Thread by @JustMike_Crypto

On December 30th $USDT will be delisted in EU on most Central Exchanges.

The MICAr regulations will come into full effect in Europe, and USA will soon follow! This will change #Crypto forever

Here is everything that you need to know and my recommended workarounds👇🧵

So far I have not seen anyone talk about this, as it seems very few actually have spend time in researching this topic.

I spent a lot of time on the research and would appreciate your support for sharing my knowledge for FREE

What is it?

The MICAr stands for: Markets in #Crypto Assets regulation, and lays out the licensing regime for cryptocurrency businesses in the EU, INCLUDING all "Passporting rules"

In other words KYC

As of December 30th 2024, the European Union will have clear rules of engagement for cryptocurrency businesses and individuals alike!

The EU agreement will also likely serve as a benchmark for future regulation in other jurisdictions, influencing rulemaking around the world.

This is what will change!

Travel Rule: Any transaction above 0 EUR will require a cryptocurrency business operating under an EU license to capture information relating to the identity of the sender and recipient of a transfer of crypto assets for ALL transactions, regardless of their size.

This includes Exchange transactions, hot wallets, and EVEN cold storage wallets.

And this is what it means.

Exchange to exchange transfer:

Exchanges operating under EU license will exchange YOUR personal details with eachother whenever you make a transaction.

You will not know where your private information will end up, and heavily susceptible to leaks

Hot and Cold wallets:
You will have to link your identity to any wallet you own, meaning that exchanges and authorities have complete insight in ALL your transactions

$USDT Delisting:

USDT and #Tether will be delisted, and more stablecoins will follow. We do know that $USDC is compliant and allowed to be used.

This means that you will not be able to send crypto to anyone other then yourself for at least the coming 18 months. However there are solutions.

But more importantly, this poses a HUGE risk to your own privacy. So lets tackle the narrative behind it.

Research has already shown that personal wallets in fact do NOT present an increased risk of criminal activity.

Personal wallets don't provide on or off-ramps from crypto currency. Users must still move their #Crypto to a centralized service to convert it into fiat currency.

So why does an offline wallet requires KYC as well?

The narrative that is being pushed for these regulations is to have better overview of potential criminal activity, money laundering and tax evasion.

However, in reality, these regulations actively and desperately attempt to keep you in the traditional banking system and keep traditional finance relevant. The #FUD that is being created causes investors to sell and turn back to fiat.

This is the opposite of what Crypto was built for, and heavily violates personal privacy. We will not know where and how our personal information will be shared and stored. It is a HUGE risk to identity fraud instead.

Luckily there are work arounds! Read along to be fully informed and stay in full control of your funds!

Solution 1: Use a non-KYC exchange. I have already moved my funds to Toobit. I have used this exchange for over a year already to trade on, and now will serve as my main crypto platform!

You can sign up for an account here, and even benefit from some nice bonusses for making an account: toobit.com/t/ThriveLabs

Solution 2: Plug in a new and fresh offline wallet if you are seeking to offramp, to stay in control on what part of your portfolio remains private and what will not.

In summary:

Stay in control of your funds and privacy!
Dont forget to retweet, follow and like this thread. I have put alot of effort and time in bringing this to you bitesized

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Sourced used:
⁃chainalysis.com/blog/chainalys…
⁃chainalysis.com/blog/eu-crypto…
⁃esma.europa.eu/esmas-activiti…
⁃afm.nl/en/sector/cryp….