Having KYC may not be mandatory for all crypto-only exchanges, however security measures should be taken to reduce the possibility of terrorist financing and money laundering. Because of the unregulated nature of crypto-based businesses and the rapid expansion of the market, the money supply is quite volatile and unregulated. However, KYC doesn't eliminate fraud, but it can help provide assurance in their legitimacy and thus offer a degree of protection against fraud. The key to protection from fraud is the strict verification of the KYC information. Anyone who interacts with cryptocurrency should have their real-world identity verified using such verifiable resources as biometrics or formal government documents. This ensures that no links to illegal activities can be used to link a person to the cryptocurrency they are interacting with. A real-world identity should be held in confidence. Most crypto-exchanges offer this function already and it is also a good practice to link a legitimate-sounding online account (i.e., Coinbase, GDAX, etc.) to an individual's verified real-world identity.
Topic: If all crypto users to KYC - page 2. (Read 209 times)
Is it possible for all crypto users to verify accounts before able to send and receive cryptocurrencies, this is not possible, it is only possible on exchanges and on sites that are custodial, you can not expect me to have noncustodial wallet like electrum and have to verify or provide any kyc, it is not possible, bitcoin gives total control, blockchain makes the total control perfect. But if you are using centralized exchanges or using sites like PayPal, you will have to do kyc, that is just it, but do not expect something like that on noncustodial wallet.
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!
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。
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。
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