Impact of the EU and FATF Regulatory Frameworks on Non-Custodial Crypto Wallets \ stacker news ~bitcoin

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Impact of the EU and FATF Regulatory Frameworks on Non-Custodial Crypto Wallets en.odfoundation.eu/a/726702,impact-of-the-eu-and-fatf-regulatory-frameworks-on-non-custodial-crypto-assets-wallets/

1207 sats \ 6 comments \ @aljaz 24 Dec bitcoin

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133 sats \ 0 replies \ @south_korea_ln 24 Dec

The obligations imposed on CASPs conflict with the rise of open-source technologies like the Lightning Network, Fedimint, and e-cash, which are permissionless, censorship-resistant, and provide strong privacy guarantees. These rapidly growing technologies are reshaping global transaction patterns, and by rejecting such transactions, EU-based CASPs risk losing market share and being outcompeted by non-European rivals operating under less restrictive frameworks. This regulatory approach may marginalise EU CASPs, pushing users toward unregulated alternatives outside the EU, thereby undermining the effectiveness of the AML/CFT framework. The result is not only a failure to meet regulatory objectives but also a weakening of the EU’s digital economy, innovation capacity, and global competitiveness in financial services.

21 sats \ 2 replies \ @028559d218 25 Dec

I read the article and imo more people should be talking about this..

The EU really doesn't want private sector competition to the money supply or to central banks. That, in my opinion, is what this is about. It's not about 'crime' or 'preventing terrorism'... please. Those things are nonsensical IMO in relation to other government action (unrestricted immigration, the use of cash etc). This is about keeping private monies from becoming an optional alternative to government ones.

Just my 2 sats

13 sats \ 1 reply \ @aljaz OP 25 Dec

its never about preventing terrorism, saving the children or fighting money laundering (which is only a "crime" because of not paying state extortion) - it is always about control of the population, preserving the authority and expanding the states reach

0 sats \ 0 replies \ @028559d218 25 Dec

Trying to ban/heavily restrict mixers... or trying to stymie the lightning network in the name of 'preventing terrorism'... is idiotic. It's stupid.

Terrorists won't follow the rules, or they will just use cash. And if a terrorist wants to attack someone, why wouldn't they just use a car or common-vehicle? Aren't they everywhere what are they waiting for?

In addition, lightning requires relative sophistication and study to use. Maybe not to make basic transactions... but to use privately. There is a literal war going on in Ukraine, which the US and EU are helping fund and EU governments are worried about 'financing terrorism'... on the Lightning network and whether those terrorists 'KYC'. It does not pass the 'smell test' in my opinion.

In my opinion it's much, much bigger than that.

0 sats \ 0 replies \ @a40ecaacec 7h

The EU is trying to regulate something it does't understand. By categorizing bitcoin and transactions in the same bucket as the traditional banking system, they are essentially banning themselves from it. This is because they have no control over how the system and network operate. All of this is happening under the guise of MICA, a supposed modern regulatory framework and future of the EU. MICA initially generated a lot of positive hype in the crypto world. However, it turns out to be far from positive.

0 sats \ 0 replies \ @SwapMarket 21h

Clowns