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Most of the big decision-making groups in the European Parliament have given the thumbs up to stop all kinds of cryptocurrency transactions happening through hosted wallets you don’t have direct control over. This is all part of a bigger plan that the big shots in the European Union agreed on not too long ago. They want to tighten the rules around money laundering and terrorist financing to include the crypto world too.
Patrick Breyer, who’s part of the European Parliament and reps the Pirate Party from Germany, shared in a post on X that this new rule got the green light on March 19.
Now, what’s got everyone scratching their heads is how this is going to play out for cold wallets—those gadgets like Trezor and Ledger where people store their crypto offline. It’s still a big question mark how this new rule will impact those.
This new rule is a real kick in the teeth for businesses that take crypto payments for their services, like SWAPD, for example. It looks like a lot of folks in the SWAPD community might be caught in this storm, too. So, it’s got some people wondering: is it time to pack up and say goodbye to the EU?
Imagine, companies like Trazor/Ledger/MetaMask/etc will all have to either quit doing business in the EU or fully KYC you before you sign up, and register your wallet addresses with the governments.
@SWAPD What about us then how we can sell and buy services or accounts through your platform are you guy’s are making some other way to credit and debit system which will safe for Swapd users.
The thing is, they are making anonymous payments illegal, which basically means all anonymous wallets can’t be anonymous anymore. And that also means buyer ID verifications will be back on SWAPD, unfortunately.
Governments are getting out of control, love when they use terms like “money laundering” and “terrorist financing” as scapegoats for these changes. It’s all about money and control
Lots of FUD out there. I want to see the final legislation before I can fully panic. Knowing EU, and what’s been happening in our country (Poland) with crypto laws, I am not even slightly optimistic.
Our government (in December) will have full authority to freeze all your assets if they suspect you of any wrongdoing related to crypto. They can freeze everything up to six months.
I’m not sure, to be honest. It wasn’t a lot, but the rebranding into an LLC alone was 10K for the website/domain, along with a few K in lawyer fees. And now accounting takes in 1200 USD per month vs. 250 previously. I am mostly mad about the wasted time. Months of back-and-forth, rejections, unclear legislations, and even today, we’re still not sure if we’re doing things right.
The looming risk of uncertainty with this amazing business is kinda scary. Maybe open a second branch in Dubai and see how it runs and compare to Poland.
