Denmark to Implement Radical Bitcoin (BTC) Ban?

Denmark, a member of the European Union (EU), is reportedly considering a radical measure regarding Bitcoin (BTC). According to unconfirmed sources, the Danish Financial Supervisory Authority (Finanstilsynet) plans to ban non-custodial Bitcoin (BTC) wallets, which are self-hosted by users.

This move is reportedly part of an effort to address concerns about unregulated activities in the cryptocurrency sector. The decision aligns with the European Union’s Markets in Crypto Assets (MiCA) regulation, which aims to establish a comprehensive regulatory framework for crypto assets across the EU. Danish authorities have emphasized the need to regulate “interface providers” and mobile app developers to ensure compliance with MiCA.

This is not the first time the Danish Financial Supervisory Authority has taken action in the crypto space. In July of last year, it ordered a bank to liquidate cryptocurrency assets, further demonstrating its determination to regulate the sector.

The stablecoin rules under the European Union’s Markets in Crypto Assets (MiCA) regulation are set to go into effect on June 30. The rules prohibit stablecoins from handling more than 1 million transactions per day for payments for goods or services.

With the new rules coming into force on June 30, stablecoin issuers operating within the 27-member trading bloc will not only need to have the appropriate authorization but will also face stringent limits on transaction volumes and values as outlined in the MiCA regulation.