Get off Bitcoin and Launch and Adopt P2P Privacy Coins and DEX instead, but you didn't listen, now all your shit is set to be censorbanned. You wasted at least seven years developing and adopting worthless human rights and freedom infringing non-private shitcoins... when are you going to stop fucking yourselves? Quit wasting time. https://www.europarl.europa.eu/news/en/press-room/20220627IPR33919/crypto-as... https://preview.redd.it/kbya9kz9dq891.jpg Tyrants, EU MICA 2 European Commission agreed on a deal for stringent and invasive AML for all crypto services, including linking your onchain wallets to user's KYC details. This drastically destroys user's privacy Yesterday the EU framed new KYC and AML mandates that affect all crypto service providers including exchanges and wallets. EU Rep: After months of negotiations with the Council, we agreed the most ambitious travel rule for transfers of crypto-assets in the world. We are putting an end to the wild west of unregulated crypto, closing major loopholes in the European anti-money laundering rules. With this deal, they are now slapping travel rule requirements across europe for all crypto entities. They have to now track every wallet level information of users and allow withdrawals only to wallets that have been verified by users as belonging to them. This is known as travel rule, and is already in place in some countries but with this deal, it will apply to the whole of the EU. Presently, Swiss exchanges require you prove your wallet belongs to you. Now, the whole of EU is going into this standard. If you are withdrawing funds or sending funds to an exchange, the onus now falls on the exchange to ensure the wallet is KYC'd to you. You will have to sign a message from the wallet to prove you are the owner of the wallet. Otherwise, the exchange may not be able to accept these funds. According to these laws, The regulation will also apply o transfers from/to unhosted wallets. CASPs will be required to collect information and apply enhanced due diligence measures with respect to all transfers involving unhosted wallets, on a risk basis. This means the exchanges and centralised services will have to collect information and do all kinds of due diligence on where the funds originated from, if you are sending funds from your personal on-chain wallets to these centralised entities. They may reject your funds arbitrarily, and even hold your funds hostage if you dont pass some of their automated checks. Verification of the identity of the beneficial owner of the unhosted wallet will be mandatory for large transfers above 1000€ in case the transfer is made to or from the wallet belonging to the CASP’s own client. This means if your transaction exceeds 1000€, the onchain wallets (termed as unhosted wallet in regulatory speak) identity has to be verified. Imagine this - doing a passport or drivers license verification on Jumio everytime you send a €1000 transaction from a new wallet....PS: Unhosted wallet terminology is total nonsense, devised by unelected agencies like FATF to stigmatise onchain crypto users. Purely, from crypto's technical perspective, the term "unhosted" doesnt mean anything. Its not hosted on their fiat system, so its unhosted? Lol.. these classifications have been created solely to limit access and differentiate onchain crypto users vs those using the fiat rails. Some other policies that are part of this deal: New risk-mitigation measures will be in place: CASPs will be required to perform enhanced due diligence before establishing a business relationship with CASPs operating in third countries. Specific enhanced due diligence will apply to unregistered and unlicensed entities. The whole "deal" originates from a position where anyone using crypto is being seen as an adversary, and they want the centralised entities to limit such users as much as possible. It also empowers centralised agencies even more to lock, seize and hold hostage user's funds by now taking shelter under a host of new AML mandates. Lets say you made an onchain trade for a new coin on a new chain, and that mooned and now you want to cash out, but the exchange doesnt accept this, then they can hold your funds hostage The EU is clearly focussed more on limiting people's financial privacy than taking any kind of action on the massive wave of inflation that EU countries are currently facing. This EP member Ernest Urtasun's country Spain is facing record inflation of over 10%.. and all they can think of is gutting people's right to financial privacy. These are draconian laws and restrictions on people using their own funds. Just to please a bunch of bureaucrats, you will have to sacrifice on your privacy. The need for P2P services rises even more now where you can continue to trade and exchange crypto without the need of centralised intermediaries.