I want to share an article written by Lubomir Tassev about the coming crisis in Europe.
https://news.bitcoin.com/more-signs-the-next-big-financial-crisis-may-begin-in-germany
Companies from the industry, such as exchanges, payment providers and custodians, will have to apply for a special license from Bafin, the Federal Financial Supervisory Authority. They have to do so by the end of the year with the introduction of new AML rules based on EU’s Fifth Anti-Money Laundering Directive which must be transposed into German law by January 2020.
According to information shared on crypto forums, the new regulations are already affecting platforms dealing with cryptocurrencies. For example, Germany is no longer on the list of countries supported by Bitpay, a leading payment processor that allows many businesses outside the industry to accept coins through conversion to fiat.
Custodians means people holding crypto or only customers of a cryptocurrency compagny?
The so-called democratic countries are once again working against freedom. We are enslaved.
Yikes! Even more bad news for crypto currency. Remember though, opposition means that we must be doing something right. HODL onward, friend.
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Against freedom of people but still, it is i think a good thing because of 2 reasons:
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AML and KYC are not good things imho. These do not prevent consequent financial crime. Multiple taxation is racket and regulation legalize it. It is institutionalized financial crime.
These are actually designed for surveillance of the honest and poor citizens. The corrupted politicians that make the rules will always use tricks to evade.
Politicians and banksters are taking cryptocurrencies so seriously that they will over-tax crypto to prevent use.
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what you said is true but you can not ignore the government and bank and cut them out from the system which they build and working for centuries, but this is also true that they enjoyed the freedom on being the centralized system and with the introduction of decentralized system which will be more famous in future and will be the front face in future so they also understand the importance of decentralization but want to find a way to be on top of it again.
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