U.S. Planning Cryptocurrency Rules on Transparency - page 2.

20kevin20

legendary

Activity: 1134

Merit: 1598

I am pretty sure the focus on implementation will be through exchanges, they are going to try and keep exchanges operating in the US under strict rules and I am assuming operating member nations. Hopefully they only focus on fiat to crypto and crypto to crypto can still be easily and fully legal without kyc.

I don't see any reason crypto to crypto transactions would be considered illegal without KYC? So can I not send you $1 in BTC without having to tell the government that I did? If that's the case, then bad days are coming. I know you're referring to exchanges, but fiat to crypto and vice-versa f2f transactions, theoretically, need to be declared. Hence, crypto to crypto would sit under the same rule.

This is what scares me: Amazon's successful patent back from 2018. Guess there's a lot of work already ongoing for years about identifying us and honestly, with all the possibilities of analyzing transactions and how transparent they are, it's not hard to gather a ton of data and just sell it to the governments.

Harlot

hero member

Activity: 1806

Merit: 672

Blow To Bitcoin As ‘Significant’ U.S. Crypto Crackdown Suddenly Revealed

Same news different headline, it sad to see that even a reputable website like Forbes are using misleading headlines on crypto related news. How can this be considered a "crackdown" when only the potential new regulations the US will have is all about preventing illicit activities from happening in the crypto industry? Are there trying to say that everyone of us involved in the industry is doing bad? Like we are all evading taxes and laundering our money? These types of news about new and updated kinds of regulation shouldn't be assumed to be bad in the first place since we still don't know what the content of the upcoming regulations are. What Forbes is doing can be technically considered as mind conditioning which is delivering a neutral news to be something bad for us.

hugeblack

legendary

Activity: 2688

Merit: 3983

Quote from: avikz on February 13, 2020, 11:27:14 AM

US is slowly becoming crypto unfriendly country with its stricter rules and regulations.

It may be true because he indicated later that he wanted this technology to go ahead.

Quote from: squatter on February 13, 2020, 06:06:23 PM

I also don't think the US government will be the only one. The FATF expects member states to implement these standards by June.

I want to add this quote:

Quote

“We will not allow digital asset service providers to operate in the shadows and will not tolerate the use of cryptocurrencies in support of illicit activities,”

It seems that the focus will be on exchanges which may be through platforms, individuals, entities and everyone who provides crypto services, and perhaps it will extend to platforms that operate in the exchange of cryptocurrencies "that are not related to cash.

Quote

FinCEN will hold any entity that transacts in Bitcoin, Libra, or any other cryptocurrency to its highest standards.”

squatter

legendary

Activity: 1666

Merit: 1196

STOP SNITCHIN'

Quote from: hugeblack on February 13, 2020, 09:58:09 AM

Read more and source ---> https://www.bloomberg.com/news/articles/2020-02-12/cryptoasset-rules-set-for-release-by-trump-administration
It seems that the United States will spend more money to scrutinize Bitcoin transactions.

My suspicion is that they are talking about implementing the FATF travel rule with its $1,000 reporting thresholds. I was previously under the impression that Congressional legislation was required, but now I'm not so sure.

I also don't think the US government will be the only one. The FATF expects member states to implement these standards by June.

avikz

legendary

Activity: 3080

Merit: 1500

Since it is an initiative by Fincen, we can safely assume that the regulation will give more power to legal authorities against the misuse of cryptos. It may also include the power to scrutinize crypto users and their transactions, especially when it talks about transparency!

US is slowly becoming crypto unfriendly country with its stricter rules and regulations. It seems like they are ready to loose important business opportunities in the future for the sake of stupid regulations relate to transparency! Well, some other countries will reap the benefit then!

hugeblack

legendary

Activity: 2688

Merit: 3983

Treasury Secretary Steven Mnuchin said on Wednesday that the United States will soon announce new regulations related to crytocurrency and digital payment systems.
While he did not talk about these regulations, but it seems that they are aimed at tracking currencies and making sure they are not used for money laundering "or to make sure of imposing taxes on them," where he said:

Quote

Financial Crimes Enforcement Network is preparing rules that will improve transparency and prevent cryptocurrencies from being used as “secret bank accounts.”

“We will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering,” Mnuchin said.

Read more and source ---> https://www.bloomberg.com/news/articles/2020-02-12/cryptoasset-rules-set-for-release-by-trump-administration
It seems that the United States will spend more money to scrutinize Bitcoin transactions.

Topic: U.S. Planning Cryptocurrency Rules on Transparency - page 2. (Read 312 times)