Protect your non-custodial Bitcoin wallet — support the Open Dialogue Foundation

In a new report, the Open Dialogue Foundation (ODF) provides an overview and analysis of upcoming regulatory proposals for non-custodial Bitcoin and cryptocurrency wallets in the European Union (EU).

Some proposals based on FATF recommendations would negatively impact users’ ability to trade cryptocurrency assets privately.

EU and FATF 2025: New rules for Bitcoin wallets?

What are the best Christmas gifts from human rights, privacy, and Bitcoin advocates?@ODFoundation We provide comprehensive answers on what you need to know when using it. #Bitcoin P2P wallets, privacy-preserving payment tools &… pic.twitter.com/YZIlCZjSiR

— Lyuda Kozlovska 🇪🇺🇺🇦 (@LyudaKozlovska) December 24, 2024

Key highlights from the report include:

• According to guidance from the European Banking Authority (EBA), the current regulatory framework for cryptocurrency assets in the EU poses significant risks, including instant withdrawals to non-custodial wallets and the use of anonymity-enhancing tools such as mixers. Allow action.
• The upcoming market for Crypto Asset Control (MiCA) regulations may influence Crypto Asset Service Providers (CASPs) to adopt more stringent AML/KYC practices.
• Regulations in the EU may prohibit CASPs from facilitating anonymous transactions, which could reduce the privacy of crypto asset users and increase CASPs’ operating costs.
• Any obligations that could be imposed on CASPs would conflict with the proliferation of open source technologies such as the Lightning Network, Fedimint and ecash, which allow users to transact privately in a censorship-resistant manner.

Am I sharing all this because I’m about to ruin your holiday season? No, sir and ma’am.

I want to thank the Open Dialogue Foundation for the work it is doing in highlighting what is happening within the EU’s regulatory environment (particularly as it relates to non-custodial cryptocurrency wallets) and developing relationships with the EU’s elected officials. Share. The EU educates about the importance of Bitcoin and other free technologies.

So if you want to make a tax-deductible donation to a non-profit organization before the end of the year, consider donating to ODF.

And if you’re thinking, “Well, it doesn’t affect me because I don’t live in the EU,” or “I live in the EU, but if the regulations are bad, I’ll just move,” I want you to consider these two things: (The first is directly referenced in a recent ODF report.)

1. The European Union plays a central role in shaping global financial regulatory standards (which means cryptocurrency trading privacy advocates around the world have something at stake here).
2. FATF, the body making many proposals for the EU’s new regulatory framework, is an international organization and will leverage achievements made in the EU to influence regulation in other jurisdictions.

But again, don’t be afraid. Be thankful.

Please make a donation to support ODF’s efforts or do what you can to amplify the organization’s message.

This article take. The opinions expressed are solely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.