[false] Denmark bans self-custodial wallets

[TomPluz]

I believe this will be the same story in Denmark, how are they going to effect this ban? To make sure that citizens don't continue using self custody wallets even after this ban? There is no way to implement such a rule, even if they restrict citizens access to the domains of those wallets, citizens can always use VPN to bypass such restrictions.

While reading this post...I am thinking of the same thing on how Denmark can implement such a ban. One of the many benefits of doing business with cryptocurrency is that we can do things privately not unless, of course, we announce it to the government and the world that we are using noncustodial wallets. Maybe people of Denmark should just let the government have the illusion that they will follow all the things that the government is demanding and that they can implement them smoothly...let them be delusional and just do whatever they need to do. This story is just continuing the government vs the people and I know that this can be the tip of the iceberg meaning there will be more moves from the government to restrict the people on their cryptocurrency involvement.

[bitmover]

These guys must be really pushing hard for you to use an exchange.

It's like everyone forgot how catastrophically FTX imploded just 18 months ago.

Yeah, this legislation is unsafe for the citizens and also nearly impossible to control.

Governments cannot monitor if you downloaded electrum or not for example.  Will they ban such websites? I doubt.

[nakamura12]

If they can't track your portfolio then they'll find ways to do it like this one which to ban the use of self-custody wallets and maybe even use this chance to have their own exchange/wallet and earn from each transactions that every person who are using the exchange/wallet. I think government can ban but I am sure that some people would still use non-custodial wallets secretly.

[dkbit98]

Oh it's not going to be only bitcoin wallets...
Denmark is also introducing 100 euro tax for each cow because they are making ''climate change'' crap 
Than I remembered one of the WEF young global leaders lunatics was from Denmark and her name is Ida Auken.
You should listen what she is proposing... to cancel private ownership of cars, homes and everything else, sounds like neocommunism to me.

https://web.archive.org/web/20201120034201/https://www.weforum.org/agenda/2016/11/shopping-i-can-t-really-remember-what-that-is/
https://medium.com/world-economic-forum/welcome-to-2030-i-own-nothing-have-no-privacy-and-life-has-never-been-better-ee2eed62f710

[KingsDen]

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[KingsDen]

Many countries have biased government in one way or the other. The government that made fiat that can be in cash which can be used anonymously.

What is worst is that the bank is full of laundered money. How many can they trace. Scammers are using fiat mostly. There are fake verified accounts. Fiat are mostly used for terrorism financing and the likes. But these people will not see any wrong with what they created.

There are many ways that these governments are as wrong as scammers. They do not just want people's freedom in many ways.

LOL.
It seems that you did not understand why the government have to ban self custodian bitcoin ownership. This time around they are not pointing at the crime aspect or money laundering. Neither are they saying that the fiat is safe or whatever. What I sensed is that they want an easy way to tax all the citizens. In exchanges, you will complete KYC, your data will be collected, all your income and expenditure monitored and taxed accordingly. With the presence of non custodial wallets, hardware wallets etc, some people can beat their cryptocurrency tax system.
They are not doing so because they care for the people, rather they want to tax the people in it's totality.

[philipma1957]

seems hard to enforce but they will try to do it if they can. this bears careful watching. Meanwhile price of btc dropped a bit since this was announced .

[bee]

It's impossible to check everyone's phone one by one, it's pretty ridiculous when there's a rule that doesn't seem to want someone to manage their own crypto assets.

They won't do that anyway, just limit access to the wallet sites, announce the consequences for violators (jail, fines, etc.), and wait for the next who dares to violate.
Sure this policy sounds quite funny especially for citizens whose government policies seem like nothing. But the Danish rulers I'm sure know better how their population treats policies. If a country's rulers are sufficiently dictatorial, most of its citizens will obey these rules. For example, North Korea with its thousands of ridiculous rules, how many of them break it?

[Baofeng]

How is this going to affect Markets in Crypto-Assets Regulation (MiCA)?

I'm not experts but it seems that it contradict this new UE law? As"The objective of MiCA is to provide a harmonised regulatory framework for crypto assets across the EU".

How can there be harmonised if Denmark is banning self custodial wallets in the first place?

https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica

[ZAINmalik75]

That's totally absurd, they can't do that. At least I thought no one could impose such law, if they can apply this law then any country accepted the BTC can apply this law as well. Its mean people who were speaking that USA can confiscate the US citizen's BTC as well. Those thoughts are true or can came true. This is bad. This is centralization of a decentralized platform.

That's why Gary said, BTC is moving toward centralization, I thought it will be late like, such law will be imposed after 10 years but the countries are moving so fast and this is not right. Proper law should be imposed this will lead to the opening of cases on many citizens of Denmark because according to the report, 7% of the total population is involved in cryptocurrency and the numbers are still increasing.

[SmartGold01]

It's so naive to see that government wanting to ban self-custodian wallet and any other wallet out there why to encourage more of centralization or what meaning those who are using hardware wallet or any other wallet are seen or found to be illegal and scammer since their identity aren't reveal or trace?

I can see the hand writing on the wall and what they are about to do their true intentions towards banning those wallets, but however if they thinking about taxation maybe from centralized exchange why not they made it clear pure than banning self-custodial wallet indirectly.

[hugeblack]

How will they know that I used Custodial or Non-custodial Wallet? At the protocol level, only Bitcoin addresses appear.
Legislation like this means that you guarantee that customer funds will be safe in central services or at least give banks or any other financial entities the option of storing Bitcoin, otherwise it will be difficult to know what type of wallet is being used.

[ABCbits]

This is very disappointing, especially when Denmark usually seen as free or democratic country. If EU doesn't stop this regulation, it's another reason for certain people to compare EU with USSR.

[Freemind]

Once again they want to have more control over citizens, something I have been saying for years and for which I have sometimes been called crazy. I am completely unaware of Denmark's current legislation on cryptocurrencies, but what the government wants to do is one thing and what it can do is quite another. Obviously they can't control everything, so this news makes me think that lawmakers don't know much about how a blockchain works.

Can the government monitor the number of times a wallet is downloaded? No. Can the government know who installs a wallet on any device? No. Do Danish legislators know that privacy is a right in the European Union? Yes, they know it perfectly. It surprises me that one of the most advanced societies in Europe would try to do stupid things like this.

[Lucius]

seems hard to enforce but they will try to do it if they can. this bears careful watching. Meanwhile price of btc dropped a bit since this was announced .

Believe me, the price of BTC has not and will not react to this kind of news from Denmark, because realistically (let no one be offended) that country does not have any decisive influence on the rest of the EU, and it should be emphasized that they are not even part of the eurozone. In other words, they are in the EU, but they still play by some of their own rules.

This is very disappointing, especially when Denmark usually seen as free or democratic country. If EU doesn't stop this regulation, it's another reason for certain people to compare EU with USSR.

Far from the fact that the EU can be compared to the Soviet Union, they are simply two opposite creations that have never shared common values. What needs to be accepted is the fact that the EU is not as homogeneous as it seems at first glance, because it is made up of countries that often disagree on many things and have completely different views on the world.

This is actually something that can be considered positive, because every country should first of all represent its national interests, which is often not the case, and because of this, people are increasingly turning to politicians and parties that are less pro-European and more pro-national. These days, the focus is on France and its parliamentary elections, and as things stand, there could be a radical turn, because in the recent elections for the European Parliament, the ruling parties in France and Germany experienced defeats.