new eu regulations its not prett
Altair Club Cars NEW EU Regulations: Its NOT Pretty

NEW EU Regulations: Its NOT Pretty

Official MiCA Regulations:

There’s all this talk of how the u.s is probably going to be smothering crypto innovation and how that’s going to affect the us and their citizens but what’s really happening now in real time is the mica or mica however you want to call it the new regulations coming out of the eu you might be surprised what is and is not included in this new regulations that’s what

We’re talking about today hit like hit subscribe but check out the ct club down below we are keeping our members informed of everything we’re doing with our cryptos and why and how situations like this are affecting our decisions or are they furthermore a bit of a celebration here one of the coins that we got into a few months ago is up 34 percent so i love those

Gains they’re in a bear market so back to the regulations of mica the new regulation coming out of the eu uh right off the bat whatever is coming out of this regulation from the eu i think we can assume it’s got to be kind of something similar coming from the us down the line uh but some real quick facts that you need to know is just because the the eu council has

Approved this text as a law doesn’t mean it is uh solidified it needs to be moving to a vote for the eu parliament on october 10th and it could be subject to change further at that moment as well if the eu parliament on october 10th reads it approves of it votes yes then it will be written into law basically by next year and by as early as 2024 or sometime within the

Year 2024 that’s when we can expect to see this actually begin to be rolled out so still have a couple years before this actually comes to fruition if it does as we are reading it today i will be providing a link to the full all the regulations uh that they’re proposing it’s if you have the time and if you’re a european citizen that’s involved in cryptocurrencies

I definitely recommend that you read this it’s over 380 pages but it’s worth your uh at least to to prove through it and see what catches your eye i am going to give you a little bit of a rundown of things that caught my attention from what i was able to read i wanted to also right off the bat there’s been some misinformation being spread about regulations coming

From wallet provider to give up know your customer information know your personal identifiable information from wallet providers as in ledger wallets hardware wallets software wallets there’s a lot of information misinformation that these these are called non-custodial wallets the wallets that you yourself have ownership over your private keys these wallets are

Not included in this regulation there’s a lot of misinformation saying that all of a sudden now you know to generate a bitcoin wallet you’re going to need to to go through kyc that is false in the eu um another thing is obviously right off the bat you got to notice that there’s a ton of dialogue talking about stable coins they’re basically saying that they’re

Admitting that crypto is a pretty modest market not big enough quite to affect any financial instability in the broader markets but if stable coins are allowed to continue as they are they could be very attractive to other retail investors and as such become a risk for sovereignty of the euro or any fiat currency they’re saying that if a stable coin does become

Too big that the central banks of europe have the ability to either uh cause them to no longer exist or to severely limit their ability to exist placing limits on how how many coins can be issued and and the denomination and all that stuff so really interesting um also a lot of information about exchanges cryptocurrency asset providers whatever they’re calling them

Basically centralized exchanges requiring them to again collect a lot more information from their users if they are either based in the u or eu or servicing eu users um some interesting language here basically saying that centralized exchanges cannot use user funds on their own account probably easier said than done to enforce that just like everything that is in

This regulation you got to take it with a grain of salt personally i’m not excited by any kind of heavy-handed regulation or or kind of influence over the beautiful free market that cryptocurrencies are you know obviously a lot of language with this regulation saying it’s required to for crypto to you know really blossom basically and you gotta roll your eyes at

That because what this regulation is going to do is going to encourage a lot of people to become very lazy and say oh if the eu’s regulating it there’s no more scammers there’s no more way i can lose money scammers are everywhere everywhere they always will be and a reliance on a a big centralized entity to protect your interests is just a fallacy they’re looking

Out for number one and the regulations on stable coins shows just that and if you don’t believe me there’s language also saying that there are certain entities that are going to be exempt from this regulation like the imf and the bank of international settlements and any central bank digital currency coming out of the european union they are above the law and they

Are looking out for your best interest no they’re not they’re looking out for their own always um basically what they’re what they’re what they’re trying to do is turn all of crypto into what their cbdc will be very privacy invasive uh very cumbersome not free not peer-to-peer not decentralized um but there there are some surprising language again i get they’re

Trying it sounds like they’re trying to look out for the end user but it’s it’s going to come at a big sacrifice of your privacy you got to know that again what they’re saying about centralized exchanges how they can’t use user funds also there’s some regulations talking about coin offerings and how there’s going to be certain rights for those people who are

Investing in these coin offerings looks it sounded like they’re trying to mitigate you know rug pulls also is kind of comical they’re like requiring certain coins if they meet certain thresholds to have a white paper that’s been you know approved anyone who’s been in crypto for the past five years you know through the ico phase you know white papers are a complete

Joke anyway that’s my brief overview of the new mica regulations this is not set in stone yet parliament still has to vote on it on october 10th and we will keep you posted as always please hit like hit subscribe see you later

Transcribed from video
NEW EU Regulations: It’s NOT Pretty… By Crypto Tips

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