The new MICA legislation on crypto market and travel rule.

Hey everyone, this is mostly a post concerning EU crypto users.

I received an email about the new MiCA bill and the travel rule in the EU, and it’s concerning, especially for someone like me who uses DeFi.

The travel rule requires that more transaction tracking be allowed. Yes, this perhaps can prevent fraud, but it's also a strong hit against privacy.

Another thing I’m wondering is how we’re supposed to buy and sell when most crypto trading pairs are in USD. Will this create new barriers for EU users?

What this will mean for the tools we use like exchanges, hardware or hot wallets, and DeFi platforms. Are they ready for these changes?

I understand that regulation is in place to make crypto safer, but at the same time, it may make things more difficult for those already actively trading and using DeFi.

Making any transactions to a wallet now you have to give info on who you transacting with. How is this going to be enforced, how about when you send funds that you received from an airdrop or micro-transactions?

I'm just wondering how are you guys preparing for this any tips?