Europe Wants To Know Who You Are?

[burnchan]

Everyone hear the news, seems in Europe the so called powers that be want to put more regulation
for anyone who uses an exchange there to trade etc, they want to know who you are and when you are using the exchange for transactions in crypto.
so much for using the block chain and having a hidden ID in a transaction
must be a tactic to tax everyone in crypto?

anyone else read this? thoughts? its on cointelegraph.

something we dont want but who knows eh

Every government wants to take control of everything including Bitcoin.  However they can only go as far as regulations. Where in they can require tax from every bitcoin.  But regulating is better than fully banning Bitcoin.  Thus,  having tax is lesser evil that totally not earning from it.

[Biscutard]

Everyone hear the news, seems in Europe the so called powers that be want to put more regulation
for anyone who uses an exchange there to trade etc, they want to know who you are and when you are using the exchange for transactions in crypto.
so much for using the block chain and having a hidden ID in a transaction
must be a tactic to tax everyone in crypto?

anyone else read this? thoughts? its on cointelegraph.

something we dont want but who knows eh

Every government wants to take control of everything including Bitcoin.  However they can only go as far as regulations. Where in they can require tax from every bitcoin.  But regulating is better than fully banning Bitcoin.  Thus,  having tax is lesser evil that totally not earning from it.

Taxes do help with the economy in every country, thus government just doing their jobs because it seems that most people knows how to get a money from crypto currency and exchanges started it all that's why they have to adapt to the massive invasion of new digital currency.

[TrumpD]

Many die-hard crypto supporters and enthusiasts will not see this as a good sign, all because cryptocurrency was set up alongside the main feature of anonymity. But the game changed when these new currencies started influencing the already "mainstream" currencies existing; thus influencing the financial industry. And already in the financial industry KYC already existed; so it should come as no surprise that the European governments are implementing this to bitcoin and other cryptos out there. At least the positive thing is that these governments are beginning to accept the idea. Meaning the the use of crytpo for everyday transactions, will become much easier soon.

[goaldigger]

It seems normal to me whenever the government wants to get information about its people when it comes to investment and trading. If we want to spread cryptocurrency frome nation to nation, we should understand that the decentralized system will have a centralized counterpart depends on the country.

[btc-facebook]

Every regulation keep advance on something new but as long as it's for people and the state's purpose, I think I don't have problem at all.
I know crypto should be anonymous but as we already aware, cryptocurrency already categorized as risky investment so the government have no choice but they must put the KYC regulation on it

[Zadicar]

Many die-hard crypto supporters and enthusiasts will not see this as a good sign, all because cryptocurrency was set up alongside the main feature of anonymity. But the game changed when these new currencies started influencing the already "mainstream" currencies existing; thus influencing the financial industry. And already in the financial industry KYC already existed; so it should come as no surprise that the European governments are implementing this to bitcoin and other cryptos out there. At least the positive thing is that these governments are beginning to accept the idea. Meaning the the use of crytpo for everyday transactions, will become much easier soon.

Its not a new thing not only on European country but i believe most government do have this kind governance when it comes to gathering informations into things not only to crypto but on other traditional things as well. Not really a surprising thing and it is somehow anticipated that sooner or later most government would end up to take the same path but i agree on the thing that its much better that they do reconsider to accept the idea of crypto rather than on totally on banning it.

[poktur]

Most likely this is also true, because the first steps to implement bitcoin in the state apparatus!

[Faeton]

Europe is now quite often subjected to terrorist attacks, so it is logical that in this way they want to protect themselves. Terrorism always leaves behind material traces, so it must be fought, including by monitoring its possible funding. Therefore, Europe wants to be sure that there will not be such financing through the exchange and exchangers, and if this happens, it can be easily verified. In this regard, it is quite appropriate to identify all individuals who buy or sell the crypto currency.

[BitHodler]

I know crypto should be anonymous but as we already aware, cryptocurrency already categorized as risky investment so the government have no choice but they must put the KYC regulation on it

The whole point is that crypto isn't offering any form of anonymity, unless it's specifically designed to be that, which is why it grants agencies all freedom to track people down pretty accurately.

If crypto was as anonymous as people believed it was, governments would have taken the necessary steps to prevent them from growing larger, which is something Japan is seriously considering right now.

All regulations and measures being enforced by governments aren't meant to tackle terrorism and money laundering and whatnot, but just keep you firmly within easy to control/observe circles.

[Onews1990]

This applies not only to Europe. The government of many countries wants to control the crypto industry. They are afraid of cryptocurrency and try to get power over it. They frighten people with their prohibitions and demands.

[richardsNY]

All regulations and measures being enforced by governments aren't meant to tackle terrorism and money laundering and whatnot, but just keep you firmly within easy to control/observe circles.

If the mass ever gets to the point of understanding that, governments as a whole are done. Empirical evidence however shows that if we by now (after plenty of decades) still haven't seen the mass change one single bit, they never will. It's fine though, we shouldn't waste time on people too stupid to understand that they are following the wrong path. The only thing that matters is that we for ourselves know what the right path is to follow, and I'm pretty sure that I am doing well in that regard. That being said, we can't ignore the fact that there at least is some demand for regulations to make this space a bit less scummy....

[pabpete]

They need to find the way to just control what is happening in crypto cause for them it is to anonymus, for they attitude will be changing with every month so we will see what they will find out in future.

[Zohina]

I think it's a win win really, if the Government gets more information on you and is happy if you pay taxes in crypto it means it's a solid piece of technology and won't be banned or overly regulated so they continue to receive it with the data.

I think that's one very good step, because indirectly there will be data disclosure and can prevent the misuse of the crypto currency itself, such as money laundering, terrorist financing and so on. and the future crypto currency can be the currency of any country.

[Skyenet]

Everyone hear the news, seems in Europe the so called powers that be want to put more regulation
for anyone who uses an exchange there to trade etc, they want to know who you are and when you are using the exchange for transactions in crypto.
so much for using the block chain and having a hidden ID in a transaction
must be a tactic to tax everyone in crypto?

anyone else read this? thoughts? its on cointelegraph.

something we dont want but who knows eh

Most governments want to know about every financial transaction, especially crypto transactions. That means banks and governments would have no control over these transactions and they also do not know who is involved. They want centralized cryptocurrency.

[Zohina]

This is very normal. When government consider bitcoin as a stock or commodity it will require everyone who invested on a KYC and AML requirements. This is not a bad news since it was even required to the stock exchange and on banking institutions. This action of requiring bitcoin such requirements is a sign that bitcoin is already recognized by the state as legal and can be used within its territory.

I think this is good news, because European countries are beginning to recognize bitcoin as a legal commodity, so it is likely that in the future it can be a legitimate and recognized medium of exchange in many countries, and hopefully it can be accepted throughout the world.

[gamechangers]

I personally see this as a good development, considering the high level of scam that is so far witnessed in cryptocurrency. If this kind of compliance is not in place and enforced, people will gradually see cryptocurrency and exchanges in particular as means of perfecting criminal activities.

[CryptoMoar]

all countries will surely do the same thing as the European countries. if we want to transact in their country, they want to know the data of ourselves and all activities of our transaction. to keep their country safe from strangers and safeguard the security of their economy.

[DirectContract]

I know crypto should be anonymous but as we already aware, cryptocurrency already categorized as risky investment so the government have no choice but they must put the KYC regulation on it

The whole point is that crypto isn't offering any form of anonymity, unless it's specifically designed to be that, which is why it grants agencies all freedom to track people down pretty accurately.

If crypto was as anonymous as people believed it was, governments would have taken the necessary steps to prevent them from growing larger, which is something Japan is seriously considering right now.

All regulations and measures being enforced by governments aren't meant to tackle terrorism and money laundering and whatnot, but just keep you firmly within easy to control/observe circles.

Yeah, weren't there some high profile arrests not too long ago with the silk road? Or some other criminal network that operates in a similar way. But these arrests basically proved that bitcoin is not nearly as anonymous as everyone thought it to be. Not a big surprise, honestly.

The way I see it, the governments are pushing for verification because they want to be able to catch the tax. So the first step, logically, is to collect names. Then declare tax obligation, and offer amnesty to anyone who declares their income. Of course, if they did it the other way around, everyone would just cash out and flee.

[danilic]

Any state wants to receive more taxes, duties, etc.in addition, Europe is known for its huge bureaucracy and this also affects the regulatory process. But there are no plans to collect taxes in cryptocurrencies yet... If there is a tax, then in fiat money

[brukva]

On the one hand, this is correct, but bitcoin was not designed to let everyone know who you are.