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New and stricter AML and KYC regulations on crypto in the EU
From 30 December 2024, all crypto transfers where a crypto-asset service provider is involved will go through stricter AML and KYC measures.
With a €0 threshold, all transfers, except P2P, will require identification (KYC), and €1000+ transfers from self-hosted wallets will require verification of the wallet owner.
Breakdown of the new regulations:
See: https://www.21analytics.ch/travel-rule-regulations/european-union-eu-travel-rule-regulation/
I think (I’m not a lawyer) that hosting providers can use self-hosted payment solutions such as Shkeeper.io or BTCPayServer.org to evade the law. However, it might become harder to exchange the crypto into fiat afterwards.
It is not a new law. CASPs have had 18 months to implement it, so it might be because of this law that @Calin's 22K crypto got involucrated. Well, if he didn’t lie and spend it all on hookers.
So be careful with those crypto payments, so the Biloh gang don't ban all the providers from the EU.
Comments
Perhaps I should add that I am posting this because Revolut is implementing this now.
I have been using Revolut to exchange crypto into fiat, and I fear that they will now freeze more transactions and accounts and ask a lot more questions than they have until now.
The harder it gets to exchange crypto into fiat, the less attractive it becomes to use crypto for legitimate purposes.
Crazy world with those clowns in government is really disgusting, while USA is trying to have/legitimate crypto with Trump, Eu in other side is trying their best to make it impossible using it.
The good thing is, EU is small so
Yeah, super small. Only the world's second largest economy.
Yeah keep dreaming, also don't count UK in EU, and here is more to leave soon
I know it's hard, but try to separate opinion from facts, it might make keeping your world view intact harder, but it's well worth it.
You can dislike the EU but admit that it is the world's second largest economy at the same time. It's very possible.
Are you mad or just touched by putler peenus?
Seems you are, also just a reminder, do not think that everyone is like you
I just don't give a f** about any politican/government that's it.
Facts that EU is the second world's economy, based on?
GDP, IMF
As of 2024, when counting the European Union (EU) as a single economic entity, the largest economies in the world by nominal GDP (Gross Domestic Product) are:
Russia (Nominal GDP: ~$2 trillion) is smaller than several EU countries and is outside top 10.
https://ourworldindata.org/grapher/gdp-world-regions-stacked-area
North America is around 22.5 Trillion, East and West Europe should be added together in this chart to make it ~26 Trillion
No, EU isn't that big. Europe != EU
Brain afk
Still smol
that's what she said.
Im here if she need any help
YUROP STRONK COMRADE IVANOVICH ☭
It is legal thing to do as per legislation definition. The entire MiCA seem to target only centralized exchanges (CASP, cryptocurrency asset service provider) like Binance.
For now. It is clear that “embrace, regulate and destroy” approach being taken here. They will slowly but for sure will outlaw all crypto. It is not feasable to control such wild form of currency.
For example I’am closely watching how dmca mafia hunt down iptv distributors. They bend laws, pump in ridiculous regulations. Italy is top example of this. Where laliga control government.
Maybe correct (officially yes, PPP based not) but irrelevant. Relevant - not only in this context - is that eu-rope has been and increasingly is being turned into a mental asylum by the politsters, and potentially into a war zone.
This thread's topic is but one example.
Btw. let's return to and stay on the topic (and away from politics).
The US has way stricter KYC than the EU does on banking and financial products including crypto even with this law.
Yeah! Protect all that cybercrime! Help North Korea and Russia as much as you can! Help blackmail hospitals into shutting down or handing over $20 million! Help those Lastpass hackers drain millions from accounts!
FFS
Why the little people want to help organized crime and rich people launder money is well beyond my comprehension.
I use https://coinprocess.io, and it works perfectly without requiring any personal information at all.
You can transfer your funds to your ledger and exchange them for fiat currency locally without involving a bank or an exchange. There are many individuals within the crypto community who are willing to exchange crypto for fiat in person.
More and more people will just move to P2P. Rarely do I exchange from Crypto to Fiat. If I exchange it for Crypto. I'm using it buy something or just keep it in Crypto (USDT)
Ai Ai sofa analytic, i really don't want to go nor switch/mix with politics, Russia, Korea whatsoever but seems you are missing the fact that for decades at least 3 decades that i remember the only one who did destabilisation all over was the US controlled by zionists. As they (americans) don't have a say anymore since they've been sold out!
You don't have to take my words, just listen to your many of US professors ex agents etc like
Jeffrey Sachs, Scot Ritter, Edward Snowden those three are that comes in my mind right now, not to mention more!
It just has nothing to do with hackers draining your "account" because crypto is as it is, draining "accounts" was always and will be bank accounts
That's what i am saying, there is an issue with sofa analytics like you and jump in automatically if is any non US country/state/company whatsoever in and blame those who don't obey US, but as long as you obey you are just fine by killing/murdering/stealing.
Go get e life.
Btw, those has nothing to do with any Russia/Korea whatsoever but more over with paying taxes, in which they (government/banks) bodies can steal more!
Nice try trying to drag into Politics sh!t, i just don't give a f** about Russia, Korea, US, and any other country. Just chilling my life without politics and would recommend doing the same you will see how life is better then
Have you been diagnosed with any mental disorders? Have you graduated high school? I don't see much logic in your response, just unfounded paranoia. Denial is high in your case. Proudly spouting off about being uninformed isn't helpful in making a case for unregulated crypto.
The fact that you stated mixing politics i think you are really someone with mental issues. Now move on and stfu mental ill!
Mixed politics? Where? Enabling criminals worldwide has nothing to do with politics. I haven't a clue wtf you're talking about.
See that's the mental issues, just read above it's your text with some kind of supporting Russia/Korea moon, mars whatever.
It's never to late to get some help.
The newest European shit.