It started with just the Netherlands and Germany… it was coming,
And as of today we just learned all of Europe is banned, and please withdraw all your funds, before you can’t anylonger
Trying to exchange some of my coins, I realize I can’t use CREX24 anymore, I can’t log in anylonger, and apparently my country the Netherlands is now banned. What’s going on?
Could this be related due to Europe’s new regulation regarding crypto?
The EU's executive branch announced the potential change on Tuesday as part of a package of reforms aimed at tackling financial crime within the bloc. They claim: “ The aim of this package is to improve the detection of suspicious transactions and activities, and to close loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system," the Commission said in a statement.The new law would establish a new EU-wide anti-money laundering authority (AMLA) with oversight of cryptocurrencies by 2023.
Crypto exchanges are now forced to collect details of people sending and receiving crypto under the new rules from the European Commission and could be forced to provide this information if a court order mandated it, applying what is known as the Travel Rule to crypto transactions to make them traceable.
In practice, this means that a service provider exchanging crypto on behalf of a customer would have to record their name, address, date of birth and account number, as well as the name of the intended recipient of the transfer.Anonymous crypto-asset wallets would also be banned under the new law – just as anonymous bank accounts already are – to make transactions using Bitcoin and other cryptos fully traceable.
The regulation makes it a legal obligation for crypto projects to issue a white paper and submit it to the regulatory authorities, although the submission will be merely declaratory and the regulatory authorities do not enjoy the power to authorise or reject crypto projects, other than stablecoins. Nevertheless, the regulation still creates a regulatory and legal hurdle for the launch of crypto projects by, for instance, requiring them to be established as a legal entity in one of the member states.
And how will this regulation affect the crypto space?
Cryptocurrencies are still largely unregulated in the EU. This potentially could cause harm to consumers, incl accidental or fraud-related loss of funds or investment in so-called pump and dump projects, whose only purpose is to increase the wealth of a handful of individuals. As a result, consumer protection standards adopted in the regulation may be welcome, although you wonder if they would provide protection against all of the risks associated with cryptocurrencies. Individuals’ own knowledge and analyses and due diligence, continue to be the way to protect themselves..
Arguably, some aspects of the regulation regarding stablecoins, to name the prohibition of interest, constitute an unwelcome intrusion into financial autonomy. If adopted on a mass scale, stablecoins could jeopardise monetary institutions’ ability to regulate liquidity at the expense of monetary stability. Nevertheless, mass adoption of stablecoins is very unlikely to happen soon considering their market caps are still relatively low.
With the interest ban, the EU legislator is trying to aim to discourage the investment of crypto profits in stablecoins, and consequently to protect the interests of the European banking sector. This also would protect the interests of their tax authorities who will find it much easier to monitor crypto profits, if they are turned into fiat money rather than kept in stablecoins. And the latter, IMO is the real reason, they are after crypto.
Perhaps some regulation is needed, yet, this new unwanted regulation, doesn’t seem to protect consumers and I truly doubt their reasoning and motives. Money laundering is a very small portion of crypto. Banks themselves are still guilty, not able to address ’ money laundering.
Music used the terrified due to the internet, people were sharing music. Until they started embracing it, they realized they didn’t miss out on profit, in fact they get even more profit, it helps selling.! IMO government should embrace Crypto it isn’t going anywhere