Tl;dr - Bitvavo, Europe's best exchange (in my opinion) removed Monero due to AML5 regulations. I'm afraid more will follow suit. How do you feel about privacy coins' future?I've recently been looking into regulatory developments around cryptocurrencies. Europe's latest development in this regard is AML5 - the 5th Anti Money Laundering directive. I'd recommend Googling what it's about to get more context, but what the AML5 directive means in short is:The law requires all customers to be registered and non-verified transactions using cryptocurrency will have to stay under the value of €150.Non-verified online payments can be made up to an amont of €50 and the use of anonymous prepaid-cards is harshly restrictedTrading platforms can no longer allow anonymous transactions, as this is not compliant with AML5. They have to register every user and keep track of suspicious activities.For users from "high-risk"countries elaborate background checks may be needed to find out their financial intentions.What does this mean for a payment crypto whose unique selling point is its complete privacy? Well, when I asked Bitvavo about it they answered me that they've removed Monero from their product listing as, due to the new AML5 regulations coming into force, they can no longer comply with these regulations and allow trading in/depositing/withdrawing Monero.Bitvavo is a crypto exchange that is recommend often as being a good European exchange to trade on, and I can personally attest to the fact that it's pretty great. Them delisting Monero could be seen as a knock to their reputation, but it also calls into question to what extent other European exchanges can keep offering Monero.This makes me wonder: how do Monero holders, and (privacy) payment currency enthusiasts in general, feel about this? Do you expect Monero (or other privacy crypto) to become more broadly delisted? If so, do you think this will affect the price negatively (because there's far less liquidity) or positively because it strenghtens the story of how Monero allows you to escape laws and regulations?Would love to hear opinions.
Submitted October 26, 2020 at 08:43PM
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