EU to ban cryptocurrency anonymity in anti-money laundering plan (opens in new tab)

And thus it is declared, that from this day forth, if someone shall know a set of numbers X, Y and Z, such that X*Y=Z, then they shall be required to register the numbers Y and Z and obtain a license for the use of X. So it is written, and so it shall be done.

>The identity of all owners of virtual assets, senders or receivers of transactions would have to be verified by crypto service providers.

A crypto service provider being anyone who mints a block, right? So basically, miner nodes in the EU cant accept incoming transactions signed by "unregistered" wallet addresses. Sounds like mining in the EU is what's really being outlawed here. I suppose if nodes wanted to continue operating in the EU it would mean registered addresses may be processed slightly faster/cheaper, since the EU miners would only be allowed to mint blocks with them?

But would they be allowed to add blocks to chains with unregistered wallet transactions in previous blocks?

Seems like they're straight up banning mining in the EU on any blockchain that doesn't explicitly have registration for every single wallet.

Because criminals exist, everyone should lose their privacy.

Great logic! They did the same with privacy centric messenger applications, demanding that Signal and others create and hand-over "master"-keys to decrypt all private messages.

Good luck forcing a DAO or an opensource community running 100% peer-to-peer to do anything.

In the future everyone who takes privacy measures will be made into criminals, and so only criminals will have privacy.

EU pretexts AML to reduce velocity/price of cryptocurrencies in wake of future euro inflation?

This is going to work as well as the ban on sharing copyrighted media.