If all crypto users to KYC | Bitcointalksearch.org

Johnyz

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

KYC will not be implement on every cryrptocurrency, that is not the purpose of this market and I know many will disagree on this one and even the government impose this thing, no one will follow because great platform is more powerful than a corrupt government. KYC is a big issue in crypto market, many are imposing this already but still we are lucky to have more projects that didn't ask for any KYC, at least we still have a good option to remain anonymous.

Rengga Jati

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I think if KYC is done only on certain exchanges where they are under the law of a country. And this becomes necessary regarding regulation and also security.

But if all Crypto Platforms or all the things related to Crypto must be KYC, I'm not sure this will go well. Especially for those who did go to Crypto related to the decentralization.

So this might not be easily available or implemented.

Ziskinberg

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

Actually, the government hated the use of cryptocurrency as they can't force users to pay their taxes but for now, it becomes their workload to track these users and holders for the sake of asking taxes. Too disappointed with their actions by asking people to comply with KYC which I don't like to do so but it was sad that we are almost losing our privacy. The government now seems to be strong and working hard to pursue their plans, they are close to winning as some of the banks are also cooperating with them.

cabron

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The government itself is spreading the fud. They totally did not understand the technology behind the cryptocurrency although it's possible to do this to some altcoins, it's really not possible with Bitcoin unless they can force everyone even the people who run nodes and miners.

The government should really start mining Bitcoin to understand what is really happening or maybe starting a big pool for miners maybe then they can ask KYC whenever there are miners joining their pools.

tanjiran

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It is possible that this is our future. Alas, we are moving towards a more regulated crypto market than we are now.
Exchanges have to adjust to regulators, otherwise they may lose their license and provide services. I do not think that decentralized solutions will die out over time, but rather more centralized ones.

local exchanges that provide fiat valid in my country do require kyc, this is also directly related to bank accounts. I have no problem with this as long as the service is good, because I also have nothing to hide.
There are pros and cons to this matter. For those who really like decentralization, they will definitely feel disturbed by the KYC terms, he said, destroying the essence of decentralization, that's the right of each. there are still various ways to disguise our identity, after all there are many decentralized exchanges that offer complete freedom without kyc.

Fatunad

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

Its impossible because crypto is decentralized and they have tried to do so but they do failed until this very moment.The only way that they could impose regulation or making it centralized are to those platforms which are involved with crypto transactions or dealing with this industry since they do have physical offices then its just normal that they would really be following rules and regulation that had been set by the government
for them to continue to operate or ran the business and it would directly impact into the users as well where they do need to KYC but somehow we do still have lots of options on getting rid of this situation.

fullhdpixel

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

Yes, the government wants to regulate the market, but it’s still up to you. The purpose of having cryptocurrency is to create privacy in the way we store and use our money. Your cryptocurrency is designed in a way that you can store and use it without the need for middlemen, most of the cryptocurrencies are designed this way. Even at that, there are centralized exchanges and wallets that require KYC before you can make use of them, and these are the ones that takes your information and makes it available to the government.

So, it’s up to you to secure your privacy by using the right wallets, that’s decentralized wallets and exchanges, like Trust wallet and Paxful, etc.

Vishnu.Reang

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Quote from: Kasabus on August 04, 2021, 08:27:45 AM

The purpose of crypto will be defeated if KYC will come to play, as the government is the main regulator that we have to comply with, we have no choice otherwise we will be penalized. I don't know, before I was so optimistic that decentralization is the key to transparency but what's happening now makes me believe that we can't beat the decentralization.

Already in the European Union, a mentally challenged official has proposed to outlaw "anonymous" cryptocurrency transactions. Now this is ridiculous, because all the cryptocurrency transactions are anonymous and you can't attach your personal data to any cryptocurrency wallet. What they want us to do is to give them a list of all the wallet addresses that we own, and inform them everytime we move our coins. These guys want to treat cryptocurrency on par with fiat currency.

That is fine with me, but then they should make cryptocurrency as a legal tender, and classify Bitcoin as a currency instead of a speculative investment asset. That would mean that we don't need to pay capital gains tax on our gains from cryptocurrency. If this is done, then I don't have any issue in complying with their new regulations. But they can't be selective.

avikz

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Quote from: myters on August 04, 2021, 03:39:45 AM

All those shitty "regulations" will ruin the whole concept.

The concept of anonymity and zero middleman is a potential threat to any government. So first they will try to impose a blanket ban. But when they will realize that they can't ban a cryptocurrency, they will move to stricter regulations to improve revenue. That's what the future holds for crypto market.

So any Dex or Swap providers will either be taken down and all centralized exchanges will continue to follow regulatory provisions or KYC and reporting transactions above a certain value. So no matter if the concept is ruined because government anyway doesn't care about concepts, expect strict rules to follow in crypto market.

Yes maybe there will be less scams etc. but freedom comes with pros and cons. Scams and other shady stuff related to crypto is just a con. I laugh at all those government officials when they talk about "regulating" crypto related stuff. Just lol. The rules are already written in the source code, (eg: Amount of btc) we don't need more rules and no one can make up more rules aka "regulations". Btc belongs to my wallet and no i wont give you my belongings. Stay away regulator!
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Fivestar4everMVP

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One thing that comes with centralization is the lack of freedom, for people to have freedom is one of the reasons why crypto came into existence, I personally have not KYCed in most of the centralized exchanges I use and this have limited the amount I can transact in successfully, and since am not a day trader, I mostly make use of decentralized exchanges which doesn't require kyc and does not limit one to the amount one can trade and withdraw in a day,
Personally, I feel in this age and time, we can't completely eradicate centralization, atleast not until crypto becomes fully mainstream, when it becomes possible for us to go to the market and buy food items, buy clothes, personal stuffs, house hold items, (etc) and pay with crypto comfortably, then this is when I believe that full decentralization can become very possible in the crypto industry.

Questat

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

There is a possibility that all crypto holders will pay taxes in the future once the government is really serious about tax implementation. We know it was not what we wanted to happen that is why we choose crypto instead of fiat but seem to have no choice if they become aggressive and if there is an implementing rule urging every holder/user to pay taxes.
But this gonna be a long discussion and the not being so easy to do that, not unless if they fully control the market. But something we are just be prepared of, who knows, right?

Stanlo

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Then no one is practicing decentralisation and there is no meaning for BTC to be a full decentralized project from scratch, I believe the reason why crypto makes sense is the freedom part, some don't even invest their money on centralised projects from day one

semobo

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

Already the policy existing in some countries along with any regulated exchange are supposed to provide the information of every registered customer including contact details and location. If you are worried about the KYC and privacy then you should choose the decentralized exchanges which are evolving gradually at the moment.

Kasabus

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The purpose of crypto will be defeated if KYC will come to play, as the government is the main regulator that we have to comply with, we have no choice otherwise we will be penalized. I don't know, before I was so optimistic that decentralization is the key to transparency but what's happening now makes me believe that we can't beat the decentralization.

rozak

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it all depends on how the regulations are applied.
larger payments will certainly be a burden. and it will actually decrease crypto adoption or even crypto holders because of the regulation.
I guess the tax charged for the exchange platform is enough. it will arrange taxes for trades and withdrawals. no need to be burdened for asset ownership. this is going to be a really complicated regulation.

traderethereum

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The government wants to take more taxes from their people but it is not easy to implement that to crypto users because when they save their coins into separate wallets, the government will hard to track them.
Not all crypto people will report that they keep some coins in their private wallet as the crypto user thinks that is their investment in digital technology.
But once the crypto user sends their coins into local exchanges, the government can ask for the report from the local exchanges so they can know who is behind the owner.
But we know that the government has their own way of revealing something that they want to know and they really can do that.

Argoo

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Quote from: myters on August 04, 2021, 03:39:45 AM

All those shitty "regulations" will ruin the whole concept. Yes maybe there will be less scams etc. but freedom comes with pros and cons. Scams and other shady stuff related to crypto is just a con. I laugh at all those government officials when they talk about "regulating" crypto related stuff. Just lol. The rules are already written in the source code, (eg: Amount of btc) we don't need more rules and no one can make up more rules aka "regulations". Btc belongs to my wallet and no i wont give you my belongings. Stay away regulator!

States and their governments will establish and obviously tighten the rules for the circulation of cryptocurrency, respectively, and the rules for handling it for participants in this market. They will not interfere with the concept of the cryptocurrency device, they do not have to, and they cannot change anything here.
So far, the rules are being established that participants in transactions in cryptocurrency worth over one thousand euros must be identified. That is, the identification will not be continuous, transactions with small amounts will remain anonymous.

Marvelman

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An estimate $3.38 billion of cryptocurrency transactions were laundered through bitcoin and other cryptocurrencies in 2019 alone. Nearly 56% of cryptocurrency exchanges did not follow KYC regulations at all, according to a study by blockchain analysis published in 2020.

Quote

Despite existing crypto AML regulations, many countries continue to host virtual asset service providers (VASPs) with deficient KYC. CipherTrace research has discovered that in 2020, 56% of VASPs globally have weak or porous KYC processes, meaning money launderers can use these VASPs to deposit or withdrawal their ill-gotten funds with very minimal to no KYC. The more porous VASPs that allow deposits and withdrawals up to a specified dollar amount with little to no KYC risk encountering conventional money laundering tricks, like structuring to fly under the radar.

https://ciphertrace.com/2020-geo-risk-report-on-vasp-kyc/

o48o

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Quote from: ARTURVH on August 04, 2021, 03:27:44 AM

https://www.theblockbeats.com/en/flash/43369
Tax laws require brokers to comply with IRS reporting requirements. Most importantly, they must tell their customers' details.For the encryption industry, this is impossible, and it also means that the government has banned mining in disguise.The government’s purpose is simply to improve tax compliance. But this influence to the currency industry may be devastating。

How is this impossible again? And it doesn't mean that government has banned mining, following regulations is just harder. Just wait until the FATF travel rule kicks in. You think this is impossible? Travel rule makes fiat ramps living hell.

Quote from: myters on August 04, 2021, 03:39:45 AM

All those shitty "regulations" will ruin the whole concept. Yes maybe there will be less scams etc. but freedom comes with pros and cons. Scams and other shady stuff related to crypto is just a con. I laugh at all those government officials when they talk about "regulating" crypto related stuff. Just lol. The rules are already written in the source code, (eg: Amount of btc) we don't need more rules and no one can make up more rules aka "regulations". Btc belongs to my wallet and no i wont give you my belongings. Stay away regulator!

If you want to deal with fiat money, you deal with the regulators. That's it.

livingfree

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That's possible only for exchanges and if you're going through limits. But if you're just the casual trader and you're remaining to be lowkey. You won't be asked for KYC.

Such KYC is being required for those countries that are very strict in compliance of their taxation like in the US.

Topic: If all crypto users to KYC (Read 209 times)