EU to pass MICA Crypto bill soon

[rkadius]

Later in the day, ministers also agreed on new measures to force crypto providers to disclose details of their customers’ holdings to tax authorities, which will be shared within the bloc in a bid to avoid stashing funds in secret overseas wallets.

EU’s Crypto Legal Framework Inches Towards Law With Finance Ministers’ Sign-Off

The landmark Markets in Crypto Assets regulation was given final approval by the EU’s Council, which also agreed a new law for sharing data on crypto tax holdings.

www.coindesk.com

MiCA: What Europe’s New Crypto Rules Mean for the Industry - Decrypt

The European Union will soon usher in a suite of new crypto rules called MiCA. But what are they and what does it mean for the industry?

decrypt.co

 

[Jorozey]

Anonymous p2p transactions will become more expensive

 

[wellington]

It's meant to be covered under CRS anyway I'd expect...

Having said that I am not EU but European but don't reside in Europe, so sucks to be a European.

 

[JohnnyDoe]

sucks to be a European.

Africans will take care of it, like Europeans did in America (hopefully in a more civilized way)

 

[TheCryptoAnt]

Get a foreign ID *wink wink*
There's even government run programs

 

[meze99]

Perhaps in this case more people will buy Palau eresidence just to pass KYC on crypto exchangers

 

[jafo]

Anonymous p2p transactions will become more expensive

I don't understand this! Can you expand on this?

 

[Jorozey]

I don't understand this! Can you expand on this?

Sure, in short:

MiCA regulation marks a significant shift in the crypto-asset industry, laying the groundwork for a uniform regulatory framework aimed at enhancing transparency(centralization). What is perhaps most striking about MiCA is its potential to deter and stifling innovation. Also regulation’s requirement for crypto-asset service providers to gather and keep substantial personal data, including users’ identifying information, transaction history and other sensitive data.

All this makes "decentralized regulated exchanges" absolute centralized sh. Very soon these regulated crypto exchanges will be no different from ordinary banks and their digital currencies/CBDC. You will be fully traceable and recorded.

All the REAL projects that are here for innovation/privacy(and guess what, Binance is not one of them) will leave the EU and the real investors will transfer their assets to Russia, Asia or the Middle East, bye Europe

The EU is fastly killing itself because of its stupid policies against its citizens and economy, and now it is killing the crypto sector with these stupid regulations. Bitcoin and regulations cannot live together. Privacy was and is a part of Satoshis vision/Bitcoin Whitepaper, there is no mention of regulations and BS

All people who value their privacy practice good privacy p2p hygiene and pay the price.

 

[JackAlabama]

Argentina can serve as a glimpse into the glorious future considering the green lands of Ursulandia.

 

[zaybxc]

There no privacy with blockchain technology, every transaction written on it is undeletable and public; it's only a matter of time before a government will know owner's wallet.

 

[JackAlabama]

There no privacy with blockchain technology, every transaction written on it is undeletable and public; it's only a matter of time before a government will know owner's wallet.

That is not the whole story. You can use anonymity tech and l2s.

 

[zaybxc]

That is not the whole story. You can use anonymity tech and l2s.

Probably you mean privacy and not anonymity; L2 privacy layers are being built and will be applied on top of L1 blockchains (that's happening with ETH), but they are not there yet and the rumors suggest it will take a couples of years more.

In the next future the vast majority of wallets will be managed by regulated entities (too complex for the average Joe to manage their wallet's keys) and it's very likely that your self-custody wallet will need to interact with one of those and you will be required to provide your identity.
It'll be similar to now: I know that a bank account belongs to you but I can't see what's in it... unless I'm the government and can force you.

 

[Jorozey]

There no privacy with blockchain technology, every transaction written on it is undeletable and public; it's only a matter of time before a government will know owner's wallet.

All my entries and exits, crypto to fiat, fiat to crypto are p2p, from 2013/14 to this day I have not paid a penny of tax to the governments and never will. They have no information about me and my transactions.

Never connect your wallets to centralized KYC-exchanges/Binance and you will keep your privacy

p.s. In Binance and FTX I have used bought KYC-accounts, never my own.

 

[zaybxc]

All my entries and exits, crypto to fiat, fiat to crypto are p2p, from 2013/14 to this day I have not paid a penny of tax to the governments and never will. They have no information about me and my transactions.

Never connect your wallets to centralized KYC-exchanges/Binance and you will keep your privacy

Are all the peers you dealt with unaware of your identity?
If also one of them will have troubles with the law the wallet you used to deal with them might be flagged to some authority.

 

[Jorozey]

Are all the peers you dealt with unaware of your identity?
If also one of them will have troubles with the law the wallet you used to deal with them might be flagged to some authority.

These are P2P non-KYC transactions, no one asks you for your name or ID, you can be called differently every time you meet.

Also, those people who perform such transactions are aware of the consequences. If someone gets caught, it's because they didn't do a good enough job.

 

[JackAlabama]

Probably you mean privacy and not anonymity; L2 privacy layers are being built and will be applied on top of L1 blockchains (that's happening with ETH), but they are not there yet and the rumors suggest it will take a couples of years more.

In the next future the vast majority of wallets will be managed by regulated entities (too complex for the average Joe to manage their wallet's keys) and it's very likely that your self-custody wallet will need to interact with one of those and you will be required to provide your identity.
It'll be similar to now: I know that a bank account belongs to you but I can't see what's in it... unless I'm the government and can force you.

eth is moot since its highly centralized. You can check coinjoins etc.

 

[zaybxc]

eth is moot since its highly centralized. You can check coinjoins etc.

We were talking about privacy and I used ETH as an example, as of today it has by far the biggest blockchain ecosystem and there are several L2 privacy projects that are being built on it. Probably other L1 blockchains (AVAX, FTM, DOT etc.) are doing the same.

Yeah, there are big ETH validators but checking the pool distribution - Staking Pools Services Overview - Open Source Ethereum Blockchain Explorer - beaconcha.in - 2023 - the 45% of validators are small ones...
With 32 ETH, a decent pc and broadband you can become a validator too!

 

[OffshoreMonero]

There no privacy with blockchain technology, every transaction written on it is undeletable and public; it's only a matter of time before a government will know owner's wallet.

This is not the case with Monero (and to a lesser extent with Zcash).

There are also other tricks that can be added for the paranoid.

 

[zaybxc]

This is not the case with Monero (and to a lesser extent with Zcash).

There are also other tricks that can be added for the paranoid.

Yes, but I don't think regulators are happy with that, maybe they will advice against using it or just ban it (I wouldn't be surprised if in the EU it's already banned with MiCA).
This is an interesting post Hacked funds from Cream Finance sent to Trade Ogre

 

[zzzzzz]

All my entries and exits, crypto to fiat, fiat to crypto are p2p, from 2013/14 to this day I have not paid a penny of tax to the governments and never will. They have no information about me and my transactions.

Never connect your wallets to centralized KYC-exchanges/Binance and you will keep your privacy

p.s. In Binance and FTX I have used bought KYC-accounts, never my own.

If you have BTC and want fiat, how exactly p2p transaction works, how do you get fiat money?