This is bad. Really bad. Imagine if a lot of countries are doing the same.
the USA is heading that way. they proposed very similar regulations. they're currently on hold but i don't expect that to last long.
i won't be surprised if exchange customers are eventually just handing over a master pubkey to exchanges under legal declaration. i'll bet 80% of them won't even realize the implications, and will just give the exchanges an open door into all their financial activities.
Governments are trying to kill the term “decentralization”. Regulatory moves like this are destroying the purpose of decentralization.
i wouldn't say that. as usual, they are leveraging their power over industry to force
centralized entities into attacking our privacy and scaring us into legal/tax compliance.
decentralized protocols like bitcoin---unaffected.