Cryptocurrency: Privacy Coin Ban EU Says In Leaked Docs
grarpamp at gmail.com
Thu Nov 17 01:17:20 PST 2022
Don't let their FUD and silly "bans" and "laws" tell
you what you can and cannot do with your money
and the fruits of your labor, who you can and cannot
barter trade and do business with, what local p2p
things you can do with other people, what communities
you can build. It's all brainwashing, privacy is your right
not theirs, so tell them to FUCK OFF. Spread and use
"A set of tools to combat privacy-coins may include means of a
different technological, regulatory, economic (fiscal) nature, also
including state attacks on underlying privacy-blockchains. The letter
tool, as possible regulatory access points of the blockchain space,
was already mentioned by Finck , however, without further analysis
in that domain. The AML/CFT measures should concentrate on the
cryptocurrency of indicated networks, instead of targeting the people
who are members of their communities. The tools can and should aim
towards reducing the particular currencies’ value, consequently
inducing a voluntary outflow of their users."
Privacy-Enhancing Crypto Coins Could Be Banned Under Leaked EU Plans
Crypto providers would be forbidden from touching the likes of monero or dash
under proposed government amendments to anti-money laundering rules.
The European Union could ban banks and crypto providers from dealing in
privacy-enhancing coins such as zcash, monero and dash under a leaked
draft of a money laundering bill obtained by CoinDesk.
The plans from Czech officials, who are chairing talks among EU
governments on the proposed law, would represent the latest nail in the
coffin for anonymous means of payment following tough new rules agreed
over the summer.
“Credit institutions, financial institutions and crypto-asset service
providers shall be prohibited from keeping …anonymity-enhancing
coins,” said a legislative draft seen by CoinDesk, dated Nov. 9, which
has been circulated to the bloc's other 26 member states for comment.
An EU diplomat told CoinDesk that the measure was intended to avoid the
risk stemming from crypto assets that are specifically designed to avoid
traceability. The ban on privacy coins, which prevent snooping into
blockchain activity, is intended to mirror one on anonymous instruments
such as bearer shares and anonymous accounts that was included in the
original bill proposal.
The Czech proposal responds to a demand from countries negotiating the
text, said the diplomat, who spoke on the condition of anonymity on
negotiations taking place behind closed doors.
The Anti-Money Laundering Regulation was proposed in July 2021 by the
European Commission as part of a package that would also forbid large cash
transactions and create a new anti-money laundering agency, AMLA, to vet
practices at large financial institutions.
Under the Czech plans, crypto asset providers would be obliged to verify
customers' identity even for occasional transactions of under 1,000 euros
($1,040), and to probe the nature and purpose of the business for larger
payments. That would make rules more onerous than for other kinds of firms
such as banks, where due diligence rules only kick in for larger payments,
apparently due to fears that crypto payments can easily be broken up into
Crypto service providers doing business outside the EU would need to
verify whether their counterparty is licensed, and verify what money
laundering controls they have, the document also proposed, with details of
the vetting to be set out by AMLA.
In their parallel amendments to the bill, lawmakers at the European
Parliament have zeroed in on the processing of dirty money via the
metaverse, decentralized finance and non-fungible tokens (NFTs). The bill
must be agreed by both the Council and the European Parliament to pass
If it does, it would represent the latest in a regulatory onslaught
against online anonymity – which has legitimate purposes, but which
regulators also worry can be used to process criminal funds, bust
sanctions, or raise money for terrorists and other pariahs.
In August, the U.S. Treasury imposed sanctions on Ethereum-based privacy
tool Tornado Cash, which it said was used to raise money for North Korea's
weapons program — the first time sanction powers were invoked against a
The EU’s own Markets in Crypto Assets Regulation (MiCA), agreed but not
yet in force, prevents exchanges from allowing the trading of anonymous
crypto assets unless they’ve identified the holders. A parallel set of
rules on the transfer of funds imposes extra checks on anyone handling the
likes of monero or dash.
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