Travel rule regulation and cryptocurrencies
572 sats \ 6 comments \ @rybka 31 Oct 2023 bitcoin
Have you heard of the Travel Rule? It's now coming to crypto.
In short, this regulation enforced globally by the Financial Action Task Force requires transactions above a certain threshold (set by respective countries, in some as low as $1000) to also carry the name, address, contact details and more in order to "effectively combat money laundering, terrorist and proliferation financing". This has been in place in fiat for quite a while now, but the FATF is now eyeing the crypto industry.
For crypto firms and users this is a bunch of headaches. Not only does it go against every principle of decentralization and privacy, there is also no agreed-upon format of this data, how it is supposed to accompany the transaction, whether every crypto product will have to perform KYC on every user, and what measures are put in place to protect this data from being stolen. Coinbase is developing a standard for compliance to address all of this, but so far the lack of clarity and explicit intent to monitor all financial activity, hand in hand with the global push for CBDCs, don't seem like a positive development.
I'm no lawyer, but I'm curious if you, stackers, are bullish on mass surveillance, or on money laundering and terrorist financing?
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21 sats \ 1 reply \ @kepford 31 Oct 2023
Its time to fight. Refuse to submit. Be smart but do say I can't. Think how can I?
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0 sats \ 0 replies \ @kepford 31 Oct 2023
Don't say, I can't. Say how can I? Its a mindset. We often defeat ourselves in our own minds. I see this all the time. I see it in myself. We give up to easily. Keep fighting.
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61 sats \ 0 replies \ @DarthCoin 31 Oct 2023
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61 sats \ 0 replies \ @elvismercury 31 Oct 2023
Has something changed? This has been proposed before. FATF proposals aren't laws.
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0 sats \ 0 replies \ @kepford 31 Oct 2023
I don't know where you stand @rybka or where you are coming from but this was always coming. Many of us believe the state will come after bitcoin hard. I hope it doesn't happen and I'm not defeatist about it at all but it is very likely.
For crypto firms and users this is a bunch of headaches.
Yes, many of these "crypto firms" have mocked bitcoiners for years for being anti-state and against compliance. These firms and many users have bent over backwards to comply and they are still getting screwed. The ONLY way we win is by becoming uncensorable. We will not bargain our way out of this. Don't get me wrong, I welcome those that are going to fight these tyrants in court but bitcoin was built for this. These crypto firms and chains will bend the knee. Bitcoin will not.
Buckle up guys. It could get rough.
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0 sats \ 0 replies \ @kepford 31 Oct 2023
I was talking with my wife the other day about the FinCin stuff and the non-sense WSJ report the clowns in DC are quoting. She burst out, who do they think they are. What gives them the right to say what we can and can't use to trade. How is this any of their business. Love that woman.
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