What is the use of KYC? | Bitcointalksearch.org

Benson Samuel

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Landscaping Bitcoin for India!

Quote from: polynesia on April 18, 2015, 11:14:30 PM

Quote from: Benson Samuel on April 18, 2015, 01:57:04 PM

Quote from: Rude Boy on April 18, 2015, 10:23:29 AM

Hello India!
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?

~Rude Boy

The KYC is not for BTC, but for Fiat in most cases.
Since the transaction will handle INR as well, regulations related to Fiat need to stay on record.
This would not be the case in a crypto-crypto exchange, even in India.

Thank you Benson. This is very enlightening.
Hypothetically, if a commodities exchange or stock exchange were to use BTC instead of fiat, would stringent KYC norms still apply?

If the commodity in question comes under a regulated field, I assume that it would be the same as Fiat.

dashingriddler

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Quote from: polynesia on April 18, 2015, 11:14:30 PM

Quote from: Benson Samuel on April 18, 2015, 01:57:04 PM

Quote from: Rude Boy on April 18, 2015, 10:23:29 AM

Hello India!
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?

~Rude Boy

The KYC is not for BTC, but for Fiat in most cases.
Since the transaction will handle INR as well, regulations related to Fiat need to stay on record.
This would not be the case in a crypto-crypto exchange, even in India.

Thank you Benson. This is very enlightening.
Hypothetically, if a commodities exchange or stock exchange were to use BTC instead of fiat, would stringent KYC norms still apply?

I would say YES, as commodities exchange and stock exchange are regulated as well. As you said it is an hypothetical assumption

polynesia

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Quote from: Benson Samuel on April 18, 2015, 01:57:04 PM

Quote from: Rude Boy on April 18, 2015, 10:23:29 AM

Hello India!
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?

~Rude Boy

The KYC is not for BTC, but for Fiat in most cases.
Since the transaction will handle INR as well, regulations related to Fiat need to stay on record.
This would not be the case in a crypto-crypto exchange, even in India.

Thank you Benson. This is very enlightening.
Hypothetically, if a commodities exchange or stock exchange were to use BTC instead of fiat, would stringent KYC norms still apply?

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: Rude Boy on April 18, 2015, 10:23:29 AM

Hello India!
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?

~Rude Boy

The KYC is not for BTC, but for Fiat in most cases.
Since the transaction will handle INR as well, regulations related to Fiat need to stay on record.
This would not be the case in a crypto-crypto exchange, even in India.

Rude Boy

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Activity: 770

Merit: 500

Hello India!
Actually BTC is an anonymous currency. I'm right?
Then why should i verify myself to exchange BTC to INR? In all exchanges (here i'm mentioning india only and i don't know about other country's) why should i give PAN number? If BTC is anonymous, then no need of verifying my identity by KYC right?

~Rude Boy

Topic: What is the use of KYC? (Read 1217 times)