New EU Money Laundering Rule might be negative to crypto industry 😞😞😞☹☹💔
Hi 🥰🥰🥰🥰😘
Crypto presently has loads of difficulties from Tax, Money Laundering Policy, Privacy that might be exceptionally damaging to some basic beliefs of cryptos like Privacy and Decentralization.
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The European Parliament could pick the method of administrative needless excess. Late European Union intends to control the energy impression of evidence of-work innovation neglected to overcome the European Parliament when decided on in March. In any case, as of late questionable enemy of tax evasion measure did pass and could now become regulation assuming state-run administrations likewise join. Under an arranged extension of existing financial measures known as the Travel Rule, parties working with crypto exchanges would need to recognize members.
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EU officials believe that should apply in any event, for the littlest installments or those made to unhosted wallets, where the resource is held by a private individual instead of a controlled trade.
Defenders, including lead official Assita Kanko, have contended the movement rule will assist with cutting wrongdoing, and it very well may be a spike for development in an area that highly esteems inventiveness
“If the banking sector, that the crypto people think is actually boring and old, is surviving the travel rule … why would the very chic, cool crypto people not be able to do so?” she told CoinDesk shortly after the measure was voted through her committee on March 31. “They could work it out. ... I guess I'm telling them to try.”
This comment seems to be one stupid comment.
This kind of low level getting it and flippant activities would take the EU low situation in the blockchain and crypto content with the US and Asia. In Paris, some point out that the current rule, which requires foundations like banks to report any dodgy-looking installments to the specialists, doesn't function admirably even in the customary monetary area - and is far more detestable fit to blockchain-style tech.
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The guidelines would mean crypto trade suppliers must "give a full report to the specialists when they see an unhosted wallet is involved, without thinking about the edge. This standard could hurt the crypto industry presently forestalling newcomers participating in this recent fad who dread to uncover their private data. Be that as it may, eventually, if you need to be standard, it should be managed.
We are under this interaction making contention and conversation with specialists and conventional monetary strategy producers.
hello @sathsara,
I personally believe that this is not possible as most investors have their coins in cold wallets or decentralised wallets, when users discover that their data is being leaked to the government, they will stop using the platforms immediately, in other words all that effort will be a ghost hunt that will consume government time and resources that I don't think they are willing to spend.
Greetings @sathsara
These measures what they seek as much as possible is to know in the first instance who have cryptos and how many to then impose n taxes , no doubt it will not be of much as easily resources can be placed in cold wallets , this will be like the cat and mouse hunt .
Thank you very much for sharing.
Well, I wouldn't call any opinion 'stupid', currently, her claim hasn't been refuted with enough reasons. The central government and everybody associated with it will hardly accept cryptocurrency. It takes time and developments to change this.