Mandotary KYC for Defi platforms? LOL that's a joke?
Unfortunately, not. What do you expect? They are pushing CBDCs, they are trying to put fear into people with the survival kit to spend a lot on armaments that people are going to pay for through inflation and worse public services, they are pushing digital identity for total control worthy of 1984, that they want to control everything that is done in the DEX is just a logical consequence of the totalitarian state we are heading towards.
They will just kill crypto innovation in Europe.
No, because it was already dead. You can't kill what is dead. And not only in cryptocurrencies. In technology in general, when a startup succeeds in Europe in its beginnings, it ends up moving to the USA due to the huge amount of regulations and the difficulty to raise money that they have in the EU.
Because crypto platforms can incorporate them in a country at the opposite side of Earth, in just few days, or even hours. We are seeing that with crypto casinos. And some platforms are not even incorporated anywhere actually. In the end many services will just go hide on TOR or I2P to escape legal persecutions, and it will be even more difficult for authorities to monitor them.
Well, they want to ban VPNs, so I imagine Tor will be in the same package. Let's see if we realize that
the EU is heading towards a 21st century USSR.
The HLG's first set of recommendations leaked to the public in June last year. The goal was simple – make the digital devices we use every day, from smartphones and smart homes to IoT devices and even cars, legally and technically monitorable at all times by law enforcement bodies.
Commenting on this plan, Mullvad VPN CEO Jan Jonsson told TechRadar at the time: "It would mean total surveillance and that Europe's inhabitants carry state spyware in their pockets."
Well when your neighbor is threatening with invading countries and then your main partner cozies up with this neighbor then you are forced to rush into an arms race to protect yourself just in case, so I can see how EU wants to build their own army. Nobody believed Russia would actually invade Ukraine and start bombing the country until it happened, so you have to be ready for these things before it becomes a reality so you have more leverage in both protection and further negotiations (EU is being ignored because they don't have a bunch of nukes, unfortunately it's the truth). So basically, they have to improve their defense.
Of course the problem is the absurd regulation that thinks everyone using a mixer is automatically a criminal. How are you supposed to get any privacy in Bitcoin if you dont use a mixer? if you send a transaction then eveyone can see your account balances on that address, so it's only normal to use mixers. But it's clear EU doesn't understand how Bitcoin works.