Best spokesperson against MiCA and Trading of Funds regulations in EU in privacy context?
I write a blog about digital privacy and tried to get my head around last week's vote in the EU for MiCA and Transfer of Funds regulations.
I see a lot of enthusiasm in the media, on YouTube and in articles, and not a lot of concern.
With the new regulations seeming to require all transactions, no matter how low, to be transparent, the ruling, for all the positives people see for crypto, seems to be a direct attack on coins like Monero, which aim to be a digital equivalent to cash today.
My questions are:
- Have I misunderstood the ruling and are coins like Monero not going to be affected?
- If I have understood it correctly, why aren't companies like Cake Wallet responding to this? They will be directly affected. (I don't see how Cake Wallet can continue to work with XMR in the EU under this new ruling from 2024; see quote below)
- Who would be a good spokesperson to clearly outline the new regulations, not from a finance perspective, but from a digital privacy perspective and in a balanced, non-politicised way? (Douglas Tuman from MoneroTalk is looking for a guest to explain the vote and its impact on Monero on his show).
I understand that Monero has the capability to 'go underground' if it were to become illegal, but I assume that's not a situation to wish for. (That'd be like a prepper hoping for nuclear war to try out their shelter). It would be best if using Monero in the EU would be just as acceptable as using cash is today. This new regulation seems to put restrictions on that idea.
My post is here: https://theprivacydad.com/on-eu-approval-of-mica-and-transfer-of-funds-regulations/
The text is here: https://www.europarl.europa.eu/doceo/document/A-9-2022-0081_EN.html#_section2
"Secondly, it should be clarified that this Regulation applies also to transfers from or to crypto-asset wallets based on a software or hardware not hosted by a third party, known as ‘unhosted wallets’, provided that a crypto-asset service provider or another obliged entity is involved. In such circumstances, however, there should be no transmission of information to the unhosted wallet. Information should be obtained by the crypto-asset service provider directly from its customer and should be held and made available to competent authorities."
Edit: links to full texts:
MiCA Texts adopted: https://europarl.europa.eu/doceo/document/TA-9-2023-0117_EN.html
Transfer of Funds regulation Texts adopted: https://europarl.europa.eu/doceo/document/TA-9-2023-0118_EN.html