The aforementioned is a new reportThe Open Dialogue Foundation provides an analysis and overview of the upcoming proposals for non-custodial Bitcoin wallets and cryptocurrency in the European Union.).
Some of the proposals — many of which are based on FATF recommendations — will negatively affect users’ ability to transact with crypto assets privately.
EU & FATF 2025: Your Bitcoin Wallet's New Rules?
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The report includes the following important takeaways:
- The current framework for crypto assets within the E.U. is based on guidelines issued by the European Banking Authority. The current regulatory framework in the E.U. allows actions which pose significant risk, such as immediate withdrawals into non-custodial Wallets and using anonymizing tools like Mixers.
- The upcoming Markets in Crypto-Assets Regulations (MiCA), may encourage Crypto-Asset Service Providers to adhere to stricter AML/KYC.
- E.U. Regulations may prohibit CASPs from facilitating anonymous transactions, which would both reduce privacy for users of crypto-assets and increase operational costs for CASPs. It may be possible to prohibit CASPs from providing anonymous transactions. This would reduce the privacy of users and raise operational costs.
- CASPs could be forced to comply with obligations at odds with new open-source tools like Lightning Network, Fedimint or ecash that allow for private transactions and are resistant to censorship.
Are you trying to spoil your holiday? Please, no.
The reason I’m sharing this is because the Open Dialogue Foundation has done a great job in shining a light on regulatory developments in the E.U. It is important to develop relationships with the elected officials of Europe, especially in relation to crypto wallets that are not held by anyone. They should be educated on the value of Bitcoins and other freedom technologies.
Consider making a donation before year’s end to an organization that is eligible for a tax deduction. donating to the ODF.
You can think of it as either “Well, I don’t live in the E.U., so this doesn’t affect me” You can also find out more about “I do live in the E.U., but I’ll just move if it passes bad regulation,” Please consider these two points (the second of which is taken directly from the recent ODF Report):
- The European Union is a key player in defining global regulatory standards for financial services (meaning that advocates of crypto transactions privacy around the world have a stake).
- Many of the ideas for the E.U.’s new regulatory framework come from the FATF. — 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.
Do not be afraid; instead, be grateful.
You can donate to ODF in order to help support the efforts of the organisation, or you can do whatever it takes to increase the message.
The article below is an overview of the topic. Take. The views expressed here are those of the individual author and may not reflect BTC Inc.
“This article is not financial advice.”
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“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
