EU Lawmakers Set To Tighten Up on Crypto Transfers

European Union lawmakers were set on Thursday to back tougher safeguards for transfers of bitcoin and other cryptocurrencies, in the latest sign that regulators are tightening up on the freewheeling sector. From a report: Two committees in the European Parliament have thrashed out cross-party compromises to be voted on. Crypto exchange Coinbase has warned the rules would usher in a surveillance regime that stifles innovation. The $2.1 trillion crypto sector is still subject to patchy regulation across the world. Concerns that bitcoin and its peers could upset financial stability and be used for crime have accelerated work by policymakers to bring the sector to heel. Under the proposal first put forward last year by the EU's executive European Commission, crypto firms such as exchanges would have to obtain, hold, and submit information on those involved in transfers. That would make is easier to identify and report suspicious transactions, freeze digital assets, and discourage high-risk transactions, said Ernest Urtasun, a Spanish Green Party lawmaker helping to steer the measure through the parliament. The Commission had proposed applying the rule to transfers worth 1,000 euros ($1,116) or more, but under the cross-party agreement this 'de minimis' rule has been scrapped -- meaning all transfers would be in scope.

Banks hate crypto with a passion

[MindPrison]

The lawmakers are pressured by the banks.

It's losing power over the fiat that upset them, also they are afraid the money is used to launder money (this is their usual cover story), albeit there is a LOT of truth in that, it's far the main issue. The main issue is total control over every individuals personal assets.

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[OKCfunky]

Crypto is fiat. The choice is then fiat with random unknowns, or fiat from a system with redressability.

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[Powercntrl]

Learn some history. Banks loved doing shady shit with peoples' money until regulation forced them to straighten up their acts [history.com]. Cryptocurrency regulation is just the governments of the world collectively saying "We don't care that it's now being done with cyber-money on the internet, we've been down this road before."

The people who are anti-regulation are generally all-in on the pyramid scheme and hate the idea that supply of new suckers pumping up the price of their HODLings might dry up.

I'm anti-regulation for another reason

[ThomasD3]

I deal with people in various countries. For example I have one programmer in Kenya. How am I going to do a bank transfer to Kenya? it's complicated, slow and expensive. When we collect payment, we use crypto as well. Why? it's fast, it's cheap, I don't have to do paperwork, I don't have to deal with office hours, I don't have to deal with someone that needs to check something, or ask supporting documentation, etc and the received doesn't have to go through the same circus either. I want to send money to X

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[gweihir]

No. Banks know what it is: Unlicensed gambling. Most banks basically do not care, this wannabee "currencies" are just too small.

Boots on our necks

[biggaijin]

It's not the stifling of innovation we need to worry about, It's the loss of our freedom. Governments want to know everything about us so that they can tax and control us. They would love to know every time a farmer traded a bag of carrots for a watermelon, but have not yet found a way to successfully control the barter economy. The cash economy is nearly as bad for them, as large sums can change hands without the government knowing anything about it. Cryptocurrency was partly to prevent intrusive government meddling and we can only hope that its design makes it resistant enough to government snooping to protect our privacy.

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[Cyberax]

but have not yet found a way to successfully control the barter economy

You have to report barter deals and pay tax on them, just like on any other deal. And that's why in reality they pretty much never happen.

Cryptocurrency was partly to prevent intrusive government meddling

For illegal transactions, like CP, payment for drugs, etc.

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[OKCfunky]

Cryptocurrency is mistakenly believed to prevent intrusive government meddling. If governments don't want it, they have the law. If those sovereigns and (if democratically elected - their people) want it banned or regulated, too bad. The myth of libertarian utopia isn't appealing to a vast swath of people who would be stripped of freedoms unless they were sufficiently wealthy. I'm gonna bet on the majority of global GDP choosing to regulate "crypto"currency speculation because that group doesnt want to pla

Tax Tax Tax

[hoofie]

It's all about tax. If you can control it, you can tax it.

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[MarkUltraBlack]

I just hope that crypto won't lose its incredible security because, in that case, many people will stop working with crypto, and it won't be that money-making to trade it. At the moment, I work with Bitcode AI app [bitcodeai.net] , and for now, it's really profitable, but I don't know what's going to be in the future if everything goes that way.

re:

[MarkUltraBlack]

I just hope that crypto won't lose its incredible security because, in that case, many people will stop working with crypto, and it won't be that money-making to trade it. At the moment, I work with Bitcode AI app [bitcodeai.net], and for now, it's really profitable, but I don't know what's going to be in the future if everything goes that way.