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EU to introduce crypto-assets regime by 2024

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member

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LONDON (Reuters) - The European Union will introduce new rules within four years to make cross-border payments quicker and cheaper through the use of blockchain and crypto assets like stablecoins, two EU documents showed.

The European Commission is due to set out its strategy for encouraging greater use of digital finance at a time when 78% of payments in the euro zone are in cash. It also wants a rapid shift to “instant” payments generally as pandemic lockdowns showed the growing role of cashless payments.

The EU executive will present a draft law to clarify how existing rules apply to crypto assets and set out new rules where there are gaps, the documents said.

“By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector,” the documents said. “It should also address the risks associated with these technologies.”


Stablecoins, a type of cryptocurrency often backed by traditional assets, leapt onto policymakers’ agendas last year when Facebook revealed plans for its Libra token. Central banks are now studying whether to launch their own.

Brussels also wants to make it easier to share data within the financial sector to encourage competition and a wider range of services, while upholding the principle of “same risk, same rules, same regulation”, the documents say.

The bloc should also have rules in place within four years to allow new customers to start using financial services quickly once anti-money laundering and identity checks have been completed, it said.


“By 2024, the principle of passporting and a one-stop shop licensing should apply in all areas which hold strong potential for digital finance,” it said. Instant payment systems should become the “new normal” by the end of 2021.

Instant payments are suitable for many uses beyond traditional credit transfers, in particular for physical and online purchases, which are currently dominated by payment card schemes, the documents said.

Europe has long sought “home grown” alternatives to the likes of MasterCard and Visa, the U.S. payments firms heavily used in the region.

The Commission will assess the impact of charges levied on consumers for instant payments and to could require that they are no higher than those for regular credit transfers.

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VESTANON

Virtual Crypto Cards-Verified Banking/EMI Services
Silver Member
@Martin Everson info thats always timely and we can depend on going forward...good stuff
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Just made another post..

 

Dasboot

Active Member
So, the final stages of the digital gulag has a deadline... Great thing to know & prepare for!

Bitcoin will keep getting stronger & go up a LOT, but this will be the real challenge. Gold and perhaps even darks will be the only safe haven for even the most compliant people who do not want to be under the total control of this Beast System...
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I am still waiting for EU to introduce an EU biometric identity card. Once that arrives it will be mandatory and will be locked into a digital EURO payment system. Then its game over for your freedoms. You will be tracked across absolutely everything you touch from payments to travel to internet browsing etc. It WILL be the mark of the beast :confused:. Come back to this post in a decade.

Get out of EU while you still can.
 

JackAlabama

Entrepreneur
I am still waiting for EU to introduce an EU biometric identity card. Once that arrives it will be mandatory and will be locked into a digital EURO payment system. Then its game over for your freedoms. You will be tracked across absolutely everything you touch from payments to travel to internet browsing etc. It WILL be the mark of the beast :confused:. Come back to this post in a decade.

Get out of EU while you still can.
Good points. It might even include the vaccine passport crap and a nice credit score.
The only very small hope is the EU being history by 2024 and the euro being dead.

But where to go to? I have my doubts about Georgia these days as well as Asia.
Africa? Panama, Latin America? Switzerland? Singapore? Hong Kong?
 

Dasboot

Active Member
I am still waiting for EU to introduce an EU biometric identity card. Once that arrives it will be mandatory and will be locked into a digital EURO payment system. Then its game over for your freedoms. You will be tracked across absolutely everything you touch from payments to travel to internet browsing etc. It WILL be the mark of the beast :confused:. Come back to this post in a decade.

Get out of EU while you still can.
Yep... I started telling people I'm happy that I made it out even in 2018 or so!

Count on making it back a handful of times this lifetime as a maximum, maybe not at all...

Plan B now is NOT going back, rather somewhere in Africa then!

Truly hope that the riots (not BLM shit & commies, thinking ordinary people) that happen ALL over will lead to at least some delays... Wish I could really help in that process, at least I'm working on some ideas ;-)
 

JackAlabama

Entrepreneur
Yep... I started telling people I'm happy that I made it out even in 2018 or so!

Count on making it back a handful of times this lifetime as a maximum, maybe not at all...

Plan B now is NOT going back, rather somewhere in Africa then!

Truly hope that the riots (not BLM shit & commies, thinking ordinary people) that happen ALL over will lead to at least some delays... Wish I could really help in that process, at least I'm working on some ideas ;-)
Where did you go to?
 

Dasboot

Active Member
Where did you go to?
Thailand :)

Its not what it used to be, and if I had to start all over suddenly being 35 and not 52 I'd probably have gone for Indonesia or Africa - but here in the outskirts of Bangkok I still have a LOT of personal freedom.

Nowhere will be perfect the next decades, and no one will know for sure where is the best to locate to - but still feel optimistic long term here :)
 

Paper Chaser

Active Member
Why does that mean BTC will go up? Someone may explain to me, please? Does that also mean, digital currencies will be here for long-term? :)
 

JackAlabama

Entrepreneur
Thailand :)

Its not what it used to be, and if I had to start all over suddenly being 35 and not 52 I'd probably have gone for Indonesia or Africa - but here in the outskirts of Bangkok I still have a LOT of personal freedom.

Nowhere will be perfect the next decades, and no one will know for sure where is the best to locate to - but still feel optimistic long term here :)
Hehe can you read my mind? very funny you mention these ages and the countries, which I am looking at.
Do you have any specific country in Africa in mind?

Thailand is very nice. But below 40 years I am not sure if the elite visa would be worth it these days. Only if there would be 0 restrictions on social life.
 
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Dasboot

Active Member
Hehe can you read my mind? very funny you mention these ages and the countries, which I am looking at.
Do you have any specific country in Africa in mind?

Thailand is very nice. But below 40 years I am not sure if the elite visa would be worth it these days. Only if there would be 0 restrictions on social life.
Funny & tragical, also quite likely because we both have a good grasp on what is REALLY going on... :)

The visa situation here has been insane, but should be getting better. Would still be doable with a lot of "flexible" solutions even if not 50+, but it would carry a cost.
 

JackAlabama

Entrepreneur
Funny & tragical, also quite likely because we both have a good grasp on what is REALLY going on... :)

The visa situation here has been insane, but should be getting better. Would still be doable with a lot of "flexible" solutions even if not 50+, but it would carry a cost.
this is scary at best what is going on.
 

kingx321

New member
Funny & tragical, also quite likely because we both have a good grasp on what is REALLY going on... :)

The visa situation here has been insane, but should be getting better. Would still be doable with a lot of "flexible" solutions even if not 50+, but it would carry a cost.
“Would still be doable with a lot of "flexible" solutions even if not 50+, but it would carry a cost.” What do you guys mean with that? Thai Elite visa should be super easy + setting up an offshore which is even legal in Thailand. Wouldn’t know any country with a better situation when it comes to living and saving taxes pretty much legally.
 
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