Brazil’s new crypto rules for me is not a good news...

[Rufsilf]

As per this article i read it says that Brazil just announced new crypto regulations under their central bank. what's interesting is that at first glance, it might look like good news at least crypto isn’t being banned anymore. But the question is, can we really survive under all these new requirements?

Exchanges and brokers now need to go through strict registration, KYC, AML checks, and more compliance stuff. They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

And honestly, it really feels like the more they regulate the market, the less control we actually have over our own money, and its no longer different in banking with fiat. 

[_act_]

Exchanges and brokers now need to go through strict registration, KYC, AML checks, and more compliance stuff. They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

If you want privacy, you can still have it. The fun has been taken away since those exchanges like Binance, Bybit, Kucoin and others started to accept KYC few years ago. It is no more something that is new, but people that still need privacy that are using bitcoin and coins like monero are still trading, buying and selling without KYC. If you want that, learn about it.

[hero_the_bossman]

Regulations are the same as control, because they come from the entities that are the epitome of centralization and control.

We decide whether we want to go and do business there or on DEXes / P2P.

[rat03gopoh]

They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

In fact, this industry is no longer just Bitcoin. When people lose money due to rug pulls or hacks, they complain to regulators.

Bottom line, if you're a BTC maximalist, just ignore it. The state does not regulate private keys in non-custodial wallets. You can still self-custody, multisig, coinjoin, and hold seed phrases without anyone's permission.

[henry_of_skalitz]

They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

In fact, this industry is no longer just Bitcoin. When people lose money due to rug pulls or hacks, they complain to regulators.

Bottom line, if you're a BTC maximalist, just ignore it. The state does not regulate private keys in non-custodial wallets. You can still self-custody, multisig, coinjoin, and hold seed phrases without anyone's permission.

They would complain about it only if it happened on their ground, imo, but you are right: the space becomes less of a Wild West with everyone doing anything, some search for a "protection" that takes away what the space was about from the start.

[Z390]

It is sad that these people don't want us to have freedom and our own privacy, I don't like it either, now I believe it is in your will to make your final decision either to abandon privacy or fight for it.
All you need is extra digging, do your own research, mixers are down which I don't like too, but privacy coins are still up and running, Peer to peer still exists also, there are few ways you can avoid KYC completely.
Few exchanges don't mind KYC requirements for example Tool bit, they will only limit how much you can buy and sell with no KYC passed, some people are also buying and selling on telegram P2P, I only used that service once though. All I have to tell you is do some research, there is always a way.

[FortuneFollower]

It is sad that these people don't want us to have freedom and our own privacy, I don't like it either, now I believe it is in your will to make your final decision either to abandon privacy or fight for it.
All you need is extra digging, do your own research, mixers are down which I don't like too, but privacy coins are still up and running, Peer to peer still exists also, there are few ways you can avoid KYC completely.
Few exchanges don't mind KYC requirements for example Tool bit, they will only limit how much you can buy and sell with no KYC passed, some people are also buying and selling on telegram P2P, I only used that service once though. All I have to tell you is do some research, there is always a way.

Even with regulations at place (that are there to not to search for loopholes), they will still be found by those that it won't be enough to be convinced to go the "regulated" way It's a natural flow of such a situation.

[rat03gopoh]

but you are right: the space becomes less of a Wild West with everyone doing anything, some search for a "protection" that takes away what the space was about from the start.

Well you see the point, it is the protection seekers who force the government to intervene.

It is sad that these people don't want us to have freedom and our own privacy, I don't like it either, now I believe it is in your will to make your final decision either to abandon privacy or fight for it.

If you want to maintain practical freedom (not just nostalgia like when the 1 block reward was 50btc), the solution is strong technical literacy and a sensible private policy. You will gain your freedom silently while coexisting with regulations without hating them.

[AprilioMP]

Exchanges and brokers now need to go through strict registration, KYC, AML checks, and more compliance stuff. They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

We in our country of residence have long had the rules of all exchanges requiring their users to complete KYC in order to carry out buying and selling transactions.
Crypto taxes are also set and we all comply with them. Not to avoid it, but Bitcoin and crypto are not prohibited, but are used as commodity assets. We can use Bitcoin and crypto for investment or trading but cannot use Bitcoin for payment.
There are no obstacles despite establishing such rules rather than completely banning Bitcoin and crypto.

[Cekikafa]

 Everywhere same. East -West North or South. Politicians invent laws to protect (suppress ) the little citizen public.

 Central banks are the biggest organized mafias in a country.

 Privacy and money transaction freedom is target again.

[hero_the_bossman]

Exchanges and brokers now need to go through strict registration, KYC, AML checks, and more compliance stuff. They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

We in our country of residence have long had the rules of all exchanges requiring their users to complete KYC in order to carry out buying and selling transactions.
Crypto taxes are also set and we all comply with them. Not to avoid it, but Bitcoin and crypto are not prohibited, but are used as commodity assets. We can use Bitcoin and crypto for investment or trading but cannot use Bitcoin for payment.
There are no obstacles despite establishing such rules rather than completely banning Bitcoin and crypto.

Even if they would do that, there would still be DEXes and ways to outrun the system, with risks, but still.. Nobody cannot rule out the crypto for 100%, because it's not under their full control.

[Mpamaegbu]

what's interesting is that at first glance, it might look like good news at least crypto isn’t being banned anymore. But the question is, can we really survive under all these new requirements?

Well, it's not all that gloomy if you asked me. Bitcoin lovers wanted adoption. Adoption won't come cheap. It will come with a price that meets governments and their policies midway for various countries. One of such compromises is gradual loss of privacy. We can't have our cake and eat it. Something has to give to get something.

And honestly, it really feels like the more they regulate the market, the less control we actually have over our own money, and its no longer different in banking with fiat. 

I don't think it's so. You can transact on Dexs and then get P2P even on trusted social media groups, if you don't want to go through Cexs.

[FortuneFollower]

what's interesting is that at first glance, it might look like good news at least crypto isn’t being banned anymore. But the question is, can we really survive under all these new requirements?

Well, it's not all that gloomy if you asked me. Bitcoin lovers wanted adoption. Adoption won't come cheap. It will come with a price that meets governments and their policies midway for various countries. One of such compromises is gradual loss of privacy. We can't have our cake and eat it. Something has to give to get something.

And honestly, it really feels like the more they regulate the market, the less control we actually have over our own money, and its no longer different in banking with fiat. 

I don't think it's so. You can transact on Dexs and then get P2P even on trusted social media groups, if you don't want to go through Cexs.

Also, it would come no matter the case, because BTC is for everyone.

It's a natural progression from skepticism to interest to then adoption from the higher places.

[promise444c5]

Most stablecoins like USDT,USDC..can be frozen by the issuer so they never really gave a “freedom” vibe, amd from the article that seems to be their target:
“Under the new rules, any purchase, sale or exchange of virtual assets pegged to fiat currency will be considered a foreign exchange operation.” Direct quote from the article. It just adds to what’s already on the ground…
If you want freedom and privacy there are ways to achieve that and I’m sure you know them already.

[Taskford]

As per this article i read it says that Brazil just announced new crypto regulations under their central bank. what's interesting is that at first glance, it might look like good news at least crypto isn’t being banned anymore. But the question is, can we really survive under all these new requirements?

Exchanges and brokers now need to go through strict registration, KYC, AML checks, and more compliance stuff. They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

And honestly, it really feels like the more they regulate the market, the less control we actually have over our own money, and its no longer different in banking with fiat. 

When government try to regulate things expect that mandatory KYC  and other strict regulations will happen. Some may say its harsh actions done by their government but I think if their purpose is to fight money laundering and other financial schemes then I don't see anything wrong with their intentions. Since some its for our own protection from bad actors spreading in this space.

Although we cannot deny that we are going to lose privacy due to requirements that we submit, but this will became normal since government can always set rules. I'm starting to adapt with the changes they made and I'm fine with those things they implement as long as they let us use Bitcoin and crypto.

[Dogedegen]

Exchanges and brokers now need to go through strict registration, KYC, AML checks, and more compliance stuff. They say its necessary as it brings protection[[[?]]]]] and legitimacy, but at what cost? These rules slowly kill what made crypto special which is freedom and privacy.

This has been the standard for a long time in the EU, in the USA and many other places. The EU will make their rules even more stricter. Why are you scared of something that isn't even new? They are just aligning the industry with the standard that is on the world. There are many reasons for which they must do it this way, I really don't see what is the issue? Yes KYC overall is bad, but that is a different topic. It is not like Brazil alone can decide to not implement KYC and AML.

And honestly, it really feels like the more they regulate the market, the less control we actually have over our own money, and its no longer different in banking with fiat.  

This is not true. It is only your own choice that you decide to use exchanges and brokers, nobody can force you to use them.

Bottom line, if you're a BTC maximalist, just ignore it. The state does not regulate private keys in non-custodial wallets. You can still self-custody, multisig, coinjoin, and hold seed phrases without anyone's permission.

Even if they did regulate it, what would they do about it? Someone who understands how Bitcoin works would not concern themselves with that. It is never going to be possible to enforce such regulation. I think a lot of people get afraid because they don't really know how Bitcoin works.

[Hewlet]

And honestly, it really feels like the more they regulate the market, the less control we actually have over our own money, and its no longer different in banking with fiat. 

It has always been that once there is any form of move for acceptance, the clause has always been that the government of that country will try to regulate some aspect of it. same way there is a clause in the context of this brazil, there is always clause in other instances just so crypto can be regulated.

Till date, the government has not come to accept bitcoin to exist without them being in control of it. they want to regulate it and so, they will always set rules that keeps it under their check their bitcoin in particular will always come out stronger in the midst of those kind of regulation.

[rdluffy]

Here in Brazil, politicians only want to be in control and collect more taxes for corruption 
Unfortunately, that is the truth, and we are a country that is extremely behind in science and technology
The government's only focus on crypto is to know how much they will collect and how to regulate them

I believe that the vast majority of users will start using cryptos in other ways, p2p, without KYC, and trying to use them directly without going through state control
Perhaps with the government's crackdown, BTC will return to being more like Satoshi intended it to be...