XEC Mass

A few days ago, someone asked me what dystopian regulations the EU had introduced. I'll start right away with MiCA: 1. Thanks to this regulation, all European crypto exchanges have delisted anonymous cryptocurrencies (such as Monero or Zcash), which, as a company, we can no longer legally purchase from a regulated exchange anywhere in the EU. This doesn't just apply to anonymous cryptocurrencies but also, for example, to USDT, which has refused to address this compliance issue (I should note that USDT is the most widely accepted stablecoin in the world). 2. All crypto ATMs in the EU (except Poland) have started requiring KYC from scratch due to MiCA, AMLR, and DAC8. The costs of the KYC process are so high that many companies have given up on it and moved outside the EU. 3. Bitcoin payments have become impractical. Almost all services that aren't P2P require KYC. 4. The costs of MiCA compliance are so enormous that many small, great services (such as archway.finance) are shutting down in the EU because of MiCA. I just received an email about this, and I’m really angry at EU bureaucrats. Out of 3,000+ crypto firms as of 2024, only ~194–210 have a license; ~75% are being forced out by July 1, 2026. 5. The largest crypto exchange, Binance, is still not 100% compliant. If it leaves the EU market because of MiCA, it will be as if Google had left the EU. It is evident that the EU is strongly opposed to financial anonymity (a true hallmark of a dystopian society) and to crypto services that are not MiCA/DAC-8 compliant, so EU bureaucrats approve only users'regulated crypto services that engage in widespread surveillance and threaten users’ privacy.