Parallel to the war in Ukraine, the European Parliament continues its private war silently against cryptocurrencies, with a new Funds Transfer Regulation.
If just a few days ago, we were surprised by the possibility of banning cryptos with proof-of-work consensus protocols, now they are taking a step forward and going against what they call “unhosted wallets”, or what is the same, the non-custodial wallets.
Basically what they want is for exchanges to block incoming or outgoing movements of crypto assets to non-hosted wallets (without a minimum amount), which cannot be associated with a natural person, forcing a KYC for any non-custodial wallet.
Like good politicians, they pass on the responsibility to the Exchanges to collect the relevant information from each anonymous wallet that tries to interact with the services they provide. In this way they ensure that we can trace our movements in the blockchain with name and surname at zero cost.
Over time, this measure will make any unidentified wallet practically useless, as long as its owner does not know how to prove the origin of the funds deposited in it.
Everything indicates that the restrictions are aimed at not prohibiting the use of cryptocurrencies, but not at zero cost, they will allow them in exchange for information, controlling not only the losses and gains, but also the movements of crypto assets.
Since the vote for its approval by the EU Parliament is scheduled for March 31, COINBASE is collecting signatures to try to take our voice against measures with this. If you think that these types of actions are useless, I remind you that the ban on crypto PoW was paralyzed as a similar action. They all add up. I leave you the link in case you want to collaborate:
Thank you very much for your time.
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