country do its own thing.

Agree! Everybody is currently talking about the negative consequences for Britain after voting for leaving the EU. But less asked for the positive consequences. Britain could be a new bastion for new technologies like Bitcoin without the chronic sceptic rest of the EU.

[helloeverybody]

from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

that said the other part about making "trusts" and tax havens more transparent is meaningless..
a "trust" is designed that there is no "owner". the trust itself is the owner. and all the supposed "beneficiary" has to do is change things so that they are not a beneficiary and instead they are just a paid advisor/contractor. then they can still grab funds out without being the official "beneficiary".

i say this because it is already being done. many trusts have a second trust as the beneficiary and the humans just treat themselves to "management fee's" or services rendered payments in the middle.

but putting all of that to the side. i do not see the article mentioning what they are going to do in regards to bitcoin directly.. only the FIAT touching establishments..

Ive wondered for a while now if pre paid bitcoin debit cards are linked to any personal details? because if not they would be pretty easy to use as a tax dodge on spending your bitcoins , so maybe thats one of the reasons the eu are trying to crack down on them. Maybe time for a referendum if you live in an eu country.

[Raimonn]

Its only a proposition that some parlamentaries wanted to discuss, EU have lots of law propositions, that never goes to vote. Also if they approve that rule, the  eu exchanges could go to england or other non eu countries.

[alyssa85]

from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

Lots of bitcoin services are linked to pre-paid cards to allow people to load their cards with bitcoin and spend. Xapo, and Coinbase cards come to mind. This EU development is designed to nix that.

[franky1]

You want to know how? Don't be a part of the EU and let every country do its own thing.

Agree! Everybody is currently talking about the negative consequences for Britain after voting for leaving the EU. But less asked for the positive consequences. Britain could be a new bastion for new technologies like Bitcoin without the chronic sceptic rest of the EU.

exactly here are some examples
1. cries that the pound is dropping Vs the dollar.
response: if it costs more for us brits to buy stuff from america, then the flip side is that its chaper for america to buy from us.. so walmart would invest more in the UK, startbucks would, even google UK.. things like exports would increase because american can buy more british cheddar cheese and aberdeen angus. etc etc etc

1. cries that the pound is dropping Vs the dollar.
response:if it costs more for us brits to buy stuff from america. we will stop buying. and instead start making it ourselves. thus restarting our manufacturing industry instead of importing

2. we are not part of the EU, we are cut off from trade
response: we are still part of the EEA, we can still trade with europe.. nothing has or will change in that respect. take norway. they are not part of EU but still trade in europe
in short we are not part of asia, but strangely(sarcasm) our leader was able to buy an asian car for his wife.. hmm i wonder why(sarcasm).. because we can still trade no matter what country we deal with. another example is we are not one of america's "states" yet we get budweiser, KFC, and many other american products.. (is your mind now blown!)

[kik1977]

You want to know how? Don't be a part of the EU and let every country do its own thing.

Agree! Everybody is currently talking about the negative consequences for Britain after voting for leaving the EU. But less asked for the positive consequences. Britain could be a new bastion for new technologies like Bitcoin without the chronic sceptic rest of the EU.

Good luck! Still have to understand which are the "positive" consequences.

[franky1]

from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

Lots of bitcoin services are linked to pre-paid cards to allow people to load their cards with bitcoin and spend. Xapo, and Coinbase cards come to mind. This EU development is designed to nix that.

indirectly. as it would be things like mastercard and visa that would put a "limit" on prepaid cards. and would make people upgrade to debit cards if they want to deposit more than 150euros

all zapo would do is release lots more virtual card numbers with something like 130 euros max. rather than one card number with alot of funds on it

[SmartIphone]

Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?

From this article they have lowered the maximum amount from 250 euro to 150 euro but as far as i know most bitcoin debit cards have higher limits for those that want to pay/spend the bitcoins anonymously.
Bitcoin in that article was mentioned only once and I think it is affected indirectly.

[Antonioz]

Good luck! Still have to understand which are the "positive" consequences.

Exactly, it's so unimaginably bad for england to have left the EU, it was such a strong country it's sad to see it fall now, I'm glad I moved to Canada.  

[kik1977]

from the article. all i can see is how prepaid debit cards would be affected by the changes of the EU..

that said the other part about making "trusts" and tax havens more transparent is meaningless..
a "trust" is designed that there is no "owner". the trust itself is the owner. and all the supposed "beneficiary" has to do is change things so that they are not a beneficiary and instead they are just a paid advisor/contractor. then they can still grab funds out without being the official "beneficiary".

i say this because it is already being done. many trusts have a second trust as the beneficiary and the humans just treat themselves to "management fee's" or services rendered payments in the middle.

but putting all of that to the side. i do not see the article mentioning what they are going to do in regards to bitcoin directly.. only the FIAT touching establishments..

That's what you read in the article. But actually, if you read the proposal (http://ec.europa.eu/justice/criminal/document/files/aml-factsheet_en.pdf), there is much more.

The first proposal reads as follows: Add virtual currency exchange platforms as well as custodian wallet providers to the list of obliged entities. These are the “gatekeepers” allowing the public to have access to the various schemes of virtual currencies. By providing a regulatory framework for the functioning of exchanges, competent authorities will be able to better monitor currency transfers. As obliged entities under the 4AMLD, as financial institutions are, virtual currency exchange platforms (and wallet providers) become subject to the obligation to implement preventive measures and report suspicious transactions.

Basically they propose to put exchanges that operates within the EU, within the list of reporting entities in the AML framework. If adopted, that would mean that an exchange that operates within the EU must follow all the Know Your Customer (KYC) regulations in terms of identification of clients. Moreover, they must monitor transactions and generate Suspicious Transaction Reports (STRs) whenever a transaction raises certain red flags. 

[Cuidler]

Lots of bitcoin services are linked to pre-paid cards to allow people to load their cards with bitcoin and spend. Xapo, and Coinbase cards come to mind. This EU development is designed to nix that.

indirectly. as it would be things like mastercard and visa that would put a "limit" on prepaid cards. and would make people upgrade to debit cards if they want to deposit more than 150euros

all zapo would do is release lots more virtual card numbers with something like 130 euros max. rather than one card number with alot of funds on it

As I understand the bitcoin services which linking to pre-paid cards comply with Know Your Customer regulations already, because when you create account there you need all the identification to upload.

So it does not matter if you have one linked pre-paid card or many virtual card numbers with small amounts only, the sum of your activity is what can tigger a red flag and investigation. So better is use Bitcoin directly the way it is intended, otherwise the bureaucrats going to have ultimate power over you.