link1470 link1471 link1472 link1473 link1474 link1475 link1476 link1477 link1478 link1479 link1480 link1481 link1482 link1483 link1484 link1485 link1486 link1487 link1488 link1489 link1490 link1491 link1492 link1493 link1494 link1495 link1496 link1497 link1498 link1499 link1500 link1501 link1502 link1503 link1504 link1505 link1506 link1507 link1508 link1509 link1510 link1511 link1512 link1513 link1514 link1515 link1516 link1517 link1518 link1519 link1520 link1521 link1522 link1523 link1524 link1525 link1526 link1527 link1528 link1529 link1530 link1531 link1532 link1533 link1534 link1535 link1536 link1537 link1538 link1539 link1540 link1541 link1542 link1543 link1544 link1545 link1546 link1547 link1548 link1549 link1550 link1551 link1552 link1553 link1554 link1555 link1556 link1557 link1558 link1559 link1560 link1561 link1562 link1563 link1564 link1565 link1566 link1567 link1568 link1569 link1570 link1571 link1572 link1573 link1574 link1575 link1576 link1577 link1578 link1579 link1580 link1581 link1582 link1583 link1584 link1585 link1586 link1587 link1588 link1589 link1590 link1591 link1592 link1593 link1594 link1595 link1596 link1597 link1598 link1599 link1600 link1601 link1602 link1603 link1604 link1605 link1606 link1607 link1608 link1609 link1610 link1611 link1612 link1613 link1614 link1615 link1616

New Regulations Set To Throw European Crypto Space into Turmoil

New Regulations Set To Throw European Crypto Space into Turmoil

Politicians and regulators are growing increasingly aware of the significance of blockchain assets,

and have begun scrambling to create rules intended to reign in the open market activity that is a hallmark of crypto use. In Europe, the Fifth Anti-Money Laundering Directive (AMLD5) has now taken effect, which directly addresses a range of cryptocurrency-related issues. This set of regulations has European crypto firms scrambling to sort out the compliance measures, and highlights the extreme difficulty lawmakers are having at trying to navigate and control the changes underway in the global economic space.

Passed under the guise of fighting criminal activity, AMLD5 creates the most comprehensive set of crypto regulations to-date in the Eurozone. At their core, they are designed to create transparency for all aspects of crypto use. For example, exchanges will be required to implement rigid know-your-customer (KYC) as will providers of custodial wallets. Suspected illegal activity is to be tracked, and various law enforcement agencies can investigate user activity at will. Not surprisingly, the reaction from the European crypto community has been harsh. Blockchain-related companies have balked at the expense of compliance. Deribit, a Dutch exchange, recently announced that it will relocate to Panama. U.K.-based Bottle Pay, a custodial wallet service, has shut down. More casualties of this regulatory implementation are certain to follow.

Aside from the costs involved, the rules being imposed are confusing, and fail to address the myriad of complex issues surrounding Blockchain platforms in a comprehensive manner. Notably, the supranational and quasi-anonymous architecture of the technology does not work well with laws designed to apply to defined geographic regions. If enforced as intended the AMLD5 could prevent many crypto-related companies from operating. Also, fines for non-compliance will be as high as 200,000 Euros per incident.

As concerning as the AMLD5 regulations are, they are only the first in a series of tough new crypto rules in the global pipeline. Simply put, the world’s major economies are now taking this new asset class seriously, and leaders do not like the economic paradigm shift now underway. Most of these rules have been created by lawmakers with little knowledge or experience with distributed ledgers, and are likely to be heavily influenced by the always powerful players from the legacy financial space. In other words, the market recovery underway is likely to be tempered by hostile action on the legal front. 

On the bright side, the changes underway are a natural and expected step in the move toward mainstream cryptocurrency adoption. Bad laws, although unfortunate, must be experienced for policymakers to learn and adapt. Nevertheless, for the time being, the European crypto community is bracing for what is certain to be a bumpy ride ahead.

Article Produced By
Trevor Smith

Own A Piece Of Markethive — Lifetime Income Opportunity
Markethive, the first Social/Market Network built on the Blockchain, introduces The Entrepreneur Program
The Entrepreneur program is designed to leverage your system. Your free Markethive system is a market network, like a social network, but with powerful inbound marketing tools integrated into the system. This premier hybrid social network includes news feeds, blogging platforms, video channels, chat channels, groups, image sharing, link hubs, resume, profile page and peer to peer commerce. But more than a social network, we have also delivered to you “Inbound Marketing tools” like broadcasting, capture pages, lead funnels, autoresponders, self-replicating group tools, traffic analytics, and more. Plus, we are built on the Blockchain which allows Airdrops of 500 Markethive Coin (MHV) upon joining and micropayments for using the tools mentioned above. This is all free to you.

The Entrepreneur program is designed to add gold plating to an already stellar and unbelievably valuable system you receive for free.

The Markethive Coin — MHV Consumer Coin
Notably, MHV was listed on the first of many exchanges, including its own exchange [in development] in March in 2019 and is currently valued at $0.20. The Markethive coin will not be dependent upon speculative value as is the case with other cryptocurrencies and platforms, thereby creating eternal economic velocity in the entrepreneur ecosystem within Markethive.
Andries van Tonder.