EU to ban self custody (old news)

[Ambatman]

Yes as the name implies. The European Union are planning on eliminating self custody and imposing KYC.
Yes they are planning on going against wallets like electrum.
Link below.

https://www.bitomat.com/en/blog/eu-wlasnie-uchwalila-zakaz-anonimowych-portfeli
 
As pointed out below this is a news from 2022 but EU stance towards stricter regulations of Bitcoin hasn't subsided as can be seen here.
https://bitcoinmagazine.com/politics/is-bitcoin-self-custody-under-threat-in-europe

Would the US be a turning point on their decision or they are going to influence the US with their belief on stricter regulation.

[Stompix]

Personally feel this is an April Fool news

Here is the non-photoshoped article:
https://www.reuters.com/world/asia-pacific/chinese-military-says-it-is-conducting-exercises-around-taiwan-2025-03-31/



Those analysts over at reuters don't even speak about crypto:

https://www.reuters.com/authors/yimou-lee/
https://www.reuters.com/authors/ben-blanchard/

[Ambatman]

https://www.reuters.com/authors/yimou-lee/
https://www.reuters.com/authors/ben-blanchard/

Thanks edited.

[Mia Chloe]

Yes as the name implies. The European Union are planning on eliminating self custody and imposing KYC.
Yes they are planning on going against wallets like electrum.
Link below.

Isn't there already enough pressure on open source projects that actually portray decentralization and proper privacy and now this crazy news? I've tested a lot of wallets back in the day and the fact remains I will always choose open source wallets over their counter parts.
For some reason I'm not sure of, it seems the level of decentralization enthusiasm in the crypto space is dropping every single day exponentially.

[Stompix]

https://www.reuters.com/authors/yimou-lee/
https://www.reuters.com/authors/ben-blanchard/

Thanks edited.

You need to edit a bit more:)
https://www.bitomat.com/en/blog


See that tiny 2022 on the date? 

Nobody is banning anything, depending on the law in different EU countries, transactions under x are not to be anonymous.
You for sure can transfer 50,000 euros to your daughter in cash, but you can't pay someone with cash that much for a service.
Same with Bitcoin, you can transfer as much as you want to your relatives, you can't pay or purchase or buy btc over a limit without KYC.

[Ambatman]

...

Thank you. This is the best o could do above.
Between 10 hours hasn't elapsed yet. Thanks.

[Mr. Magkaisa]

Personally feel this is an April Fool news

Here is the non-photoshoped article:
https://www.reuters.com/world/asia-pacific/chinese-military-says-it-is-conducting-exercises-around-taiwan-2025-03-31/



Those analysts over at reuters don't even speak about crypto:

https://www.reuters.com/authors/yimou-lee/
https://www.reuters.com/authors/ben-blanchard/

           -     I just don't know if the news I've heard about Taiwan is true, like there will be an invasion of Taiwan, so are there drills going on? I hope there won't be an invasion of Taiwan, because of course the crypto community in this country will be affected somehow.

Of course, those who will make transactions form crypto exchange their in Taiwan to other countries, this will still have a big effect on the crypto enthusiasts there.

[Tribalchief]

Am not even sure of where this whole issue is coming from and where it is heading to. Like, banning self custody?, is that even possible?. So, does that mean that hardware wallets and some mobile applications like mycelium and electrum will be restricted across Europe?. I still find this to be a joke as it sounds unrealistic.

I think what the EU needs to focus on is ensuring that cex comply with the KYC and AML policies. Telling people how to keep their money looks very much like a dictatorship, and that's what they are doing.

Would the US be a turning point on their decision or they are going to influence the US with their belief on stricter regulation.

US?, I can't even tell if they will be against it or support the idea.
Trump's actions hasn't favored Bitcoin recently, so It is hard to tell if they will be the villain or the hero in this case. Like I said, a ban to self custody is a dictatorship.

[omori]

           -     I just don't know if the news I've heard about Taiwan is true, like there will be an invasion of Taiwan, so are there drills going on? I hope there won't be an invasion of Taiwan, because of course the crypto community in this country will be affected somehow.

Of course, those who will make transactions form crypto exchange their in Taiwan to other countries this will still have a big effect on the crypto enthusiasts there.

I do hope there won't be more uncertainty on the broader markets due to that, and everything is going to stay alright in the perspective.

Fear would breed less liquidity for the crypto market.

[TomPluz]

I think what the EU needs to focus on is ensuring that cex comply with the KYC and AML policies. Telling people how to keep their money looks very much like a dictatorship, and that's what they are doing.

Many countries in EU are really ruled by the elitist politicians who do not fully respect freedom, democracy and privacy. And yet these people in power are usually proclaiming to be the saviors of democracy and that life of the people without them can be hellish when in fact what they are doing can be the opposite. Into the near- future, I don't see a good future of cryptocurrency in these countries as we know that cryptocurrency can be going against the principle of control they hold dear. If this is true and will be implemented throughout, this ban on self-custody is an example of this anti-people orientation and for now their citizens could not do anything but to follow along.

[Mia Chloe]

Am not even sure of where this whole issue is coming from and where it is heading to. Like, banning self custody?, is that even possible?. So, does that mean that hardware wallets and some mobile applications like mycelium and electrum will be restricted across Europe?. I still find this to be a joke as it sounds unrealistic.

Restricted in what way exactly? You can run Electrum on both mobile and desktop offline without facing any difficulties infact the only time you would need to go online is when you wish to sync again with the nodes you are connected to or you intend to broadcast a transaction.

Basically, what I see here is the government is just trying to make sure more persons use CEX which also means they wish to make sure CEX comply with governmental rules concerning KYC.

[taufik123]

-snip-
Basically, what I see here is the government is just trying to make sure more persons use CEX which also means they wish to make sure CEX comply with governmental rules concerning KYC.

Yes, now CEX is the government's basis to get all data validly for crypto users so that the taxes generated will still provide benefits to the government.

The required KYC makes everything clearer so that the government's work is lighter and the CEX does everything in accordance with the regulations provided by the government.