The European Union has passed new rules as part of its efforts to regulate the Bitcoin (BTC) system, requiring cryptocurrency exchanges and other service providers to collect and store users’ personal data in the coming months.
The action was rejected by the community, and took to Twitter to express their frustration.
Although this procedure is already applied to transactions with BTC over $1,000 due to the requirements of the International Financial Task Force (FATF). But There is currently no provision specifying minimum limits or exceptions For cryptocurrency transfers.
Ernst Ortasson, Member of the European Parliament who participated in the legislative debates, He praised the approval of the new laws.
“We are putting an end to the wild west of unregulated cryptocurrency, closing key loopholes in European anti-money laundering rules,” Wrote and Twitter.
Immediately a flurry of comments from the community began to question the regulations, as is the case for some They consider that it will end up shrinking the cryptocurrency industry in Europe.
“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?” pointed out User MrLukeLukasson.
other user manifested Their concerns that European regulators They failed to understand the impact of this on the cryptocurrency industry Track and identify bitcoin transactions. This, even when made with self-guaranteed digital wallets.
In the same way Someone is thinkinge- Approval of the new standard aimed at preventing money laundering and terrorist financing. Far from protecting people, it’s just a strategy for governments and banks To maintain population control.
Some members of the community Believe That people saving in bitcoin will be banned in the EU when they need to dispose of their money.
Nazi European friends no longer sleep! You should wake up too! Learn how to buy and sell bitcoin under p2p system. Learn how to install your wallet on PC because centralized mobile app stores will be next. Avoid “know your customer” traps [Know Your Customer o Conozca a su cliente]. Confiscation will also come.
Giacomo Zuko and 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 criticisms about procedures for tracking bitcoin transactions.
Hansen Highlights Regulation on Crypto Asset Markets (MiCA Act) of the European Union, which he argues should not be underestimated as it contains valuable aspects.
From your point of view MICA will set standards around the world, and create regulatory certainty for the cryptocurrency ecosystemand will improve user protection, although discussions about this law are still ongoing.