From Bat-Signal To Bitcoin Projecting Orange Pill On Banks As EU Drives Crypto Regulation
Bitcoin logo is lit up on the European Central Bank building in Frankfurt as bitcoiners urge bankers to study bitcoin.
“The signal follows, and he appears. It was like that. Whenever Gotham faces an existential crisis, Bat-Signal lights up the night sky. In the DC Comics universe, Batman is always there to save day he was summoned.” Will appear.
Key Takeaways:
- Bitcoin enthusiasts in Germany used a similar tactic this week.
- Taking the proverbial ‘orange pill’ is especially pertinent in the global banking sector.
- lawmakers seek to limit cash, and cryptocurrency payments for goods, and services.
- With Wachsman serves as a telco for a number of cryptocurrency service providers.
Bitcoin enthusiasts in Germany used a similar tactic this week, decorating the side of the European Central Bank building in Frankfurt with a prominent cryptocurrency logo with the message “Study Bitcoin.” The image was widely shared on social media, with the famous Bitcoin BTC ticker losing his supporters $$28,066 and various businesses his profile praising the ad.
@alistairmilne TWEET
Taking the proverbial ‘orange pill’ is especially pertinent as the global banking sector is in the spotlight after major institutions such as Silicon Valley Bank and Signature Bank in the United States collapsed.
@CarlBMenger TWEET
Meanwhile, European parliamentarians approved new bills focused on combating money laundering and terrorist financing. This could include new rules to enforce his KYC requirements for traditional financial, crypto-related services.
Additionally, lawmakers seek to limit cash and cryptocurrency payments for goods or services that do not identify customers. According to the draft, the regulation would limit cash payments for cryptocurrency transactions to a maximum of €7,000 and €1,000 if the user’s identity is unknown.
These proposed new rules are separate from European Parliament’s upcoming Crypto-Assets Markets Bill (MiCA), which is due to come into force in 2024, is a set of rules and regulations to regulate the European cryptocurrency market. Guidelines are proposed.
Wachsman EMEA Managing Director Liam Murphy told, that the anti-money laundering and anti-terrorism financing bill passed on March 28 will introduce stricter rules to close anti-money laundering loopholes. Said it is focused on combating terrorist financing and sanctions evasion. Close the EU.
“This is a separate policy path to MiCA, but like many policies, there is some overlap. Be aware that there is a way to go.”
With Wachsman serving as the telco for a number of cryptocurrency service providers, industry players are increasingly realizing that regulation can be used by the industry to reach its full potential. Murphy said.
“Innovation is inherently unpredictable. We are experiencing a digital revolution, risks of over or under-regulation are real.”
Voloder said MPs have previously shied away from the need to go through CASP for the Section 59a KYC process because they said industry feedback was unnecessarily onerous.
“The cap on cryptocurrency transactions suggests that cryptocurrency transactions are seven times riskier than cash transactions or from an AML/CTF perspective. This compares with available global money laundering data. It is inconsistent.”
It also remains difficult to predict how cryptocurrency services such as decentralized finance (DeFi) protocols, and decentralized autonomous organizations will be regulated by potential new legislation.
“MiCA has excluded ‘fully decentralized finance’ or from its scope as a chain of responsibility is often difficult to determine.”
Voloder gives an example where DeFi platforms can have a “customer-side” interface, but actual economic activity takes place within smart contracts or which are “abstracted, independent of the interface layer.”