Topic: Know Your Customer - page 12. (Read 5764 times)
I do not think that the ICO teams are now sending information about investors if they invested a considerable amount. We see that in this area there is still no order and proper regulation. In the future, of course, it will be possible. States will eventually find reasons to monitor the transactions of citizens in the crypto currency. The whole question is whether they succeed, or not. I think that the confrontation between people and the state in the field of regulation of the crypto currency will only increase.
Bitcoin does not have to be staying anoymous. It's also about decentralization of money supply, and avoiding the bailout happening again just like in 2008 financial crisis.
You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.
We don't need to hide everything if we are really a good one and abiding the law of our country, we just need to follow rules otherwise there is a jail waiting for us, so I would rather follow rules rather than putting our name at risk, and for kyc concerns it depends on the project credibility, I'll investigate and check it first before entering to their project.
You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.
To better understand the identity of customers they use KYC by taking portraits as well as they will be accompanied by identity card and citizen information related to that individual. KYC very useful with people
KYC is nothing to make sure that there is no illegal money or person involved in the particular transaction or on a particular currency I think. The KYC is to make sure that everything is good according to the rules and regulations set up by the concerned authority, most of the ICO's now are requesting KYC and I think this is good that the whales may not enter into large amount purchase if the KYC is strict enough.
Very interesting questions, what about other countries? Do some other countries do report to government too and what amount of money you need to transfer or invest in ico for such report?
I think some ICO need your infos for their protection if they are really giving their tokens to trusted people. Plus the fact that in the case that one will question their company, they will have proofs that they are catering real people and willing to pay such amount of taxes if there are. I think for security purposes.
In the ICO I think the KYC requirement is very reasonable because it will help keep the scammers and the rich from wanting to grab the coin and manipulating its value in their own way. The implementation of KYC takes place carefully as a way to help investors more secure about the project that they are investing. 
I think some ICO need your infos for their protection if they are really giving their tokens to trusted people. Plus the fact that in the case that one will question their company, they will have proofs that they are catering real people and willing to pay such amount of taxes if there are. I think for security purposes.
It will not our fault but we have to choose the best investment with our experience that will be the only way to make more comfortable earning.
For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
I don't think so, I think it is still hard for the government to track different transactions involving bitcoin. Also, people releasing with such amount is too smart to handle it already, they know what to do to get rid of being checked or hold by banks or by the government.
I think some ICO need your infos for their protection if they are really giving their tokens to trusted people. Plus the fact that in the case that one will question their company, they will have proofs that they are catering real people and willing to pay such amount of taxes if there are. I think for security purposes.
For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
I agree to that. You must need to know the identity of your customer or investor before you give them the money/bitcoin. Because what if your customer have a bad plan with the money or crypto currency and you are the one that give them. If there is something wrong you will be the suspect to that, because you are the reason why he have digital or crypto currency. Know first the background of your customer before you pay them.
Well, all right, they need to know if someone will have too much money.
You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.
There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.
There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.
That is the reason many people share th critics about the bitcoin. we have to wash out these kind of black money investors from the bitcoin. So knowing the customer is need in the every bitcoin projects buddy.
Hence sharing the ID verification information like SSN and something are enough to make more safety.
One bad thing still there is possible with the anonymous nature, some of the people may scam the investors.
For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.
Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?
I don't think so, I think it is still hard for the government to track different transactions involving bitcoin. Also, people releasing with such amount is too smart to handle it already, they know what to do to get rid of being checked or hold by banks or by the government.
I do not think so. The whole point of cryptocurrency is the anonymity of any transactions. The government can not intervene in the process of buying or selling cryptocurrency. But still there is a chance that you can be hacked and find out information about you.
they still can get data about us from exchanger account.if we us decentralized exchanget, goverment can make request to this exchange to provide real data of their customer.
I do not think so. The whole point of cryptocurrency is the anonymity of any transactions. The government can not intervene in the process of buying or selling cryptocurrency. But still there is a chance that you can be hacked and find out information about you.
they still can get data about us from exchanger account.if we us decentralized exchanget, goverment can make request to this exchange to provide real data of their customer.
I have completed my KYC so I don’t have to hide anything and be white.
I do not think so. The whole point of cryptocurrency is the anonymity of any transactions. The government can not intervene in the process of buying or selling cryptocurrency. But still there is a chance that you can be hacked and find out information about you.
I dont know the answer of your question but asking kyc is so ridiculous in this ecosystem. Crypto is a decentralized ecosystem and the main advantage is anonymity. If you share your personal info what is the meaning of usage...
If we want government regulate this market, i think KYC is good option. Doing KYC is necessary to avoid from money laundering or others criminal activities. Cryptocurrency market right now is become one of many investment instrument and i think many benefits for crypto community if government issuing regulation
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