Paul Tang wrote on Twitter,
“The #crypto sector demands to be taken seriously yet they refuse to take seriously their role in the fight against criminal money. Their aggressive campaigning only shows that strong regulation is urgently needed.”
This also would affect the likes of Trezor, Ledger, metamask, p2p, and DEXs. And paper wallets would literally be rendered unusable in future.
Would like to know others opinion on the impact of the above regulation, if so shall be passed today.
37 thoughts on “EU Parliament’s decision on “Unhosted Wallets” today”
Remember when HSBC was caught laundering billions of dollars for the Mexican drug cartel and was given a slap on the wrist?
*Pepperidge Farm remembers.*
Paul doing his Orwell tang.
99%of fiat money laundering goes unprosecuted because of laws people like paul made. Paul’s laws allow the rich to launder while the rest pays the bill.
Bitcoin is an open ledger. Anyone can audit it so the criminals can not hide. This is why people like Paul are afraid of Bitcoin.
No lie is too big for these people. They have no honor.
>potentially blocking EU-based crypto exchanges and service providers from interacting with those whose beneficial owners they cannot identify.
They just fucking hate decentralization. It’s literally the enemy of these corrupt bastards.
Ill take criminal money seriously when they admit that fiat is orders of magnitude more widely used in criminal activity.
No worries, this type of legislation is not enforceable.
Paul Tang is an asshole.
Why doesn’t he oppose fiat, with which wars and criminal activity are funded?
Will Paul Tang get money, influence and old rich friends because of his opposition to crypto?
How are they gonna enforce this around the globe ?
If I pay cash to some other human should I report their identity to the central bank? lol
Ignorant politicians continue to regulate what they don’t understand.
Once again old, greedy, corrupted bastards want to limit financial freedom of the society. As european I feel disgusted by this proposition.
Can’t believe these mummies hold so much power, yet many fellow europeans are not satisfied and want to give them more!! Ridiculous
It amazes me that they try to regulate things when they know shit about the topic.
I really think that before all votes they should pass an exam to ensure that they know what they are voting.
All those xmr maxis laughing now
These people really do not understand crypto and it’s a pity that they get the power to regulate it.
$800bn-$2tn are laundered every year through banks not crypto. I’m against regulations in general but for banks those regulations have come to be because banks offer all sorts of financial services, use fractional reserve, and being profit maximizing entities/businesses they have an incentive to take risks with other people’s money in services that are unrelated to what the money was originally deposited for.
Trezor/Ledge/the blockchain/unhosted wallets are trustless and cannot gamble with my money. Paul Tang is a criminal politician from a country where banks have been the laundrymats of the richest criminals of Europe. He is paid to do this campaign.
i hope this will be end like the last btc ban voting..
have u a time for that voting?
The EU shooting themselves in the foot again. Have an award.
Fuck the parliament .This proposition is really stupid. They can not limited the financial freedom of the society
There’s no point to crypto if there’s no self custody
Fuck the Parliament
They should ban all leather wallets and paper money ‘cos majority of money laundering and criminal activities use fiat.
And while they are at that, ban gold and diamond.
Lol mate, the State can’t render wallets useless.
More sensationalism, nothing will happen
How can this even be Enforced at all??
How do you ban a user from using a wallet if you do not know who the user is. You have no way of knowing if they are a European citizen or not. The best you can do is not allow CEXes to receive transactions from anonymous wallets and dexes and there are still ways around that anyway.
Only if they had put the similar dedication and energy to do something against criminal activities in Fiat space, World would have been a better place.
No one gives a fuck about criminal money except for the criminals In government.
Why not ban cook food at home as well. Only legal to eat at McDonalds. Stupid idiot idea even to have a vote on this.
Ok so… if this were to pass, Europeans literally don’t have to change anything, right? You still have your crypto wherever you want it, including any variety of private wallet. When you want to withdraw it into fiat, you send it to an exchange just like we already do. There’s no way for them to prove what wallet belongs to you and which doesn’t except for your exchange wallet.
Is there a live feed to watch the discussion?
Any news on this?
There’s never been an industry in the world more uncontrollable than this one. Since these people making laws don’t really understand that, of course they will try. One day it will become evident that the only way out is through.
If you think the establishment will just let crypto take over you are being very naïve, crypto is threatening to rock the banking system at it’s core and they will not let this happen without putting up a fight. Don’t invest what you cannot afford to lose.
I can only imagine how many years EU will be set back technologically if this passes. They are trying to remove a key component of a Blockchain and it’s mind boggling. Crazy shit
Then they fight you…
This is a pretty weak fight too. The EU is a useless organization and will probably disintegrate soon anyhow.
As an American, I do my part contacting my congress people about legislation regarding crypto. Is there anything that we can do to assist our EU brothers and sisters in fighting against such prohibitions?
So fucking stupid
How many of these lawmakers would turn up in the Panama Papers???
Last summer, after they bent over to the Euromafia’s KYC requirements, I already moved most of my crypto out of Binance into safer places like KuCoin. But I did keep some there for more attractive staking and such.
Since I don’t plan on cashing out at all anytime soon, I think it’s better to be safe than sorry and I’m absolutely severing all ties to organizations that cooperate with the bankster criminals in Brussels, regardless of whether this madness of a proposal passes or not.