Europe Wants To Know Who You Are?

[13abyknight]

The European Union would excise much less restraint when it comes down to tracking down crypto traders around its region. The nations in the region are known to have promoted cryptocurrency usage in the early days and have now resorted to laying down rules and regulations which govern trade. Coming down to ID, things seem to be getting stricter by the day as countries are trying to get a foothold into things.

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[ballerin and giroud]

What kind of regulation will be applied later becomes the determinant of cryto progress. Regulation is made not merely want to know the identity of the people who do exchange. It would be better if the regulation was made with the aim to minimize the crimes that occur such as scam, fraud, and money laundering. Do not let the regulation later that makes the movement crypto be stalled.

[Juggy777]

If there is a lock there is a key, if there is a regulation there is way to break them. Just be calm and don't be paranoid this is just a temporary rhetoric against cryptos it'll soon die away. You can always trade in cash and gift cards and not be caught. Just follow the steps people do and relax. It's normal for the governments to do this.

[Vincemanam21]

Another strategy from Europe for them how to have different tax rate or tax study for different kind of classes

[kodtycoon]

Just relax and just follow what they want, so far I have done kyc on some exchanges, casually I follow their wanted because I also need their exchange to trade. So that's not a big deal so far and I'm still fine with that regulation.

[magneto]

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

Yep, source is here if anyone wants it: https://www.coindesk.com/eu-parliament-votes-for-closer-regulation-of-cryptocurrencies/

Right now, there are still exchanges that will allow you to exchange currencies without identification up to a certain limit. I think what will change in the near future on a large scale is that they want to enforce total KYC in EU exchanges, even if you're just wanting to exchange a few dollars worth of BTC. Localbitcoins is already feeling the pressure and seems to have started to ask more and more traders to verify themselves.

I mean, they've been pushing for regulation, especially stricter KYC laws, ever since bitcoin exchanges started to operate in the
EU. So when this came out it wasn't exactly unexpected or surprising for me. Stricter crypto regulation is going to be a global trend in the near future.

[DaftAjax]

If they could crack the blockchain that is. Though still they could track you knowing your address and the transaction, its hard to identify who you really are. As we know that in the blockchain you don't provide any accurate information about yourself. I mean, you don't tend to expose yourself, do you? Well, it depends on the user I guess, and to what exchange you're using.

[neliawesome]

Well sounds like a good news to me coz the government seems like embracing the world of bitcoin/cryptocurrency.They want legalization of it for sure and wanted to implement a restrictions for a safe and secure transactions but the bad part here they might control stuffs like demanding too much tax or whatsoever that may affect us bitcoin members.

[Grayy]

Knowing people behind transactions gives away the anonymity feature of bitcoin and crytocurrencies but it's not a bad thing to do considering the rate at which people are being scammed. However governments always have ulterior motives. This is a necessary evil.

[DaftAjax]

Well sounds like a good news to me coz the government seems like embracing the world of bitcoin/cryptocurrency.They want legalization of it for sure and wanted to implement a restrictions for a safe and secure transactions but the bad part here they might control stuffs like demanding too much tax or whatsoever that may affect us bitcoin members.

Nope its not a good news, in fact its not a matter of good or bad news, instead its a threat. The government always wanted to take control, in any way possible. Even if this part of them is still little in terms of control, they would try everything just to achieve that goal. And if so happens that the government would ever took control over blockchain, then every cryptocurrency are just another currency that are regulated by the government like fiats.

[Gregamon]

This is usual. But with anonymous transactions they can't follow everything, but they will try to take the control as much as possible.
I'm happy that we got blockchain payement system. I don't like control that much. But it is necesary at some level.

[@Hakermania@]

Wounds such as terrorism and organized crime do not look favorably on phenomena such as cryptocurrencies that make it possible to move large flows of money into anonymity.

[julius caesar]

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.

Yes I agree with you, I think Europe just really dont into anonymity, which was the nature of this currency. Like KYC, this process prolongs the waiting time of a person or group of people to get the profit that they actually expected to the certain campaigns, this is really hard for me since they want specifically for passport and licensure documents only, and for now I dont have either of the two, and if I will be in that kind of campaign surely I can never have my profit.

[ene1980]

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.

It is expected from the start that the governments will start implementing strict regulation for the users who are dealing in bitcoin and other digital assets and with the rally we had last year it has given a sense of urgency for the governments to come up with regulation and expect those to happen soon from around the globe.

[bitcoinvestor]

This is what KYC all about anyway, especially with the exchanges. I think Some countries are now paying taxes through their profit in cryptocurrency in US for instance. More regulations will happen in the future, we really have to deal with it.

There will be decentralized exchange anyway. However, to cash in fiat it is more difficult because you need to use banks transfer. Decentralized exc is among bitcoin and altcoins in your wallet. You need no third party but fiat to cryptos need banks or third party. The govt plays the rules here in the third party.

[javadsalehi]

It's normal and it wasn't unexpected. Governments want to control financial activities. Because they want to get taxes. They also want to know the people who are doing illegal activities. It's not bad.

Europeans countries are investigating on Cryptocurrencies to take the advantages and also help people to use it in better ways. It's better than those countries that don't know the advantages of bitcoin,  ban bitcoin and think that they are doing the best (though they cannot ban bitcoin).

[freshm4ker]

Now this europeans want to know your identity. When setting up KYC and AML requirements, KYC and AML requirements are indispensable. This is not bad news because it is necessary for stock exchanges and banking institutions. This action requires bitcoin which is required by the state as law and can be used within a particular area.

[countryfree]

I thought everybody knew the European Union was turning into a fascist state. It has already happened in France, the Netherlands, and Denmark, to name only 3 countries. I don't think the people living there deserve to be called humans. They are not in my mind. They're vegetables.

The solution, which I was happy to put in practice is to leave. I had properties in the EU, I've sold them. I've had bank accounts in the EU, I've closed them. I've gained freedom and wealth. Every European should do it.

[onnz423]

Of course it is. They want to be able to control a newly developing system, one that is rising up faster than their legislation can keep up with. By knowing who owns which wallet address they basically give themselves some breathing room to retroactively track things that they might have missed otherwise. Then again, KYC is going to be necessary for global acceptance, we might not like it but that's the way it is.

[cryptocue]

This is getting more alarmed,a lot of countries are putting regulations thru cryptocurrencies especially here that is why i am not confident with bitcoin's value.Because it might collapse anytime soon as the government is too eager to put some taxes or else restrict the cryptocurrencies to our country,i am playing safe so that i wont regret at the end.