Bitcoin

DeFi

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Denmark is considering regulation of self-custody wallets, including Bitcoin wallets, following recent DeFi guidance by the Danish FSA.</li> 
 <li>The proposed regulations could make offering Bitcoin wallets and DeFi interfaces in Denmark challenging.</li> 
</ul> 
<p> Denmark is reportedly planning to regulate self-custodial wallets, including <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> wallets. </p> 
<p> This is in response to recent DeFi guidance from the Danish Financial Supervisory Authority (FSA). </p> 
<h2 id="concerns-over-regulation">Concerns Over Regulation</h2> 
<p>Mikko Ohtamaa of Trading Protocol has expressed concerns over the proposed regulations. </p> 
<p> He stated that the regulator is attempting to include all aspects of crypto in the regulation, including Bitcoin wallets. </p> 
<p> He also suggested that the proposed regulations could affect all interfaces, including Bitcoin wallet service providers. </p> 
<p>The Danish FSA’s move is based on a perceived gap in the EU’s Markets in Crypto Assets (MiCA) regulation. </p> 
<p> However, these regulations do not apply to decentralized finance. </p> 
<p> Ohtamaa criticized the DFSA, stating that if its proposal was adopted, it could make offering Bitcoin wallets in Denmark difficult. </p> 
<h2 id="comparison-with-other-countries">Comparison with Other Countries</h2> 
<p>Estonia has reportedly taken a similar approach to self-custodial wallets, but the US has recently rejected this route. </p> 
<p> In the US, claims against Coinbase Wallet were dropped in an SEC vs. <a href="https://coineagle.com/exchange/gdax/">Coinbase</a> lawsuit, reinforcing a win for self-custody wallets. </p> 
<p> Moreover, the US crypto infrastructure bill, FIT21 Act, opted to study DeFi, like MiCA, instead of regulating it. </p> 
<p>The DFSA is currently seeking feedback from private actors on its proposed regulations. </p> 
<p> It remains to be seen how the DFSA will revise and implement the proposals on DeFi. </p> 
<p> If the DFSA proposal is adopted as it stands, it could negatively impact those offering self-custody Bitcoin wallet services in Denmark. </p>

Unveiling Denmark’s Potential Bitcoin Wallet Ban: A Comprehensive Guide

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