Know Your Customer - page 20. | Bitcointalksearch.org

Rose119

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Quote from: ShadowBits on May 28, 2018, 07:11:47 AM

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

Know your customer method is simply making all things legit and we can avoid those scam ICOs. But I am not saying all.

But not all ICO that want KYC is legit and not scam, for me it's really hard to give my identity in the people who I didn't know, but if I know that I will invest my money in legit it's ok to send my identity because as far as I know KYC is a legal way of investors.

pandanaran

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

I do not yet understand clearly about the KYC system of ICO, which I know ICO investment requires KYC because there are some countries that ban ICO, I'm sure dealing with investors from the country who ban ICOis rather difficult, so if there are such investors then the developer will return the funds invested.

ShadowBits

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

Know your customer method is simply making all things legit and we can avoid those scam ICOs. But I am not saying all.

darefreads

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In my country my wallet that I uses is required with a KYC that's why it is also not anonymous as they said to bitcoin. And if they are not aware of the person who cash out his money where did he get even it is small or big amount. I think some people are reported it in government but here in my country the wallet I use is connected in government properties like some bills so I don't see that kind of thing that the government will reported a person like me when I ash out a money in a moderate days.

gambitcoin53

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i think KYC is legal everywhere, it is a sort of protection of merchants from money being remitted to their customers. it limits the use of transferring money from illegal activities. since blockchain technology is equipped with anonymity, using exchanges as means of tracking where the money came from is beneficial to governments.

sakib12121012

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We need to know the customer for the business that we trade.If we know the customer well and meet their needs our success comes.Knowing the customer, we have to use them well.

FurDich

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Quote from: zoom_rich on January 08, 2018, 08:41:52 PM

Quote from: ?? on ??

to have a successful business, you need to market your products but first thing is, you should know your customers. so that you will know if that customer is trustworthy or not.

That's not the issue here. I'm talking abut KYC, which is a legal thing.

I hope for this kind Of legacy about giving our kyc that we should take good care our government ID so that It will never used by someone for bad things.

Da Cambodia

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We must really know who our customers are for our better performance. Familiarity with the cosmic is so important that we really need to know.

jayyen

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KYC in my opinion is good because it will help to make people responsible for their actions and inactions in the cryptocurrency world .Many people think because blockchain is anonymous they can do anything and get away with it but now KYC,it is impossible to do just anything. You are held accountable for anything you do.

awik p

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Pepemo.vip

Quote from: tapaibuccok on May 27, 2018, 09:32:18 AM

Quote from: MiXxe on May 27, 2018, 05:46:14 AM

Quote from: endut15 on May 17, 2018, 08:44:39 AM

Quote from: beccer on May 09, 2018, 11:52:01 AM

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

I think if the government will take the management of any cryptocurrency or especially the bitcoin, it will enormous time to adapt for the vague change. Considering that bitcoin has a very large system and this is being transacted by almost all people in the world so it means that this is international. And all governments will have to meet together.

I think crypto has not been governed by the government because we are not required to pay taxes to join in ico, or maybe the government just wants to know who its citizens are joining in crypto currency to avoid illegal transactions

know your custumer is usually needed when we will participate in an ico. and i think this is prompted by the project developers, so i do not think it's the government that asks. and probably well if this is done to avoid illegal practices

rat03gopoh

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Since personal data about KYC has been registered on government documents, all your dollars turned into cryptocurrency will be automatically registered. Your activity needs on crypto assets will be recorded from the beginning of investing

suraza21

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

dealing with customers if online customers I will care about the address of the wallet involved how to correct if the wrong number is the unpredictable consequences, if the direct transaction we need mind many other issues besides the address of wallet

tapaibuccok

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Quote from: MiXxe on May 27, 2018, 05:46:14 AM

Quote from: endut15 on May 17, 2018, 08:44:39 AM

Quote from: beccer on May 09, 2018, 11:52:01 AM

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

I think if the government will take the management of any cryptocurrency or especially the bitcoin, it will enormous time to adapt for the vague change. Considering that bitcoin has a very large system and this is being transacted by almost all people in the world so it means that this is international. And all governments will have to meet together.

I think crypto has not been governed by the government because we are not required to pay taxes to join in ico, or maybe the government just wants to know who its citizens are joining in crypto currency to avoid illegal transactions

MiXxe

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Activity: 462

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Quote from: endut15 on May 17, 2018, 08:44:39 AM

Quote from: beccer on May 09, 2018, 11:52:01 AM

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

I think if the government will take the management of any cryptocurrency or especially the bitcoin, it will enormous time to adapt for the vague change. Considering that bitcoin has a very large system and this is being transacted by almost all people in the world so it means that this is international. And all governments will have to meet together.

agiskasep

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Why exchange collect a lot of KYC? And where it's going,is this for FBI course to track someone hahaha or maybe government.

michellee

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Quote from: 4p0l4k4y on May 26, 2018, 10:57:04 PM

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

For me the main reason why the created the KYC is to be able to track everyone who uses crypto anonymously. By us giving out information to the government we are giving them ways to track our crypto incomes and we are already vulnerable to pay taxes.

and from the report from the KYC, the government can apply some regulation to the customer which using the crypto and like you said, the government can force the people to pay the taxes which we don't want to pay. I think if the government get involve in the cryptocurrency then the crypto itself will not free like before and there will be a limitation of the crypto to not grow fast again.

crazymelons12

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I am not a citizen of the US and therefore cannot comment on the exact amount when ICOs should report it. Yet as to the idea why should they monitor through KYC the amount of money transferred, I think I have some thoughts to share about it. First money is part of the countries economy. Any transfer of an amount that is beyond of what is considered safe could create an impact to their economy hence should be limited. This is the same reason also why the government couldn't just create any amount of money and give it to the poor. Cryptocurrencies are exchanged for fiat and it is the same as a real money transfer when ICOs pay the bounty. Second, money in the form of cryptocurrencies can be misused to pay for illegal transactions like drugs and other crimes which may involve funding for terrorism.

kumala_abi

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GoMeat - Digitalizing Meat Stores - ICO

Quote from: endut15 on May 17, 2018, 08:44:39 AM

Quote from: beccer on May 09, 2018, 11:52:01 AM

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

know you customer proccess it used to protect their project.they do not want in their project any funds coming from a crime. and if this happens they can know the culprit with this kyc.

BeGoods

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Quote from: endut15 on May 17, 2018, 08:44:39 AM

Quote from: beccer on May 09, 2018, 11:52:01 AM

I am not sure this will be governed by government because there is no tax here, maybe kyc here only aims to find out who is joining ico, name, gender and citizenship that will be viewed

it's hard to predict, too, whether the government will manage everything, so we have to see what's going on next, so we have to wait for everything

I don't think there is any legality from the government for crypto and ICO investments, so I don't think there is any taxes or fees for the government, I'm also hesitant about that because we know that the velocity of money in the ico project is enormous, the government will be very disadvantaged if it does not do certain things for this, but the latest news in my country, precisely the government prohibits ICO investment..

4p0l4k4y

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Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

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?

For me the main reason why the created the KYC is to be able to track everyone who uses crypto anonymously. By us giving out information to the government we are giving them ways to track our crypto incomes and we are already vulnerable to pay taxes.

Topic: Know Your Customer - page 20. (Read 5825 times)