3. #EU #AML PROPOSAL TARGETS PRIVACY PAYMENT INSTRUMENTS AND FREEDOM TOOLS
The current AMLR version specifically targets self-hosted wallets, ignoring their role as vital financial tools as #Bitcoin for millions of activists facing financial oppression.
Labeled high-risk, self-hosted wallets are now seen as significant money laundering and terrorist financing facilitators. Changes include revisions to Recitals (20) and (21) and the addition of Article (31b) in Charter III, which increases operational and compliance costs, affecting business strategies and client relationships.
The consequences for EU users of self-hosted wallets are serious. Additional compliance checks will complicate, if not block, the conversion of crypto-assets to fiat currency for activists and civil society members already facing financial exclusion. The AMLR overlooks the crucial role of self-hosted wallets in transferring funds to non-democratic or conflict regions, exposing donors and recipients to repression by authoritarian regimes using AML/CFT laws (e.g., in #Belarus, #Kazakhstan, #Turkey).
Smaller clients with self-hosted wallets, viewed as higher risks under Article (31b), may be deprioritized or excluded due to higher transaction compliance costs. This makes them economically unviable for financial institutions, which often favor larger, lower-risk clients for efficiency. The latest AMLR version could effectively ban self-hosted wallets in the EU, significantly impacting the cryptocurrency sector and those vulnerable to oppression.
See our reaction in our Submission: https://en.odfoundation.eu/a/725781,building-true-change-btc-coalition-submission-on-the-eu-proposal-for-a-regulation-on-the-prevention-of-money-laundering-or-terrorist-financing/ https://image.nostr.build/9f0269ec843fd6e399f9e795c266c90af43170334412e3d36b4e6958d43bd2af.jpg https://image.nostr.build/ae5cb7a84266cd45d0789dc4e6abf2d9867e132df47d5b6183bb76bbea46fec4.jpg
I would not expect from them anything else. Be aware. Adverserial thinking is a must.
They should go fuck themselves
And bare in mind those guys could not care less about the poor, excluded, second class citizens. All this inclusion, diversity, exuality is just a pose. Fake.
This was in the making for 2+ years.
Once implemented, these things will never go away
Have you heard your favorite Bitcoin influencers talk about this until a few weeks ago?
What a major failure of our community.
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Does the concept of prior restraint being a fundamental violation of individual rights have standing in Europe?
I can see how money launderers could use self hosted wallets to evade detection. I also see how they could use careful reasoning to evade detection. Should access to careful reasoning therefore be restricted so that the general public can not access it "just because" they want to?
As we were said, EU citizens care about security, but no one cares about privacy.
We know a lot of MEPs who can/ready stand on defense of human rights and privacy values, but citizens of the EU should show that they care about it.
Everything can be used by bad actors, what we urge policymakers in G7 countries: don’t label #freedomtech as high-risk or tool for criminals in laws.
Great work. FYI can't zap you from #minibits
I guess the eurocrats spread a rumor that they would ban self-custody, waited for the Bitcoin community to debunk it, and then pretty much added it in, last second, in order to confuse people until it's too late. I was going to add something, but it would be too mean to all the pigs in the world, so I'll refrain from that...
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