JeffG on Nostr: The devil is always on the procedural details. The EU (who else?!) is trying to rug ...

The devil is always on the procedural details.

The EU (who else?!) is trying to rug their citizens again to instate totalitarian financial surveillance laws.

quoting note1svg…va6f

On behalf of the BTC Coalition, we are recommending MEPs to vote AGAINST the #EU #AMLR proposal and urge you to join our call for three main reasons:

1. EU WILL DEVASTATE CROWDFUNDING FOR ACTIVISTS AND HUMANITARIAN NGOs

NGOs barely receive funds to support human rights or humanitarian aid.

#Crowdfunding, including the use of #Bitcoin  in self-hosted wallets, is the last resort.

What is the EU doing?

In the post-Trilogue AMLR draft, all possible crowdfunding platforms, including based on crypto-assets and serving humanitarian purposes, designated as intermediaries, are considered as high-risk ever-evolving Money Laundering and Terrorist Financing (ML/TF) channel.

In practice this means fewer and fewer donations, because of:
🔻increased administrative & operational costs,
🔻reduction of the donor base due to invasive due diligence processes,
🔻reduced financial inclusion of smaller entities and projects that traditionally rely on crowdfunding.

The AMLR does not take into account the broader negative impacts on society, resulting in the obstruction or even halting of social, entrepreneurial and humanitarian initiatives. 1/5