Spain's most anti-privacy and anti-crypto law comes into force.

[ethereumhunter]

Even though the law looks very strict, I think people will still be able to use or find their own way out which can still provide comfort in using crypto. And I think the law will only work temporarily because I also think there must be officials from the government playing in crypto and they're not going to report what they have. And eventually the law will be revised to benefit the government people while the public people are just forced to follow it.

So it's better to stay calm and try to find a way out so that when the government becomes more strict, they can use other ways to keep using crypto. And let's hope there are no restrictions on using crypto in other countries.

[Boakse]

This is just the beginning...

Europe has fallen since the 2,5 year Corona Scam. (Followed up by the USA Proxy War in Ukra-Nazi-Land)

90% of the people in the EU are blind as f*ck, when in the meanwhile the EU has introduced heavy rules on;
Regulatory, Censorship, Wokeness, CancelCulture, Bitcoin\Crypto, etc.

CBDC is almost ready to be dumped on the EU clown mass and they don't seem to understand what is going on.

There will be a coming CO2 budget to use and people will be very limited in there travel and freedom...

Are you getting WHY in the EU they are "blocking" the on- and off-ramps to Bitcoin and Crypto?

Everybody has to go in the Prison called EU...  Everybody, NO Exceptions!

[PrivacyG]

Who would have thought, right.

This comes with no surprise for me, they have this planned for many years.  More force, more supervision, less freedom, less rights.  Bitcoiners especially, because we are a threat to the system!

How in the world is Bitcoin other wise treated as the most criminal monetary system when Fiat is used in politics for many crimes along the year.  Bitcoin is uncomparable to Fiat when it comes to dirtiness.  Fiat is muddy as hell.  But banks can supervise you, you get one account and they can track it.  Bitcoin is much harder to trace so it drives them nuts.

Freedom!  Unfortunately I think we will reach a boiling point where Bitcoiners will be the only remaining rebels of the muddy Fiat system because that will be the only way out.  CBDC's, reporting all transactions, let me be!  I want a peaceful life, not to be stressed out and treated like a criminal at any corner of the street.

[Renampun]

I don't think that the new privacy law passed in Spain will have a negative impact on Bitcoin, other than that usually rules like this will only apply to platforms registered in Spain (the effect is not so strong for platforms registered in other countries).

btw, since the chipmixer was seized, there are many countries that have tightened rules regarding privacy on the grounds of securing private data, preventing money laundering and tax evasion.

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[HinaSiddique]

Today is a sad day for those of us who use bitcoin and value our privacy. Just today, a law came into force in Spain that obliges entities that provide crypto-related services in the country to report absolutely all transactions carried out during the year.

This is indeed a bad news for crypto community and concerning development for all those who value their privacy when using crypto currencies, this development underscores the importance of avoiding central exchange whenever possible. I am afraid other European countries may follow the example of Spain and similar regulations is implemented  about regulating the crypto currencies within their own borders. It is always advisable to stay informed about latest development in crypto regulations in your own country, as well as internationally.

Indeed it might be a sad news for all those who want their privacy respected, However there are always two sides to a story.
In the longer run this may become beneficial for people as everything will go through a legit system. It will boost the confidence to invest more in crypto and the fear of losing your investment in a crypto scam will be lesser.

[tabas]

I think that's not even new to the most that have been using centralized exchanges. They keep our records and transaction data whether it's been for a year or two.

Think again. There is a difference between exchanges keeping your details and only sending them only upon request, and having to report absolutely all transactions to the tax authorities.

Yes, I understand the point. IMHO, when we use exchanges especially the ones that are in niche of focusing local users/customers. Even if they don't ask for KYC but then with most transactions coming in and out, I'm thinking about those withdrawals and deposits that have been done in fiat and given the details about bank account numbers and names from an account that's not yet KYCed but then, the saved record or data that's been provided by the user through that withdrawal is still kept by the exchange.

[Dr.Bitcoin_Strange]

This is one thing that makes me feel bad towards this centralized exchanges, because they are been controlled by the government.

not really controlled by the government but by individuals that are known and are also subject to some rules and the issuance of a certified operation permit. Not that they directly work under government control, but since it has some guidelines to obey according to the operation permit offer by the government, they can decide to give any unnecessary orders against the centralized platform due to some suspected cases, and the centralized platform can freely give out your KYC information to the government to carry out their investigation. Aside from this, there are other risks attached to KYC platforms; if their platforms get hacked, all their private information gets exposed, which can even be used to commit some great crimes.