People have been preaching this everywhere for a while now.
Yeah, I've been saying it for years. First from a "not your keys" point of view, then from a privacy point of view, and now this. The reasons not to use a centralized exchange just keep stacking up.
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.
Agreed. Biden's blanket freeze on new regulations happened to also catch these crypto regulations but that doesn't mean he is opposed to them by any means, and Mnuchin's replacement is just as hostile to crypto as he was.
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.
There will surely be a big surge in interest in mixers, coinjoins, and other methods of obfuscation, which presumably exchanges will try to counter with more widespread and invasive blockchain analysis and blocking users who try to maintain any semblance of privacy. What a mess. We desperately need easier peer to peer trading with much larger volumes.