Today is a sad day for those of us who use bitcoin and value our privacy. Just today, a law came into force in Spain that obliges entities that provide crypto-related services in the country to report absolutely all transactions carried out during the year.
This is indeed a bad news for crypto community and concerning development for all those who value their privacy when using crypto currencies, this development underscores the importance of avoiding central exchange whenever possible. I am afraid other European countries may follow the example of Spain and similar regulations is implemented about regulating the crypto currencies within their own borders. It is always advisable to stay informed about latest development in crypto regulations in your own country, as well as internationally.
Indeed it might be a sad news for all those who want their privacy respected, However there are always two sides to a story.
In the longer run this may become beneficial for people as everything will got through a legit system. It will boost the confidence to invest more in crypto and the fear of losing your investment in a crypto scam will be lesser.