The European Union has passed new rules in its effort to regulate the bitcoin (BTC) ecosystem, requiring cryptocurrency exchanges and other service providers to collect and store users’ personal data in the coming months.
The measure is rejected by the community, which has taken to Twitter to express its frustration.
Although the measure was already applied for transactions with BTC over USD 1,000 due to the requirements of the International Financial Action Task Force (FATF). But there is now no clause establishing minimum thresholds or exceptions for cryptocurrency transfers.
Ernest Urtasun, a member of the European Parliament who participated in the legislative discussions, applauded the approval of the new laws.
“We are putting an end to the wild west of unregulated cryptocurrencies, closing the main loopholes in European anti-money laundering rules,” wrote On twitter.
Immediately a wave of comments from the community began to question the regulations, as some they consider that it will end up curtailing the cryptocurrency industry in Europe.
Advertising
“The talent will go, the capital will go and one day you will look back and ask yourself why there are no unicorns in the European Union?” he pointed the user MrLukeLukasson.
another user manifested their concerns that European regulators they fail to understand the impact it will have on the cryptocurrency industry the tracking and identification of bitcoin transactions. This, even when they are made from self-custody digital wallets.
The same way there are those who thinke the approval of the new norm, which aims to prevent money laundering and financing of terrorism, far from protecting people “it is only a strategy of governments and banks to maintain control over the population.
Some members of the community believe that people who save with bitcoin will be blocked in the European Union when they need to dispose of their funds.
European friends, the Nazi fiats no longer sleep! You should wake up too! Learn to buy and sell bitcoin under the p2p system. Learn how to install your wallet on PC because centralized mobile app stores will be next. Avoid KYC Traps [Know Your Customer o Conozca a su cliente]. Confiscation will also come.
Giacomo Zucco On twitterentrepreneur, educator and bitcoin enthusiast.
On the other hand, Patrick Hansen, a close follower of the regulatory activities of the cryptocurrency ecosystem in Europe, believes that not everything is bad for the industry, beyond the criticism around the measures on the tracking of bitcoin transactions.
Hansen highlights the Regulation on Crypto Asset Markets (the MiCA Law) of the European Union, which he considers should not be underestimated because it has valuable aspects.
From your perspective MICA will set standards worldwide, create regulatory certainty for the cryptocurrency ecosystemand will improve user protection, although discussions about this law are still ongoing.