Topic: Stronger AML Enforcement Might Actually Save Crypto (Read 599 times)

It would make sense that if countries already has AML regulations in place for fiat wouldn't they want to do the same with any currency? I know it varies country by country but I think it's going to have to be necessary to have something in place and firms like ciphertrace in place to help with the proper technology for crypto

No people just need to stop being greedy and stupid and giving their money to scammers. Crowdfunding is awesome and works very well. Many cool things have been brought to life because of it.


They can monitor spending habits and then other data. Don't forget google record your habits and that is how they target you with the different ads. They may be able to sell this info to other companies. I have had phone calls and advertising sms sent to a phone number I never gave anyone. They got it off a list no doubt.

I think you are wrong entirely. There really isn't a way for them to make a bunch of money of the data of people's transactions? That makes no sense at all. Instead it's the exchanges that bring these good guys like Ciphertrace to help with tracking of any mass movements of money. They are pro-crypto

That's true and agree with you, the list keeps growing and there is not much that we can do, if not for the like of ICOEthics, scammers will not be caught and the millions of dollars that are lost will be doubled, we need regulation to stop scammers and save ICO or do away with crowdfunding.

If the startup project conducts a IEO sale phase, they will not ask you for personal information. Especially if the exchange is decentralized. You should also pay attention to where the project plans to add its tokens before deciding whether to invest there.

All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations.

Kyc and AML are necessary procedures for investors to ensure that the project complies with financial legislation. If you do not know how to choose a ico I would advise you to study the educational section for crypto investors on the taklimakan platform. There are training courses for beginners where explains all the difficult moments of cryptocurrency functioning and tips on how to choose the best ico or sto project for investment

Making governments feel better about crypto? Sure. Making banks and businesses feel safer (and not about making the world a better place, but about keeping their licences!) about dealing with crypto-related enterprise? Absolutely.

But saving crypto? From what? People have been using and trading Bitcoin for as long as it's been around, and not because of AML enforcement, but despite it!


Other than exchanges with licences, yeah, this is my thinking actually. Someone asks me for verification and I'm suspicious. Mind thinks = you're using Bitcoin, why're you asking?

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

You said it right. It's transparency that we need especially if the transactions are already on a public ledger why wouldn't we want to explore transparency of illegal movements of money? Especially if there are cyber security companies that work to do this that are pro-crypto. They aren't trying to take down the system...... just take out the bad guys

Most of us do not give two shits about what the government feels about Bitcoin, because their agenda will never match the needs of the public for Bitcoin to succeed. They want total transparency and zero financial privacy for their citizens, which is a Win for them and a loose for the public. 

It would be nice if they can meet us somewhere in between, but I think that will not happen soon, because they have enough power to force whatever they want on to public citizens. 

So we continue trying to bypass centralized government control and allow oversight. 

I honestly think there will be AML regardless of whether people want it or not. There has to be common stomping grounds between the public and different governments. I hope privacy coins will stay around but honestly the compliant blockchains are going to be the ones that persevere through the years

Having pro crypto cyber security firms like ciphertrace is what we need to help with proper aml

AML really just watches major movements of money that look super suspicious. My thoughts are this is actually super positive for the overall ecosystem in terms of volatility and distribution

I think people fear that with regulation there will be major shift in crypto as we know it but honestly I think with regulation there will be a change in cutting out any scams or bad actors. We might not necessarily need government but cyber security firms like Ciphertrace that are pro-crypto and the government trusts.

Reading through the comments, it seems a lot of us here don't really believe that KYC-AML laws is not the key to unleash the real purpose of cryptocurrency. However, one issue of the governments has to be resolve, and it's about money laundering! We know that illegal money has been laundered here in cryptocurrency with ease that no one can ever trace. My point here is, while cryptocurrency hasn't been performing as it was designed to, which is decentralized in a sense independent of the fiat money, the government has to something. Just as they said, there are only to options: ban or set up AML laws.

"Central" Regulation = Central takeover of crypto.

By the way, why request for all these when you can just use fiat currencies? Besides, most centralized crypto companies are already kyc/AML compliant.

Excessive "Central" regulations will effectively turn Bitcoin & other cryptocurrencies into fiat currencies.
Currency seizure, Privacy violations, Centralizion, price manipulations,  censorship, economy manipulation, fund mismanagement, shared debt, will become a norm in crypto. Is that what you want?

Go back to sleep. You are delusional. Why are you here please tell me? You obviously have very little understanding of what liberation is. Good luck to you paying tax to a government that wastes it. Regulations just make things harder and give more control to the government. The government has nothing to do with crypto, it was made for the people by the people and there is nothing you or anyone else can do about it, so seriously dude go to sleep. THis isn't the place for pro-government and pro regulations. If you want that sell all your crypto and use fiat. Regulation doesn't mean safe. I bet you one of the people that have given out your KYC. WHen exchanges get hacked and your personal info is leaked good luck to you.

Even as a small child yo utqaight not to give any personal info to anyone no matter who they say they are. Would you give your KYC to a stranger in the street? Please man get real they use this regualtion crap to hide behine what they really do. It isn't the holders they need to worry about its the people running the exchange. I will never give my personal info out because legally I don't have to. Please learn the law. If an exchange wants my KYC that's fine but then I want the KYC of every single person working at that exhange or guess what?? They hiding something.


Ok... YOu think its safe?? Can I have your KYC please? WHy not?? I can just run an ICO and claim to follow laws that are made up to begin with. Can you not understand its all bullshit. Go to your local authorty and ask them if you should be giving your eprsonal info to strangers. You are insane. Exchanges are not safe. No KYC is safe. Echanges get hacked and you lose your cryprto and your identity.

Go do some research about identity theft. People can destroy your life. YOu think its safe? Sorry but my family and their safety is more important then any law. I know I am not a crimanal so I don't need these regualtions.
They ask KYC when you move hundereds of dollars. Its a hostage tactic. YOu sound like you bow down to authorty. I bet if I pulled you over while you were driving you would stop just because I have a uniform on. Hell you would probably do anything I say. Slaves to the system.

Personally, I have no problem with the KYC requirement which many projects and platforms are implementing in the name of being compliant with the laws of the country. However, I also understand that we can never be sure that our information is actually safe as anybody can decide anytime to monetize them for any reason. I think the best solution for this is to use a platform which utilize the blockchain technology for our data for safeguarding purposes and where we only have to do one time submission of pertinent data and documents. I know there will always be people who are not comfortable with any form of KYC...and for now the best solution for them is to avoid any service that requires such instead look for other alternatives.

which is my question how to do that, while crypto is an anonymous currency. very difficult for now because of the many decentralized exchanges such as Idex and Forkdelta. so I think AML is difficult to fully implement.