~
So this involves every custodial wallet, every exchange, every swap service, every payment processor, every casino or sportsbook, basically every crypto service in question. If you so much as touch a third party, then they will be obligated to collect your information and pass it on to your government. The only thing that will remain private is direct transactions between individuals. If a merchant accepts bitcoin directly then (at least for the time being) they can avoid this, but if they use a payment processor then they will be collecting KYC as well as information on the source of your funds for all transactions.
Wow, this sounds real bad; worse than the first page of the thread indicated. I stand by my assertion that it could just push us more into what Bitcoin was and how it was envisioned, but it will surely have negative side effects such as being harder to use without compliance to these inhumane measures and potentially affecting the price.
Though I believe the uneducated 'Bitcoin as an investment' cex-lovers who don't care about KYC and AML won't care much about this either. Heck, they don't transact with Bitcoin, so it will affect them the least & as long as trading goes on and people continue to invest in Bitcoin, even if just 'as an investment', the price shouldn't drop.