Crypto KYC for EU citizens

Bitcoin Talk and Cryptocurrencies
1

The EU agreed rules intended to extend anti-money laundering and market manipulation rules to crypto transactions.

As ever, this is all about the detail: if you apply AML to money (and we do) and you’re using crypto as money, or trading it, then this is logical. But… how do you do KYC on transfers between individuals, and how does that align with privacy laws?

And NFTs and actual crypto software are exempt, but how will that be defined? The challenge in regulating any fast-moving space is that you risk banning half the cool stuff by accident while baking in existing market structures

Source: Crypto traceability and market rules agreed by EU lawmakers – TechCrunch

2

It’s my understanding all stablecoins will be watching their banking watchdog. It will be interesting to see what regulations they put into place, how transparent the company’s behind the stablecoins will be, and what amount of time will be given to the stablecoins to clean up their acts if their backing is deemed insufficient or “unsafe for consumers”.