This is very bad for the European crypto community!

[cheezcarls]

New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.

The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.

Source link here

It means that they're clearly in a war against decentralization.

They are doing whatever it takes to "take over" and make centralized payments dominant once again.

Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.

It's just that these lawmakers are doing something to make sure we do not prosper, but only them.

[Juggy777]

New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.

The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.

Source link here

It means that they're clearly in a war against decentralization.

They are doing whatever it takes to "take over" and make centralized payments dominant once again.

Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.

It's just that these lawmakers are doing something to make sure we do not prosper, but only them.

There’re two ways to look at this news one view is that it’ll force people to avoid bitcoins because of KYC hassles, second view is that EU has recognised crypto’s as an currency and this may pave the way for legalising it. As the article states many companies are shutting down, and many are making sure they comply with the rules hence only by February or March will we will come to know it’s real impact on bitcoin prices.

[tsaroz]

New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.

The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.

Source link here

It means that they're clearly in a war against decentralization.

They are doing whatever it takes to "take over" and make centralized payments dominant once again.

Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.

It's just that these lawmakers are doing something to make sure we do not prosper, but only them.

There’re two ways to look at this news one view is that it’ll force people to avoid bitcoins because of KYC hassles, second view is that EU has recognised crypto’s as an currency and this may pave the way for legalising it. As the article states many companies are shutting down, and many are making sure they comply with the rules hence only by February or March will we will come to know it’s real impact on bitcoin prices.

I'd rather look at it as a positive one. There have been attacks on the existence of bitcoin and crypto around the world.
There are both type of people, one who are okay with KYC and one who not who uses bitcoin and other crypto.
A general trader and investor has nothing to hide from the authorities and the involvement would restrict the fraud in crypto industry.

[dothebeats]

AML regulations does not necessarily mean that they are against cryptocurrencies. What they are against are illegal things involving cryptocurrencies and not cryptocurrencies per se. Not that I'm trying to justify nor defend regulations, but in a market wherein almost everyday, hacks, thefts and other illegal activities are happening, regulations would definitely help. Besides, if this promotes growth on all fronts of cryptocurrency, why try to see it in a bad light?

Edit: pre-emptively hit post button.

[hatshepsut93]

They are doing whatever it takes to "take over" and make centralized payments dominant once again.

Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.

What are you talking about, crypto was never dominant, it was never even close to being noticeable, there's nothing to take over.

And as for regulations, the users can choose to ignore them at their own risk, they can't stop Bitcoin's protocol, and they will never be able to, and I'm sure they won't even try to do it, since it would be just a waste of resources.

[avikz]

AML regulations does not necessarily mean that they are against cryptocurrencies. What they are against are illegal things involving cryptocurrencies and not cryptocurrencies per se. Not that I'm trying to justify nor defend regulations, but in a market wherein almost everyday, hacks, thefts and other illegal activities are happening, regulations would definitely help. Besides, if this promotes growth on all fronts of cryptocurrency, why try to see it in a bad light?

Edit: pre-emptively hit post button.

Exactly! I voice the same opinion about 5th Anti Money Laundering Directive. In 2019, we have come across numbers of scam attempts which siphoned out billions of dollars from commoner like us! Majority of the scammers use various techniques like wasabi wallet and bitcoin mixers to launder that huge amount of money which took full opportunity to the pseudo anonymous nature of bitcoin and other cryptos! That has to stop at any cost!

If this AML directive forces big players to comply with KYC policy and on-time reporting of unusual events to the enforcement agencies, such incidents may reduce and probably make the cryptos safer for legit users!

[NeuroticFish]

New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.

The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.

Source link here

It means that they're clearly in a war against decentralization.

Hmm, I forgot about this. But actually I am not convinced by the ways it will affect me.
But if I read it through I tend to believe you either want to spread FUD, either over-reacting. It's actually a positive news that crypto currencies have to be treated by the businesses in the same way as money.

We want crypto to be recognized as money, but we cry out loud when they try to put crypto under the same rules as money. Is that normal?!

[bitbunnny]

Why do you look.at this as a negative news? In fact this is just the opposite and it's not aimed against cryptocurrencies and its users and especially doesn't anything to do with cemtralization.
Anti money laundering measures will help to establish Bitcoin and other cryptocurrencies as a safe and legal payment method, not some illegal stuff that are using only criminals for their illegal activities. Also, KYC is positive for Bitcoin users because it helps against abuse and fraudulent activities.
So, this is not negative news for European crypto community but positive one and users in Europe will have advantage because they will be legaly protected.
I wish that people who use Bitcoin were more educated then we would have less fake news and conspiracy theories that spread unjustified fear among users.

[enhu]

They've been gathering KYC already so if you have submitted in the past, there is nothing left to hide anyway. EU are just asking for KYC, they not banning BTC. But its still going to affect prices. Its what is happening, the prices are stumbling in the dark while whenever there are good news the prices are going to rise up fast as how it stumble.

[LTU_btc]

These new regulations already forced to close some services which works as hosted wallets, money transfer services and etc.
It's understandable thing looking from governments perspective. There is big money moving in crypto world and it's normal that they want to control everything.
But for us - crypto users, it's sad and worrying thing. Crypto is place where we had some privacy and anonimity and now they want to took it from us. KYC on exchanges already become common and understandable thing. So, we will have to get use to see it on other type of crypto services.
Interesting, how these regulations will affect mixers. As I understand, they are one of main targets of these regulations. Does it means that Chipmixer & co will stop working in EU?

[KingScorpio]

New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.

The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.

Source link here

It means that they're clearly in a war against decentralization.

They are doing whatever it takes to "take over" and make centralized payments dominant once again.

Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.

It's just that these lawmakers are doing something to make sure we do not prosper, but only them.

oh i am not afraid about the euro banking cartel,

they are after all unable to manage loaning nowadays. and are unable to invest into the future and security of the europeans, by finally closing the border the the enslavement by the neverendingly broken third world.

[diahsw]

don't worry, in my opinion it's only a part of European countries, not all of it. And also I think it's just bluffing ... even if later it is true, then we will still support bitcoin .. !!

[HarmonyA]

New anti-money laundering (AML) regulations are coming into force by January 10 in Europe. The rules, which address cryptocurrency companies for the first time, look set to have a large impact on the industry.

The Fifth Anti-Money Laundering Directive (5AMLD) is set to take full effect in less than a month. It was first detailed in May last year.

Source link here

It means that they're clearly in a war against decentralization.

They are doing whatever it takes to "take over" and make centralized payments dominant once again.

Bitcoin was created for us to have no limits in cross-border payments. Now they're trying to take it away from us, because of KYC. There's very little freedom on how much BTC and altcoins are we gonna withdraw, especially within the European union.

It's just that these lawmakers are doing something to make sure we do not prosper, but only them.

There are many reason why countries will be against decentralization. Number one reason is the issue of money laundering. 
Decentralization will make government not to be in control of the movement of money within their territory. 
Imagine,  the freedom that was given to new projects within the crypto space in 2017 and 2018, these paved way for lots of criminality.  Giving government much support to kick against decentralization despite it profitability.

[NavI_027]

It means that they're clearly in a war against decentralization.

Though it was named as an "Anti Money Laundering Directive" and not "Anti Bitcoin Policy", the crypto community is still suffering because of these strict regulations. I'm eager to understand their side, that they only do it to avoid any mischiefs but at soke point I can't rid of my mind that they're slowly killing crypto. So I agree with you somehow, they are now starting a war against it .

I see two sides of the story in here, one is good and one is bad. It's good in a sense that evil doers will now have a reason to stop their bad deeds once and once and for all (unless they want to get jailed) however it seems that the crypto community are choked. Now decide which side weighs greater.

[CryptoBry]

There’re two ways to look at this news one view is that it’ll force people to avoid bitcoins because of KYC hassles, second view is that EU has recognised crypto’s as an currency and this may pave the way for legalising it. As the article states many companies are shutting down, and many are making sure they comply with the rules hence only by February or March will we will come to know it’s real impact on bitcoin prices.

In effect, regulations means recognizing something and this is what this new law will be doing to cryptocurrency. As long as something is a business (and I guess nobody will argue that cryptocurrency is not a business) we should be expecting more and more laws to cover the same industry, and we should not be complaining that much because almost all industries are being regulated there is no exemption here, heck there are even laws covering religious organizations. In the end, only those fit and legit will survive this onslaught and those operations which are shady and not doing things the right way will be flushed out. Let's go with the flow, resisting this law will not be good for the cryptocurrency industry.

[HardFacts]

Bitcoin will be getting a LOT of bad news, this is just the beginning !!!  Just look price collapses as we are seeing now, that will feed on itself as people bail out on Bitcoin.  I wonder how long it takes for people here to realize things are not going to work out like they think...

Hard Facts

[Rengga Jati]

Bitcoin will be getting a LOT of bad news, this is just the beginning !!! 

Don't judge without strong evidences. You seems like spreading FUDs if you comment like this. If you know much about the future Bitcoin, let us know what you already learned.

-snip- Just look price collapses as we are seeing now, -snip-

It already happended many times. The big declines in price mustn't the evidence of bad Bitcoin future. How long have you worked in crypto space?

-snip- I wonder how long it takes for people here to realize things are not going to work out like they think...

So, what is your suggestion exatcly? Leave/quit from Bitcoin/crypto investment now?

[meanwords]

I don't see it as a war though. It's not like they are banning cryptocurrency altogether, they are just making some regulations to avoid money laundering and potential scams. The businesses still have the ability to operate if they can comply to the new law. I mean, this new laws would also mean that people could be sure of something if they are legit and their government recognized the business.

[Xxmodded]

They've been gathering KYC already so if you have submitted in the past, there is nothing left to hide anyway. EU are just asking for KYC, they not banning BTC. But its still going to affect prices. Its what is happening, the prices are stumbling in the dark while whenever there are good news the prices are going to rise up fast as how it stumble.

Already pass with bitcoin member with KYC and does look not have to worry with bitcoin become illegal transaction by every one because have know who use bitcoin, but many institution and community want to make bitcoin have bad effect with saying bitcoin using for black market and have bad reputation for the future with bitcoin pirce.

[ChuckBuck]

Already pass with bitcoin member with KYC and does look not have to worry with bitcoin become illegal transaction by every one because have know who use bitcoin, but many institution and community want to make bitcoin have bad effect with saying bitcoin using for black market and have bad reputation for the future with bitcoin pirce.

It is an objective fact that we cannot deny that bitcoin and other cryptocurrencies have been used in black markets or illegal transactions. We cannot deny, so, with the newly issued regulations, it will minimize the level of shadowing in Bitcoin transactions. Clearly, we can see that it is not a battle against decentralization, it only helps bitcoin better in the future. My opinion