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EU Ahead Of The USA In Crypto
Today the EU yep European Union which is not part of the UK and pretty much has nothing going for it has adopted a set of new crypto rules that finally outlines what companies will have to do to be compliant operating in the EU. Unlike the US where no rules are in place and the SEC just issues fines and takes people to court.
This will pave the way for companies to be able to move in, operate and not have to constantly worry about the next SEC attack for something that's not even written into law.
In a vote today which passed 517 in favor to 38 against the Markets in Crypto act or MiCA passed. These new set of rules impose requirement on crypto platforms, token issuers and traders around transparency, disclosure, authorization and supervision of transactions.
These laws will go into affect in 2024 and puts the EU ahead of the US and U.K in terms of issuing regulatory framework for companies to follow in the crypto markets which is actully welcoming to innovation, new startups and general crypto adoption on a massive scale.
It's actully in the EUs best interest to do this because honestly the EU has nothing else going for it. The EU is one of the lowest natural resource places ever and east bank of Ukraine is actully where oil and natural gas sits on a massive scale that could fuel the EU. Granted that's why the EU and US are so heavily invested in that fight. It always comes down to natural resources and those who have it will grow.
Stable Coins
I think we can all get behind this rule and it makes sense. By these new laws stable coins such as Tether and USDC will be required to maintain ample reserves to meet redemption requests in the event of mass withdrawals. hhmmm yeah maybe they should also require this of traditional banks from now on as well!
Good Old Money Laundering
For some reason it's stuck in these peoples heads that so much money laundering and bad happens in crypto that far outweighs the crazy with the fiat system. It's a totally false claim and thinking and if they spent half the time and money fixing their fiat system we would see a lot less crime. But no...
Anyways this new rule passed is considered the "travel rule" it requires companies to screen, record and communicate information on the sender and recipient. Yep your right to financial privacy is gone at least in the EU. In the US you're suppose to have the right to this privacy in which the government has to go through a number of steps in order to obtain such records. However we saw that destroyed in 2001 via an executive order that's still in effect today for some dumb reason while the government launders more money than anyone.
It's pretty clean now that if the USA doesn't get this shiz figured out and remove the SEC that has become worthless and pointless including overreaching and over stepping their authority that the US will be left in the dust in terms of crypto innovation sadly. It would be a grave mistake and one I hope they smarten up about. It feels like what we are seeing is the USA being on top for song long that being on top makes you get lazy, less innovative and relaxed all while the under dogs and fighting hard and eventually take you over which is what we are starting to see on a large scale.
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What are the specifc rules?
Any source to read from
I haven't been able to find anything super detailed yet but expect it has to be somewhere. This is from their main statement today https://www.europarl.europa.eu/news/en/press-room/20230414IPR80133/crypto-assets-green-light-to-new-rules-for-tracing-transfers-in-the-eu
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While the European Commission can be bureaucratic sometimes, I think that on crypto side they moved pretty fast. And what's great about it is that EU doesn't fight crypto like the US, but rather want to put it within a regulation framework. I know this might not mean freedom in crypto, but is way better than to be hunted by the SEC.
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crypto is cbdc, most of them. and they just want to turn it into cbdc faster than US or anyone else... as willingly nobody will use their cbdc.
this is their 2nd sentence:
it's all about surveillance. and the lowest level of freedom doesn't exist without privacy.
anyway, it is good news for privacy coins. what they use for their huge money launderings, too. can't find a word what describe well enough the difference between what they say and do... :) :) :)
privacy coins will skyrocket if it comes to effect...
nobody wants to use their cbdc, if they turn crypto into cbdc faster than anyone else, will create a faster collapse in EU than anywhere else...
they are killing one of the most important point in most of the cryptos...
MiCA and other financial Regulations do only affect the lower end of people. As always the EU has kept its loopholes for tax evasion and professional money laundering close to its heart and is creating nothing but control mechanics for its workforce - the real resource of the EU.
Just a footnote, there are natural resources all across Europe. But there's no will to start to lean on that type of industry right now. Just to give you an example, Germany has enough known natural gas to become self-sustainable for the next decades and the same is for Cole. There's a lot of woodlands and god only knows what could be dug out of the many mountains.
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It seems to me that the European Union is taking a giant step in the right direction regarding the issue of the regulatory framework for cryptocurrencies. I consider this to be a super important step for the global adoption of cryptocurrencies one day.
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