Topic: Know Your Customer - page 7. (Read 5806 times)
I think every country has its own regulations on investment, but for crypto, I think most of them have required KYC, both for exchange and ICO
i think that having a KYC is a great move for businesses because they have to be sure wether the person investing is reliable and trustworhty.
Lets see first in their bounty or airdrop program required kyc or not? If not necessary it's a good project, also its normal doing kyc for big investor
Well I think that is not the contending issue and main reason for KYC as you all know that for the cryptocurrency to be widely accepted and adopted by the general public, there is need for it transactions to be traceable in other to trace crimes and other vises that are effecting the effective use of crypto.
I think KYC is a polemic that there is a pro and some are contradictory. on one side of the KYC is needed to prevent something that can harm other parties, on the other hand, this KYC does not guarantee the security and confidentiality of our personal data,
I have the opinion that KYC is needed, to minimize the negative impact of transactions, such as criminal acts and donations to terrorist. Someday when bitcoin becomes global money, KYC is needed for monitoring. For exchanges, ICOs that collect KYC information, when are they required to send information to the government.
Truth be told, no ICO sends KYC information to any government. They most times dump the information after the ICO stage of the project. 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?
This don't that's right. Buy coins and show who I am. It's enough that they can track the history of my wallet. Me really like to see crypto remain anonymous. Because every year the state controls people more and more.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?
Starting with video cameras on each post, ending with how much you earn and how much you spend money. In fact, it is a violation of an important rule in the Constitution. Freedom!!!
Being anonymous is one among the best that the virtual currency provides to the investors. Now due to the hard regulations from different governing bodies around the globe investors were asked to follow KYC similar to the centralized operations. This will change over the period of time when more people start to be a part of the network.
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 understand this because I have never had $ 3000 in value, there is too much value to be exposed to tax fees, or a deduction from the transfer of wallet or exchange of money, so is this government permission, should the government know that every exchange and transfer of money is organized and transparent better.
To ensure security purposes especially if you are trading or withdrawing big amount as exchange then it needs KYC. That's a companies ensuring if their clients are real.
If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.
Most government right now trying to regulate crypto market to collect taxes from crypto transaction. I think exchange will keep asking KYC because they should following government regulation
If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.
Most government right now trying to regulate crypto market to collect taxes from crypto transaction. I think exchange will keep asking KYC because they should following government regulation
In as much as man is very knowledgeable we lack regualation and the ability to conduct ourselves properly without messing things up badly. The know your customer approach is a way to help check the very many excesses that can occur in cryptocurrency as such it is a welcomed development.
Whether the exchanges are informed by the relevant government agencies about the monetary activity of their clients depends on the particular state in whose territory the exchange is located. With respect to the United States, I'm sure that the government ordered local exchanges and exchangers to inform them about all suspicious customers and making deals for large sums. In each state this will happen in different ways.
I think KYC is a polemic that there is a pro and some are contradictory. on one side of the KYC is needed to prevent something that can harm other parties, on the other hand, this KYC does not guarantee the security and confidentiality of our personal data,
Aside from protecting your personal data one of its purpose to know your customer also so you will be to adjust your pacing at least you will be at the same page with your customer.
I think KYC is a polemic that there is a pro and some are contradictory. on one side of the KYC is needed to prevent something that can harm other parties, on the other hand, this KYC does not guarantee the security and confidentiality of our personal data,
If you are in a country that does have a monitoring of accounts, do not worry about that because certainly the government is just doing what is right. Illegal transactions to fund terrorism or any illegal activities can be traced and prevented in this manner. And besides these the movements of money from one country to another is an action that needs a real attention as this could just affect the country economically. But if you don't want to participate in KYC's then choose the ones that don't have these.
If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.
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. continue to look in some form to ensure the security of my deposit balance. exchange coinbase has to forward all customer data to the authority.
I wouldn't like to send my sensitive information to a brand new company doing an ICO, so this is a very good question. Knowing what will be done with that information.
Jump to: