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Author Topic: [2018-05-16] EU Adopts Rules to Reduce Anonymity for Crypto Users  (Read 113 times)
FollowSynergy
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May 16, 2018, 09:47:48 AM
 #1

A directive affecting the crypto sector in Europe has been adopted by the EU Council. The document updates the anti-money laundering legislation of the European Union to address, among other issues, “the risks linked to virtual currencies.” The new rules aim to reduce anonymity for both users and transactions with requirements for know-your-customer procedures that crypto platforms will have to implement. Meanwhile, a high-ranking ECB official has called for segregating the crypto business from traditional finances.

Authorities to Monitor the Use of Cryptocurrencies

“Strengthening EU rules to prevent money laundering and terrorism financing” has been declared as the main purpose for the changes adopted as part of an “action plan” launched after the terrorist attacks in Europe in 2016. The new directive sets out to “close down criminal finance without hindering the normal functioning of the payment systems,” according to the Council’s press service. The amendments to EU Directive 2015/849 of the European Parliament and the Council of May 20, 2015, were adopted at a meeting of the General Affairs Council on Monday, without discussion. The move follows an agreement with the European Parliament form December 2017. In April this year, MEPs voted to support the deal to “bring cryptocurrencies under closer regulation.”

The main changes involve addressing the “risks linked to virtual currencies” by taking steps to reduce anonymity for both crypto traders and crypto-related transactions. According to the texts, providers of exchange services between virtual and fiat currencies, as well as custodian wallet providers, will be obliged to identify suspicious activities. The directive states that authorities should be able to monitor the use of cryptocurrencies through these platforms, and the national financial intelligence units should have access to information allowing them to associate crypto addresses with the identities of their owners.

The authors acknowledge that the measures in the document do not entirely address the issue of anonymity. These measures should be detailed by member-states which will have 18 months to transpose the provisions of the directive into their national regulatory frameworks. Once that happens, crypto exchanges across the Union will be obliged to comply with stricter anti-money laundering (AML) and counter-terrorism financing (CTF) guidelines, including by introducing full customer verification on their platforms.

Some companies have already taken steps in that direction. Localbitcoins, the popular Helsinki-based peer-to-peer exchange, has recently updated its Terms of Service. It admitted that the changes had been introduced mainly due to EU regulations. They highlight identification requirements and warn users that in some situations, such as trading over certain volume limits, or in cases of account hacking/recovery and fraud investigations, they will be required to submit identification documents. The new terms will be enforced as early as this month.

Full article: https://news.bitcoin.com/eu-adopts-rules-to-reduce-anonymity-for-crypto-users/
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May 16, 2018, 11:53:32 PM
 #2

Exchanges are not bound by the blockchain so of course they are the mechanism for this control and they aren't going to resist because they don't want to be banned.

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May 17, 2018, 10:29:04 AM
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 #3

I feel like EU is using terrorism as an excuse to get more control over crypto sphere, because they have very small role in terrorism. In the recent years most terrorist attacks in Europe were commited by lone wolfs who were radicalized either on the Internet or during their visits of mosques, and their weapons of choice were trucks and knifes. So there's really not much need for any funding, especially with cryptocurrencies. As for people funding terrorists outside of the EU, like sending money to ISIS, it's true that cryptocurrencies are involved, but so do banks and many other methods. Overall EU was doing pretty poor job in fighting terrorism, so it really looks like these new restrictions are not about public safety.

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May 17, 2018, 12:00:43 PM
 #4

I feel like EU is using terrorism as an excuse to get more control over crypto sphere, because they have very small role in terrorism. In the recent years most terrorist attacks in Europe were commited by lone wolfs who were radicalized either on the Internet or during their visits of mosques, and their weapons of choice were trucks and knifes. So there's really not much need for any funding, especially with cryptocurrencies. As for people funding terrorists outside of the EU, like sending money to ISIS, it's true that cryptocurrencies are involved, but so do banks and many other methods. Overall EU was doing pretty poor job in fighting terrorism, so it really looks like these new restrictions are not about public safety.

Indeed. Governments as a whole are always hiding behind proxies to get something done, which is just pathetic.

I recently had to create a PayPal account to transfer funds to someone that just wouldn't accept anything else as payment option. I didn't know it was possible with how strict these payment services usually are, but I managed to register a PayPal account with fake details and top up the account to complete the transaction. If I can do this within a few minutes, then there are enough evil minded individuals that can do exactly the same.

I like how crypto makes governments go crazy, because they know that this is the first ever time they actually have to worry. Moving value from one place to the other can be done in an instant without permission, and that's something they can't deal with. In that regard I can actually understand where their fear comes from. Let them get on their knees the fucking bastards. Ask for mercy.

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May 17, 2018, 12:43:20 PM
 #5

I feel like EU is using terrorism as an excuse to get more control over crypto sphere

The use of the word "terrorist" is particularly hypocritcal when voiced by any government. The only difference between governments and terrorists is that governments succeed in using violence (or threats thereof) to achieve political objectives, and terrorists usually fail.

Maybe that's why cryptocurrency is so demonised by the establishment in general: Bitcoin is a completely non-violent way to achieve true egalitarianism, which governments would like to think comes out of the barrel of a gun.


Governments as a whole are always hiding behind proxies to get something done, which is just pathetic.

Including, ironically, acts to terrorise people into doing what they want

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May 17, 2018, 02:08:32 PM
 #6

As long as they keeps their hands of on the actual crypto currencies then i dont think it's a problem. If we want adoption we have to be prepared for some sacrifices. And if we want to use it cryptos like fiat then we have to expect it's going to be regulated like one. Banks are front lines against money laundering and they are tasked to flag suspicious transactions. But as we make them irrelevant someone has to take on the mantle and in this case they are the exchanges.

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May 17, 2018, 04:54:52 PM
 #7

Strengthening EU rules to prevent money laundering and terrorism financing” .... Now tell me something... Did the EU

close all car dealerships when Amedy Coulibaly <Charlie Hebdo attacker in Paris> part-exchanged a black Mini Cooper,

bought second-hand in September of that year from a licensed BMW dealer in Bordeaux and used that to buy guns? You are

not going to stop these terrorists from funding terrorist attacks by implementing KYC/AML on Crypto currencies. These people

will buy a knife and stab several people... they do not need millions to fund attacks. {What is the cost of a knife?.. $5?}

Put more Police on the street and improve intelligence gathering and stop killing people in foreign countries. That would be a

good start.  Roll Eyes  Source : http://www.bbc.com/news/world-europe-30832444

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May 17, 2018, 05:52:34 PM
 #8

These people will buy a knife and stab several people... they do not need millions to fund attacks. {What is the cost of a knife?.. $5?}

Oh the UK government have that covered for you, the recent rise in knife crime has prompted politicians, newspaper columnists and psychiatrists to call for a ban on knives with points. Which is very similar to what the rules are in prisons, if I understand correctly, lol.


Put more Police on the street and improve intelligence gathering and stop killing people in foreign countries.

Listen, governments don't really want to solve problems. If they were ever effective at solving problems, they would end up with no problems left to solve. Creating and perpetuating subtle problems, and then treating the consequences (instead of the cause) is how politicians stay in business. We're here (using and championing Bitcoin) because of one of the most subtle problems (propped up by politicians) that exists: central banking

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May 17, 2018, 06:20:53 PM
 #9

These people will buy a knife and stab several people... they do not need millions to fund attacks. {What is the cost of a knife?.. $5?}

Oh the UK government have that covered for you, the recent rise in knife crime has prompted politicians, newspaper columnists and psychiatrists to call for a ban on knives with points. Which is very similar to what the rules are in prisons, if I understand correctly, lol.


Put more Police on the street and improve intelligence gathering and stop killing people in foreign countries.

Listen, governments don't really want to solve problems. If they were ever effective at solving problems, they would end up with no problems left to solve. Creating and perpetuating subtle problems, and then treating the consequences (instead of the cause) is how politicians stay in business. We're here (using and championing Bitcoin) because of one of the most subtle problems (propped up by politicians) that exists: central banking
Exactly the way I see it.
My only fear relates to the fact that if, as you correctly point out, governments will want to end the bitcoin problem, I think that from that time onwards using bitcoin will become a revolutionary act. Seeing the way the world's evolving I would not be surprised by a 1984 version where we can use Bitcoin underground only.
I hope cypherpunks will always be around to lead us the way

I am not interested in preserving the status quo; I want to overthrow it. Niccolò Machiavelli
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May 17, 2018, 06:31:33 PM
 #10

what did you expect? permanent Christmas? people in anonymous masks around you singing Three Days Grace's Riot? Smiley
of course the goverments will tighten the screws,always had always would
the state has the exclusive right to use violence and we,people, elect the rulers (at least we like to think we do) to do so
we agree to be herded so do not complain when a law that restricts your anonymity or liberty is introduced
Japan has done it not so long ago,South Korea and Europe is nothing different


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May 17, 2018, 07:03:48 PM
 #11

A directive affecting the crypto sector in Europe has been adopted by the EU Council. The document updates the anti-money laundering legislation of the European Union to address, among other issues, “the risks linked to virtual currencies.” The new rules aim to reduce anonymity for both users and transactions with requirements for know-your-customer procedures that crypto platforms will have to implement. Meanwhile, a high-ranking ECB official has called for segregating the crypto business from traditional finances.
Agree on the comment above that EU just using up this anti-money laundering thing as an alibi yet they are not too much involve when it comes to funding groups or whatsoever which means this is truly not the main reason but well i do expect this anytime not only on EU but on other countries as well. Strict implementations and applying KYC will become mandatory or a fixed compliance effective on exchangers.Yes, it does reduce anonymity but we can still make transactions on other backyard away from their awareness.


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May 17, 2018, 07:24:16 PM
 #12

They are going to the same road as what Korea and Japan is doing on their regulations towards cryptocurrencies. Not unlike others who are banning cryptocurrencies as a whole this countries especially the European countries shows that they would rather give regulations rather than straightforward banning them all without even making their minds open. This kind of support they are showing us must be translated that a lot of countries are now turning their heads towards crytpocurrencies and how they can take advantage of it for their economy.

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hatshepsut93
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May 17, 2018, 07:35:31 PM
 #13

I feel like EU is using terrorism as an excuse to get more control over crypto sphere, because they have very small role in terrorism. In the recent years most terrorist attacks in Europe were commited by lone wolfs who were radicalized either on the Internet or during their visits of mosques, and their weapons of choice were trucks and knifes. So there's really not much need for any funding, especially with cryptocurrencies. As for people funding terrorists outside of the EU, like sending money to ISIS, it's true that cryptocurrencies are involved, but so do banks and many other methods. Overall EU was doing pretty poor job in fighting terrorism, so it really looks like these new restrictions are not about public safety.

Indeed. Governments as a whole are always hiding behind proxies to get something done, which is just pathetic.

I recently had to create a PayPal account to transfer funds to someone that just wouldn't accept anything else as payment option. I didn't know it was possible with how strict these payment services usually are, but I managed to register a PayPal account with fake details and top up the account to complete the transaction. If I can do this within a few minutes, then there are enough evil minded individuals that can do exactly the same.

I like how crypto makes governments go crazy, because they know that this is the first ever time they actually have to worry. Moving value from one place to the other can be done in an instant without permission, and that's something they can't deal with. In that regard I can actually understand where their fear comes from. Let them get on their knees the fucking bastards. Ask for mercy.

Yes, there were numerous reports about people simply wiring money to ISIS via banks, and as for money laundering, there are many methods like fine art, fake charities, offshore companies, etc., that are mostly ignored by regulators. Crypto is probably less than 1% of all illegal transactions, but politicians and people like Bill Gates paint it as some great threat to modern society, all because they fear that cryptocurrencies will undermine their power. Sadly, there are many people who blindly trust their governments, but there are many those who don't, so cryptocurrencies have many potential users who will not be scared by restrictions installed by governments.

Samarkand
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May 17, 2018, 09:29:51 PM
 #14

...
Listen, governments don't really want to solve problems. If they were ever effective at solving problems, they would end up with no problems left to solve. Creating and perpetuating subtle problems, and then treating the consequences (instead of the cause) is how politicians stay in business. We're here (using and championing Bitcoin) because of one of the most subtle problems (propped up by politicians) that exists: central banking

I recently stumbled across this article that details how big the influence of the Federal Reserve
is on the supposedly "independent" economics profession:
https://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

(I know that the Huffington Post is not the best of sources, but the article is actually quite good)

The existence of central banking is a great tool for the elites and of course Bitcoin
is a threat to this model. In a way politicians are also beneficiaries of the central
banking system, because it allows them to overspend their national budgets by historically
unprecedented amounts.


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T 
Better. Quick.

Transparent.






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Carlton Banks
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May 17, 2018, 10:31:41 PM
Merited by Welsh (1), LoyceV (1)
 #15

The existence of central banking is a great tool for the elites and of course Bitcoin
is a threat to this model. In a way politicians are also beneficiaries of the central
banking system, because it allows them to overspend their national budgets by historically
unprecedented amounts.

There's an unfortunate endgame to the central bank paradigm.


In principle, once sovereign debt of any state becomes too high (as a % of GNP), the debt becomes unpayable (and it is convincingly argued that because the interest on sovereign bonds isn't created as part of the money supply in the same way that the principal is, that all national debts will end in default on some timescale). Argentina's creditors have recently attempted to use any means necessary (both legal judgements and force) to re-coop their losses, and they go after state assets. That means productive infrastructure that taxpayers supposedly own (lol).

And so the conclusion may well be that the central banking system is the most spectacular long-con ever conceived. When we consider that (for instance) those who instituted the US Federal Reserve provided zero capital for the institution in the first place, it can be argued that central banks represent a leveraged buy-out (where money is borrowed to buy up a company) of an entire country, on behalf of those who buy the bonds (often acquaintances of the central bankers).

It's spectacularly clever if designed that way. All the labour and resources needed to build all that infrastructure existed, the infrastructure itself wouldn't exist if not. The financial system basically lies: all this infrastructure wasn't affordable today, so we'll just throw the part that couldn't be afforded on the national debt. This is essentially a system that creates distortions in prices such that no public money ever gets spent on public infrastructure, it's always borrowed from the central banks, who literally have and provide nothing of value in return (except their debt tokens!). Then the phantom debt can be used to buy the entire state apparatus over the course of a few centuries. It's so clever that the general public sort of deserve to be treated like this, it's so sophisticated as a form of theft that there's not much point in trying to explain it to most people.

Vires in numeris
Karartma1
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May 19, 2018, 08:42:09 AM
 #16

spectacular comment!

I would add that they blame us for using and sponsoring a new kind of money which is so predictable. The way I see it there can be no debt on bitcoin and for those who took the pill it became important to study what are the btc money mechanics. after that, discovering the central banking flaws becomes natural

I am not interested in preserving the status quo; I want to overthrow it. Niccolò Machiavelli
SaintGraal
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May 19, 2018, 07:29:44 PM
 #17

It's really the problem. Reducing anonymity is awful after all these scandals with people's personal data. In this case, I like a lot Bitclave which is intended at least to get paid for sharing personal data.
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