The largest stablecoins could be banned in the EU under its new MiCA legislation

[gengiskhan]

The largest stablecoins could be banned in the EU under its new MiCA legislation. It imposes limits on digital currencies denominated in anything but the euro, crypto lobbyists argue.

https://blockworks.co/eu-crypto-lobby-fights-mica-limits-on-us-dollar-stablecoins/

 

[EliasIT]

They do everything to destroy cryptoland it must be a huge threat against all the nations and their fight to control the world entirely.

 

[khinkali]

The big regulated exchanges could restrict EU residents to coinbase.eu, binance.eu etc. and give them a lower level of service like people in the US already get.

This might encourage more people to use their own wallets and also help drive DEX adoption.

 

[Martin Everson]

This might encourage more people to use their own wallets and also help drive DEX adoption.

Wonder what would happen if everyone chose to do this hence bypassing all regulation?

I guess EU would create a Crypto Police unit to start kicking down doors looking for Ledger devices etc .

 

[khinkali]

I guess EU would create a Crypto Police unit to start kicking down doors looking for Ledger devices etc .

Also Unexplained Wealth Orders. In the UK they can just say "that's a nice car/house/yacht, show us your source of wealth or we'll take it all away and prosecute you as well".

When will the EU exit taxes harmonise? It's not surprising to come across German crypto guys living in Georgia; I'm sure the UAE have a few by now.

 

[TheCryptoAnt]

They do everything to destroy cryptoland it must be a huge threat against all the nations and their fight to control the world entirely.

Having digital cash that they cant tax is whats bothers them

 

[JohnnyDoe]

They can check and spy my XMR at any time

 

[Jerry1911]

Also Unexplained Wealth Orders

Answer to @Martin Everson

They can do this and also classify sending/receiving crypto to/from selfhosted wallets as money laundering or something similar. As criminal offence, basically.

 

[JohnnyDoe]

Answer to @Martin Everson

They can do this and also classify sending/receiving crypto to/from selfhosted wallets as money laundering or something similar. As criminal offence, basically.

Try not to give them such smart ideas.

 

[Martin Everson]

Answer to @Martin Everson

They can do this and also classify sending/receiving crypto to/from selfhosted wallets as money laundering or something similar. As criminal offence, basically.

If they can pin 3 people to your activity then they can label it as organized crime . The EU can as you will see on 25.5.2022 have a final draft proposal to confiscate your crypto under a soon to be unexplained wealth order.

" Moreover, the scope of the Confiscation Directive would be expanded to include a wider range of crimes: the current non-conviction based confiscation provision would be extended and an unexplained wealth confiscation model ensuring the confiscation of assets not linked to a specific crime would be introduced."

Article 16(2)

"2. When determining whether the frozen property is derived from criminal offences, account shall be taken of all the circumstances of the case, including the specific facts and available evidence, such as that the value of the property is substantially disproportionate to the lawful income of the owner of the property."

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52022PC0245

P.S Just search for words "crypto" or "tax" or "unexplained" in text above if anyone is too lazy to read it all...lol.

 

[khinkali]

They can check and spy my XMR at any time

If your end game is to enjoy your retirement, watching your XMR balance then that is fine.

The problem is when you want the house/car/yacht/whatever. As has been seen recently with confiscations of property based on prejudice such as "we think you are friends with sanctioned person X".

The answer will be to steer clear of those territories; one of the reasons people come to offshorecorptalk.com

the current non-conviction based confiscation provision would be extended and an unexplained wealth confiscation model ensuring the confiscation of assets not linked to a specific crime would be introduced

This reads like an exhibit from the Museum of The Soviet Occupation.

 

[Jerry1911]

How do you guys think this will affect XMR price in the long run?

 

[khinkali]

How do you guys think this will affect XMR price in the long run?

I expect an imbalance. Capital or crypto controls (formal or informal) have caused significant price differential in places like South Korea, South Africa, Iran, Russia, Argentina, etc.

There will be significant arbitrage opportunities.

 

[TheCryptoAnt]

so the price of darks is gonna go up

time to arbitrage this?

 

[khinkali]

so the price of darks is gonna go up

Also Hawala.

Also crypto.

Probably some other things. But Hawala and crypto are easier to transact across borders than gold or other physical property.

 

[EliasIT]

If they can pin 3 people to your activity then they can label it as organized crime . The EU can as you will see on 25.5.2022 have a final draft proposal to confiscate your crypto under a soon to be unexplained wealth order.

" Moreover, the scope of the Confiscation Directive would be expanded to include a wider range of crimes: the current non-conviction based confiscation provision would be extended and an unexplained wealth confiscation model ensuring the confiscation of assets not linked to a specific crime would be introduced."

WoW WoW - f**k - that is just too much. What the f**k is going on in the EU - Don't you guys think it will be world wide? What about the US ?

so the price of darks is gonna go up

time to arbitrage this?

how would darks help you here?

 

[jafo]

This reads like an exhibit from the Museum of The Soviet Occupation.

This is called Civil Asset Forfeiture in the US. The Dutch do it too with some other BS name.