In A new report is available. Open Dialogue Foundation ODF provides an overview and analyses of future regulatory proposals surrounding non-custodial Bitcoin There are many crypto wallets available. European Union (E.U.).
Some of the proposals — many of which are based on FATF recommendations — will negatively affect users’ ability to transact with crypto assets privately.
Important Takeaways include:
- According The guidelines of the European Banking Authority EBA is the regulatory framework in place for the E.U. around crypto-assets. The EBA allows actions which pose significant risk, such as immediate withdrawals from non-custodial accounts and the use anonymizing tools like mixers.
- Forthcoming Markets The following are some examples of how to use Crypto-Assets Regulation Regulations governing the MiCA may have an impact Crypto-Asset Service Providers AML/KYC policies and practices to be adopted by all CASPs.
- Regulation The E.U. The E.U. may ban CASPs for facilitating anonymous transactions. This would reduce privacy and operational costs of CASPs, while also reducing the privacy available to users.
- The Obligations that could be placed on CASPs would conflict with open-source technology like the Lightning Network, Fedimint And ecash which allows users to transact in private and in an censorship resistant manner.
Do I share this all because I’m trying to ruin your holiday season? No, sirs and ma’ams.
It is important that we share the information because it shows how grateful we are for all the hard work done by the Open Dialogue Foundation does in shedding light on what’s happening within the regulatory landscape in the E.U. This is especially true in relation to crypto wallets that are not held by the user. To educate them about the importance of Bitcoin And other freedom technologies
So, if you’re looking to make a tax-deductible donation to a nonprofit before the year is out, consider donating to the ODF.
And if you’re thinking either “Well, I don’t live in the E.U., so this doesn’t affect me” or “I do live in the E.U., but I’ll just move if it passes bad regulation,” I’d asking you to consider the following two points, (the first of which I lifted directly from this recent ODF report):
- The European Union Plays a key role in shaping international financial standards. (This means crypto transaction privacy activists around the world are at risk).
- The The E.U. regulatory reform framework is largely a product of this organization. — the FATF — is an international one, and it will leverage any wins it chalks up in the E.U. To influence regulations in other jurisdictions.
But, again, don’t be scared; be grateful.
Donate to the ODF to support its efforts, or do what you can to amplify the organization’s messaging.
This Article is an Take. Opinions expressed are entirely the authYou can also find out more about's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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