EU's upcoming crypto AML regulation (TFR)

[Martin Everson]

No, I haven't used a Ledger hardware wallet.

Ahh ok. Well with Ledger hardware wallet you need a software interface to speak to it. Many people settle of Ledgers own Ledger Live software. I am just saying I hope the company is responsible but having seen Ledger database of buyers was hacked so authorities will likely now know who owns a ledger.

Message by LEDGER’s CEO - Update on the July data breach. Despite the leak, your crypto assets are safe. | Ledger

Dear Ledger clients, As you know, Ledger was targeted by a cyberattack that led to a data breach in July 2020. Yesterday, we were informed about the dump of the content of a Ledger customer database on Raidforum. We believe this to be the contents of our e-commerce database from June 2020. At...

www.ledger.com

"You will own nothing and be happy" is the motto of the EUDSSR.

Not sure about the happy part, but the first one is on track.

Well for most people seeing is believing unfortunately. Most people have the wrong mindset that they will have plenty of advance notice before being able to escape the EU so its no big deal....lol.

They want every citizen to be a robot: have 1-2 holidays a year, have an average job, pay 50% to the gov, support the current popular thing, like the same things as everyone else, make sure your opinions align with the majority, and of course, if you have nothing to hide, why not let your government see your entire private life?

That's what I think the EU is coming to.

Thats the perfect EU citizen you describe there...lol.

 

[KDX]

Ahh ok. Well with Ledger hardware wallet you need a software interface to speak to it. Many people settle of Ledgers own Ledger Live software. I am just saying I hope the company is responsible but having seen Ledger database of buyers was hacked so authorities will likely now know who owns a ledger.

Message by LEDGER’s CEO - Update on the July data breach. Despite the leak, your crypto assets are safe. | Ledger

Dear Ledger clients, As you know, Ledger was targeted by a cyberattack that led to a data breach in July 2020. Yesterday, we were informed about the dump of the content of a Ledger customer database on Raidforum. We believe this to be the contents of our e-commerce database from June 2020. At...

www.ledger.com

Well for most people seeing is believing unfortunately. Most people have the wrong mindset that they will have plenty of advance notice before being able to escape the EU so its no big deal....lol.

I personally don't quite see the appeal of Ledger, except if you don't know much about crypto and you just think hardware = secure. There's probably way better hardware wallets made by smaller companies that actually value your privacy and don't store any of your info. Ledger's business doesn't seem to be centered around just producing wallets and ending the customer relationship there. They seem to want to build an ecosystem around it and that doesn't seem very private to me... Plus, most of the time, a software wallet is enough and even more private (as you can see).

 

[zzzzzz]

"You will own nothing and be happy" is the motto of the EUDSSR.

Not sure about the happy part, but the first one is on track.

Marx and Lenin would be proud! Mission accomplished.

I personally don't quite see the appeal of Ledger, except if you don't know much about crypto and you just think hardware = secure. There's probably way better hardware wallets made by smaller companies that actually value your privacy and don't store any of your info. Ledger's business doesn't seem to be centered around just producing wallets and ending the customer relationship there. They seem to want to build an ecosystem around it and that doesn't seem very private to me... Plus, most of the time, a software wallet is enough and even more private (as you can see).

Seed phrase on your steel plate is important. Everything else is just a nice GUI.

 

[369]

They want every citizen to be a robot: have 1-2 holidays a year, have an average job, pay 50% to the gov, support the current popular thing, like the same things as everyone else, make sure your opinions align with the majority, and of course, if you have nothing to hide, why not let your government see your entire private life?

That's what I think the EU is coming to.

no job......you are a parasit.
Industry 4.0 makes 85% of people unnescaccary till 2030

 

[Nishizawa]

The scariest thing is that, according to EU documents, they are looking for a way to regulate transactions between private wallets.

By ... [two years from the date of application of this Regulation], the Commission shall submit to the European Parliament and to the Council a report on the application and enforcement of this Regulation accompanied, if appropriate, AM\1250834EN.docx 165/174 PE719.852v01-00 EN by a legislative proposal. That report shall include the following elements.(...) (c) an analysis of the trends in the use of unhosted wallets to perform transfers without any involvement of a third party, together with an assessment of the related money laundering and terrorist financing risks and mitigating measures, including possible obligations for providers of hardware and software wallets and transaction limits;

https://www.europarl.europa.eu/doceo/document/CJ12-AM-719852_EN.pdf

It has already been mentioned by lawmaker who support the amendment and the FATF president. Perhaps in the future, p2p traders will have to report each other to the government before transfer bitcoin.

EU Lawmakers to Vote on Blocking Anonymous Crypto Payments, Documents Show

Crypto Implicated in Child Porn, Terrorism, French Official Says, Calling for End to Online Anonymity


The most interesting is, this lawmaker is known as a human rights activist. Her twitter profile and Wikipedia say so.
It's hard to understand... is this some kind of joke?

 

[JohnLocke]

I believe the average citizens with a normal day job and a simple pension saving will not feel it that way, they have their house, their car and simple life. I'm not sure how the new world order can hurt them or make them to slaves of the governments.

 

[JohnnyDoe]

I believe the average citizens with a normal day job and a simple pension saving will not feel it that way, they have their house, their car and simple life. I'm not sure how the new world order can hurt them or make them to slaves of the governments.

They feel those things are granted… until they are no more. Savings are eroded by inflation, pension is just a Ponzi waiting to implode, the house will be taken away piece by piece with taxes, like the car. Parasitic bloodsuckers won’t go away by themselves.

 

[JackAlabama]

They feel those things are granted… until they are no more. Savings are eroded by inflation, pension is just a Ponzi waiting to implode, the house will be taken away piece by piece with taxes, like the car. Parasitic bloodsuckers won’t go away by themselves.

I assume that all being distributed to them by big gov. And the pension will be airdropped by the upcoming CDBC.
But as history proves, these housings will not be nice nor will the CBDC handout be enough to be a what a today middleclass lifestyle in Europe is. It will be much lower.

Hope I am wrong on that but in the meantime I conclude with the wise words of "Karen" Nuland "F*ç the EU"

 

[Martin Everson]

Yeah she let her real feeling known about EU on that private call....lol.

They feel those things are granted… until they are no more. Savings are eroded by inflation, pension is just a Ponzi waiting to implode, the house will be taken away piece by piece with taxes, like the car.

Property taxation is only gonna get worse and people will be encouraged to live in ever more smaller energy efficient houses to save costs. Savings and property will be a thing of the past for a generation of young people in EU's western states. They cannot even get on to the property ladder working a decent job if they can even find one.

EU gonna end up with a generation of young people living their entire lives with their parents or in rented accommodation with ever rising rents. Their only assets will be an IG account with 188 followers, a Metaverse account, an iphone 11 they bought on credit and a 50inch Samsung TV to watch Netflix Squid Games season 10. And they will be happy .

I say it again. Crypto needs to disconnect from fiat on/off ramps and survive on its own merit to stand a chance going forward. Regulations will only get more harsh year after year.

 

[FlipnShip]

I believe the average citizens with a normal day job and a simple pension saving will not feel it that way, they have their house, their car and simple life. I'm not sure how the new world order can hurt them or make them to slaves of the governments.

If they go the route with unrealized capital gains taxes via a wealth tax, their assets will not be there for long.

Biden Out To Destroy The US Financial Markets - Tomorrow | Armstrong Economics

The REASON Biden needs war is very simple. The world monetary system is collapsing. The negative interest rates in Europe since 2014 have wiped out all the

www.armstrongeconomics.com

Another option e.g. is the in November 2019 implemented change of the Lastenausgleichsgesetz in Germany. From january 2024 onwards it will also cover damages caused by vaccines.

 

[JackAlabama]

If they go the route with unrealized capital gains taxes via a wealth tax, their assets will not be there for long.

Biden Out To Destroy The US Financial Markets - Tomorrow | Armstrong Economics

The REASON Biden needs war is very simple. The world monetary system is collapsing. The negative interest rates in Europe since 2014 have wiped out all the

www.armstrongeconomics.com

Another option e.g. is the in November 2019 implemented change of the Lastenausgleichsgesetz in Germany. From january 2024 onwards it will also cover damages caused by vaccines.

That is an interesting time you mention, who could have thought in November 2019 to just by chance cover vaccines?

 

[bastard]

"Karen" Nuland "F*ç the EU"

hahaha f**k the EU ! awesome!

I say it again. Crypto needs to disconnect from fiat on/off ramps and survive on its own merit to stand a chance going forward. Regulations will only get more harsh year after year.

I totally agree... but how do you stop it to be regulated. It looks like the lawmakers have already put their nasty hands on it

If they go the route with unrealized capital gains taxes via a wealth tax, their assets will not be there for long.

true

 

[uplana]

This is the most insane situation I have seen in my life time happening in the age of technology. First everyone is laughing about crypto and ignore it, than they BAN it, now they tax it.

The world is getting a shithole.

 

[Martin Everson]

This is the most insane situation I have seen in my life time happening in the age of technology. First everyone is laughing about crypto and ignore it, than they BAN it, now they tax it.

The world is getting a shithole.

Governments are getting ever more desperate if they are focusing on crypto.


P.S Just waiting for the first story of a Russian Oligarch evading sanctions by using crypto .

 

[Goodman]

they are pushing wealth out of EU with these plans, EU is not the center of universe, there are better places on this planet to live moreover considering mass insanity in EU, so person should be masochist or get some gains for suffering or be just hostage to stay there )) but as long freedom of movement is not limited there is a way out

 

[calnana]

they are pushing wealth out of EU with these plans, EU is not the center of universe, there are better places on this planet to live moreover considering mass insanity in EU, so person should be masochist or get some gains for suffering or be just hostage to stay there )) but as long freedom of movement is not limited there is a way out

Freedom of movement for you might not be limited… for your money and assets it’s another story (exit taxes incoming)

 

[marioIT]

well they voted, pretty much they are inline with the picture below.
This is about crack down on "unhosted wallets".
They are blocking the exits so they can enslave you with their wonderful CBDCs.
Mark their names so you know who to curse , 58 voted in favour:
Key to symbols:
+ : in favour
- : against
0 : abstention

This is not the final stage of the legislative process and it will take quite a while.
Probably in April will go to the plenary session and then EU Parliament/Commission/Council.

But one of the things this will change is when making transfers to own/hardware/meta wallets and on/off ramp from fiat/cbdc, making it way more difficult, as both the sender and the receiver has to be ID'd.

Exchanges will have 9-18 months to be fully compliant after entry into force.
I guess 2023 will be the transition year (CBDCs) and 2024 will be hell fully deployed in EU.

 

[369]

of course enough abstention so it could go pass.

 

[JamesDonkey]

what'll stop one from claiming "I've been hacked and have lost of all my cryptocurrency"? No crypto - no tax.

One could generate a new wallet, move over all of his crypto to it and claim that that's someelse's wallet -- a hacker's one.

 

[calnana]

what'll stop one from claiming "I've been hacked and have lost of all my cryptocurrency"? No crypto - no tax.

One could generate a new wallet, move over all of his crypto to it and claim that that's someelse's wallet -- a hacker's one.

Aka doing an Ian Balina