Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today I will be looking at the recent news coming out of the European Union, where it has been confirmed that any further Crypto Transactions Above €1k In EU Can no Longer be Anonymous.
The new laws were announced and confirmed on the 7th of December 2022, with the European Union looking to tackle things like fraudulent actors and money laundering via their Markets in Crypto (MiCA) framework. The aim is for the comprehensive crypto regulatory framework to come into effect by 2023 and this will include restricting crypto purchases worth above €10,000 ($10,557) in all of the 27 countries that are part of the union. However, countries will be allowed to reduce the limit even more. and there will also be significant regulatory restrictions and scrutiny on digital assets transactions above €1,000. Sounds very heavy right? Well, yes, because it is, and it includes cash transactions within Banks along with things like Crypto. This is the governments and European Union putting down the letter of the law on its citizens to show they will not stand for decentralization without regulation. While regulation is acceptable to a certain extent, limiting how much people are allowed to transact or invest seems very draconian in its implementation. Would anyone ever consider putting a limit on how much a citizen is allowed to invest in the stock market? Unlikely, but again crypto is seen as its own entity and threat to the established and ruling parties. In the present time, the majority of the EU members are regulating cryptocurrencies in their ways, to fight against illegal activities associated with cryptocurrencies. The sad fact is, as stated by many in the Cryptocurrency group on Reddit, and as shown in the image below, it is being disguised as laws to "help and protect" citizens while in fact it is just another means of control.
As for those in government who decide to transact above €1,000 or purchase above €10,000, will there be any limitations imposed on them? It seems highly unlikely, as with any establishment in charge, one rule for the public and another altogether for those in charge. They will however try spin it in whatever means sounds necessary to those, and as shown in an earlier post I did regarding the "European Central Bank saying Crypto is Dead" just is just another part of the narrative for them to govern any movement towards decentralization and freedom away from the centralized banking system. As always though, when laws are created, there are always those who will find ways around them. Let the governments say it is only bad actors and money laundering attempts who will do this, the reality is the common person has as much right as the next to invest as much of their personal finances into crypto as they want! As stated by the Czech minister for Finance Zbyněk Stanjura:
"new rules will help to fight against money laundering activities easily, where bad actors are using cryptocurrencies as a means of an anonymous payment option as a loophole in the existing laws on Crypto sector."
Its just a pity they wouldn't look to govern and regulate themselves in the same manner as they impose on the public. Corruption will always try to counter the freedom of movement and speech, and now seemingly the freedom to spend money how one wishes. Where will they look to interfere in the public's life next?
Have a great day.
Peace. CryptoGod-1.
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