The EU has reached a deal on the TFR (AML rules) (P2P excuded, verification needed only when transfer > 1000€ from exchange to priv. wallet) \ stacker news ~bitcoin

pull down to refresh

The EU has reached a deal on the TFR (AML rules) (P2P excuded, verification needed only when transfer > 1000€ from exchange to priv. wallet)twitter.com/paddi_hansen/status/1542411603034836993

173 sats \ 12 comments \ @holger 30 Jun 2022 bitcoin

view all related items

160 sats \ 5 replies \ @k00b 30 Jun 2022

My fear is that if we don't get people using P2P sooner rather than later, this kind of oversight will be what's considered normal.

100 sats \ 4 replies \ @faithandcredit 30 Jun 2022

Seems this regulation gives an incentive to do peer to peer since the 1k Euro limit dont apply. But requires it gets enforced properly. Also curious what EU definition of P2P is

100 sats \ 3 replies \ @om 30 Jun 2022

The press release says:

The rules do not apply to person-to-person transfers conducted without a provider, such as bitcoins trading platforms, or among providers acting on their own behalf.

Apparently for EU p2p happens when there's no provider. That would just be crypto meetups, I guess?

100 sats \ 2 replies \ @faithandcredit 30 Jun 2022

You are still going to use LN or BTC to transact. Arent a hop along your route a provider? arent the miners that include your transaction if its on.chain a provider?

366 sats \ 1 reply \ @om 30 Jun 2022

OK, I've found the following in the Article 3 of a MiCA draft:

(8) ‘crypto-asset service provider’ means any person whose occupation or business is the provision of one or more crypto-asset services to third parties on a professional basis; (9) ‘crypto-asset service’ means any of the services and activities listed below relating to any crypto-asset: (a) the custody and administration of crypto-assets on behalf of third parties; (b) the operation of a trading platform for crypto-assets; (c) the exchange of crypto-assets for fiat currency that is legal tender; (d) the exchange of crypto-assets for other crypto-assets; (e) the execution of orders for crypto-assets on behalf of third parties; (f) placing of crypto-assets; (g) the reception and transmission of orders for crypto-assets on behalf of third parties (h) providing advice on crypto-assets;

and they further define what all of that means.

Based on this, I believe that neither miners nor LN nodes are CASPs. However, LN nodes that offer swaps between Taro tokens and plain sats are definitely CASPs.

0 sats \ 0 replies \ @faithandcredit 30 Jun 2022

That sounds bad.

0 sats \ 0 replies \ @om 30 Jun 2022

I just realized that the travel rule without a threshold means that SN must now KYC everybody.

8 sats \ 0 replies \ @moon 30 Jun 2022

Not as bad as I expected.

2 sats \ 1 reply \ @om 30 Jun 2022

What are they trying to achieve, exactly?

Before: user's exchange wallet -> somebody else

After: user's exchange wallet -> [ANNOYING VERIFICATION] -> user's non-custodial wallet -> somebody else

so what's the point?

0 sats \ 0 replies \ @faithandcredit 30 Jun 2022

Their job is to legislate. Any law is better than no law in their mind i think.

8 sats \ 0 replies \ @faithandcredit 30 Jun 2022

They are regulating just to regulate its so annoying. I've yet to see any policies and legislation that accomplishes their intended goal. For example EU have spent billions on climate change, is it working? They put extreme sanctions o Russia, is it working? Covid is behind us, but did their policies make things better or worse? The war on drugs, making them illegal, is it working? The EU is a danger to itself

143 sats \ 0 replies \ @deleted231216 30 Jun 2022

deleted by author