This is very bad for the European crypto community!

[DreamStage]

I am really optimistic about that new law anyway....

Rather prefering having a legal activity and my country taking legal actions on cryptocurrencies and allowing them for my personal usage than becoming a banned country at first place.

Also increases security across the crypto network and prevents bad habbits from illegal activities.
Meaning more countries will think about it and maybe adopting = having it legalized.

I really don't care if they know me more (KYC). My addresses will still have origins unknown (from where the money come from).

[ChrisPop]

If the regulation only implies going through a KYC procedure I am ok with it as I have nothing to hide, but they should rise the penalties for misusing the personal data we provide to these companies and the procedures they need to follow when collecting data for KYC. As a client how am I ensured that the data I provide don't get into the wrong hands?

[acdc]

If you look in the positive direction, the anti-money laundering regulations are not detrimental to the cryptocurrency market, they are just trying to fight criminals who use this market to do bad things.
Anti-money laundering regulations show that the European government has a strong interest in cryptocurrencies, it's time for governments around the world to have a more positive view of the market.
If we do not launder money or evade taxes then we have no problem with anti-money laundering regulations.

[agentx44]

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.

The governmemt has always been against decentralization because it makes them look powerless and less manipulative of the things happening on their country. We should not be surprised that much anymore that they are making ways to control crypto, which I think is not possible yet, cause they are all about greed as always. It would make a huge impact if ever the European crypto community would be manipulated since the continent is known for its wealth and is a very high contributor in the crypto market.

[minersday]

That's right, this does not really sound good for crypto projects and exchanges based in European countries but i think any serious industry can relocate to places where crypto activities are tolerated. For instance i know some projects which moved from China to other countries when China made a whole number of restrictions regarding cryptocurrencies and its activities.

[darkangel11]

If the regulation only implies going through a KYC procedure I am ok with it as I have nothing to hide, but they should rise the penalties for misusing the personal data we provide to these companies and the procedures they need to follow when collecting data for KYC. As a client how am I ensured that the data I provide don't get into the wrong hands?

I know a few people with businesses registered in Estonia and they were forced to do KYC before. If the new regulations focus on strengthening the KYC rules for most EU companies it won't change a thing because they already have to do it and had to do it all throughout the 2019.
Don't panic, if you were able to find EU exchanges without KYC it was only because you were exchanging small amounts of money. Above €20k  there's basically no way around KYC crypto or not.

[libert19]

Quite sad, I hope this will start the rise and use of decentralized exchanges.

[bounceback]

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.

now, of course, we are no longer surprised to hear about KYC on cryptocurrency because as far as we see today some governments in their countries have confirmed to verify KYC or AML for every crypto exchange user with the reason to avoid fraud and money laundering.
However, but I think this is not one of the reasons for the government to combat cryptocurrency decentralization but only to increase security for each user.

[asus09]

I know bitcoin can be money laundering because when some one get cases with corruption and make bitcoin become their money laundering by sending their money become bitcoin assets, look with bitcoin way how to deposit where needed KYC and bitcoin platform can detected with people use bitcoin for money laundering and can know who are they.

[Reatim]

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

i dont see that there is such thing like this in that regulations because banks is much harder to provide as there are tons of hassles to face than KYC of AML and it is not only europe has this many country are into this yet Bitcoin is still in use.

, 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 am still believe that this will not bring big downtrend to crypto as we are getting closer to Halving and hope this will never hindered the growth we all waited for.

[Asmonist]

Well, its somehow really a threat for crypto community. Hopefully the regulation is fair and just. The freedom to transact may be hampered but hopefully only those with bad intentions. They should set rules that will not completely change the process at all. KYC should be more on whom you send crypto or your purpose of receiving and sending it to someone. AMLA is a very good security for us. However, they must also consider that we are trying to eliminate charges and shortened processes to have timely and efficient service.

[Polar91]

If the regulation only implies going through a KYC procedure I am ok with it as I have nothing to hide, but they should rise the penalties for misusing the personal data we provide to these companies and the procedures they need to follow when collecting data for KYC. As a client how am I ensured that the data I provide don't get into the wrong hands?

In the first place they don't need to make something strict to happen with their platform with regards to their KYC process, because it is in fact a good thing to consider that many countries do have their laws concerning identities and personal information. A false identity could be raise if someone isn't complying with the rules and regulation of the platform. In addition, there are many privacy laws concerning the proper and improper use of information especially if they aren't using real identities.

[hotmom]

Centralization kills crypto, I think many here understand this, and hope that many who so not think soon will understand this.

[pundit]

Anti-money laundering (AML) regulations may sound bad to cryptocurrencies but it is very important to stop money laundering that can be used in any terrorist activity. Some regulations is really required to control all these things. There will be not illegal transaction after the implementation of such bill and I think it is required in current situation. This is world is full of criminals, we need to get transparent to every financial activity we do.

[Oceat]

Well, its somehow really a threat for crypto community. Hopefully the regulation is fair and just. The freedom to transact may be hampered but hopefully only those with bad intentions. They should set rules that will not completely change the process at all. KYC should be more on whom you send crypto or your purpose of receiving and sending it to someone. AMLA is a very good security for us. However, they must also consider that we are trying to eliminate charges and shortened processes to have timely and efficient service.

I think it is fair and just despite of what the government set it is still a good way to make those scammers to stop from sending a bulk of crypto into the exchange. And it is somehow helpful to delay or trace who were the people are laundering money.

[HardFacts]

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

Bitcoin is based on nothing, and its value will eventually go to near zero once market psychology changes.

If I owned bitcoin now, I would sell and buy Gold.   Remember this suggestion and save it for the future, one day a lot of people here will REALLY REALLY wish they had taken my advice  😭😭😭😭

Hard Facts

[Swordsoffreedom]

This is of no surprise and it is something expected from government officials. Why would government let anonymous crypto operate in the their country that would give them zero benefit rather create problems for them. If you think this is problem then we all must be ready for this problem.

[qiman]

I know a lot of people have a lazy attitude towards money nowadays in general. Everyone wants to make fast money on the internet, but people want to avoid their duties and responsibilities as adult and mature citizens. We do not want to be controlled by the powers that be and forever live in a debt slavery environment which is the current financial situation of Billions on this planet, but maybe these new KYC/AML may be a good and positive thing, in a way whereby there will be less scammers getting away with just stealing many people's hard earned money, as has happened in this Industry now for quite some time, so it has its pluses as well no doubt. We should welcome legislation as a positive directive to making Bitcoin and Cryptocurrencies, legal in Europe.

[stepwilli]

I have said this before that the government does not like something they have no control over, they prefer to have a complete control over everything and that's what they are planning to do now. They are only going to be able to control centralized exchanges. Anyone that's making use of Centralized exchanges will always be opted to fill a KYC form when they want to register.

But, for a decentralized exchange you will not be needing all that, you just sign up and start trading. A lot of people prefer to make use of CEX because they are very easy to use, just like Coinbase, whereas DEX are hard to use.

[xZork]

I don't see anything bad for the crypto community in general and the European cryptocurrency community in particular. Clearly, anti-money laundering regulations are only aimed at criminals, not genuine investors.
Anti-money laundering regulations will make the crypto market cleaner, thereby creating confidence for new investors.