EU draft proposes identity requirement for cryptocurrency transactions

Re:EU draft proposes identity requirement for cryptocurrency... by jacquesm on Friday February 18, 2022 @04:54PM (#30391613)

50% of millenials is not 50% of the voting public. And yes, regulation is being discussed, that's what this article is all about. For pretty good reasons, the whole idea that there would be a forever unregulated way to transfer vast sums of money instantly is a pipe dream at best.

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Re:EU draft proposes identity requirement for cryptocurrency... by miohtama on Friday February 18, 2022 @05:05PM (#30391732)

The article is about setting the reporting threshold to zero, not to some meaningful number that would prevent crime. What would be a comfortable purchase amount for you that you would like to have someone else to read your receipts?

For the perspective, the FAFT recommendation is $1000.

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Re:EU draft proposes identity requirement for cryptocurrency... by jacquesm on Friday February 18, 2022 @06:13PM (#30392465)

That reporting threshold is a direct consequence of tricks like mixers and other anonymizers. It is a neat tech trick but it is also just another form of smurfing / structuring.

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Re:EU draft proposes identity requirement for cryptocurrency... by miohtama on Saturday February 19, 2022 @07:31AM (#30396647)

Do you think there could better ways to automate smurfing detection that setting the reporting threshold to zero?

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