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.
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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
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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?
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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?
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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.
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That sounds bad.
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I just realized that the travel rule without a threshold means that SN must now KYC everybody.
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Not as bad as I expected.
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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?
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Their job is to legislate. Any law is better than no law in their mind i think.
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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
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