The EU is About to Cancel Cryptocurrency Parliament to Impose KYC on Crypto Wallets

Parliament Votes to Impose KYC on Crypto Wallets

                                  

breaking news as of this morning the European union parliament has just voted to impose kyc on private crypto wallets

another way to say this would be all crypto wallets regular

want to explain exactly what this means to you ?

why this is disgusting ?

why this is unfair compare o how they treat every other sector of the financial system they’re treating crypto differently

i also want to share with you a few pieces of altcoin news that you need to know as an investor

less jump in starting with the EU

the Eu parliament has voted today to impose new regulatory measures that would essentially prohibit anonymous cryptocurrency transactions

the econ and lib e committees voted to approve proposal that would require cryptocurrency service providers such as exchanges to collect personally identifiable information from individuals who transact more than just 1 000 euros using so-called unhorsed cryptocurrency wallets

and already I just need to push back on this language notice how they’re framing this discussion in the cryptocurrency space unhorsed crypto wallets

i.e. regular wallets unhorsed wallets refers to non-custodial wallets which do not rely on third parties’ examples of non-custodial wallets include meta mask wall connect or hardware wallets like ledger and trezor

so basically, all regular wallets that people already use globally they refer to as unhorsed

I host it you hosted its self-sovereignty

I control my funds i actually hold my coins if i have the private keys that’s the revolution with crypto

yet when they use this language, it makes people that aren’t necessarily that in tune with the space which is the majority of the world it makes people think oh

that’s lacking oh it needs a host it needs some custodial third party to validate it and hold the coins always pay attention to the framing language

the EU parliament voted on this today

what was the outcome of that vote?

though votes on several amendments were tight the final draft was overwhelmingly approve

so, it passed it’s going through yet it has not been adopte yet in order for the legislation to be officially adopte it must first go through tripartite meetings meaning three-part meetings

i believe between the EU parliament European commission and European council

nonetheless that process is not expected to derail that legislation so clearly a darker day for crypto and by the way on this Site web we’ll always share with you both the bullish and bearish news in this space so you have all the information so you can make the best decision for you

Brian Armstrong CEO of us-based crypto exchange Coinbase tweeted

that the proposal is anti-innovation anti-privacy and anti-law enforcement arguing that it holds cryptocurrency to a different standard than fiat

here was that exact tweet explaining what this regulation means

this means before you can send or receive crypto from a self-hosted wallet meaning any wallet Coinbase will be required to collect store and verify information on the other party which is not our customer before the transfer is allowed moreover anytime you receive 1 000 euros or more in crypto from a self-hosted wallet

Coinbase will be required to report you to the authorities this applies even if there’s no indication of suspicious activity

imagine if the EU required your bank to report you to the authorities every time you paid your rent merely because the transaction was over 1 000 euros