Bitcoin Forum

What's your comment?

https://www.cryptocoinsnews.com/bitcoin-exchange-okcoin-publishes-heightened-aml-guidelines/

This is expected.
I expect bitcoin future will be strictly regulated and centralized.

From the article...

That was already implemented in some of the bitcoin exchanges today including the web wallets.

Really expect that kind of measures since for bitcoin exchange to be legally operated, they need to comply with the country's rule about Anti Money Laundering and any associated law with their own financial system. No such thing as bitcoin anonymity once people use exchanges that's why I don't get other people why they are whining about the system like that. And those people want a mass bitcoin adoption without thinking that for bitcoin to be massively, it must be regulated and centralized.

Same as pretty much everywhere else then.

What's the story with the wallets stopping functioning? Will all accounts be new from scratch? Will you have to crawl through the mud to get those frozen coins back? I hope they made a careful note of whose coin is whose.

You're the 1st person that shares my understanding.

This is just a local exchange making rules like that. Bitcoin as it is just keeps functioning.
It sounds to me like they want to gain complete access to all private keys, ensuring the consumer can't access his coins without them. This goes exactly against everything Bitcoin stands for.

While they may try to regulate exchanges, that only works as long as you need exchanges. When you buy something from someone and you pay in Bitcoins, you skip the exchange.
And if you still do need to exchange Bitcoins for cash or cash to Bitcoin, you can always do it with another person. Until they ban cash.

It is really a good news for the bitcoin users as we needed a regulatory framework to increase the acceptability of the bitcoin among the masses. Otherwise, biotin will remain an underground currency forever.

However, these stringent rules will only benefit the Chinese users as of now. But if this model become successful to curb the money laundering activities, I hope all other countries will follow this model and bring parity between the bitcoin users. Without this king of regulatory framework, bitcoin will never become a mainstream currency.

If bitcoin become legal one, then it regulated and take control over the bitcoin by the government. Personally, I don't wish bitcoin take over by any financial institution. I read the this news link and bank tries to control on bitcoin exchanges right. Finally, see they put taxes on our head for using bitcoins also once its been legal to use.

This doesn't surprise me at all, and in fact it shouldn't really be surprising for anyone since China always loves to be incredibly restrictive of their citizens, and chances are they wouldn't want to have it any other way from what they have right now.

Seems like they're going a bit overboard with everything they're looking to require users to provide, but chances are the Chinese gov't want to know everything about people who aren't using the native currency exclusively.

It's a shame to be honest, I never really expected for China to want to keep their citizens this poor. I thought something like Bitcoin would be mostly innocuous for a country that big, but apparently not.

The video review features has been introduced by coinbase and few other exchange websites too.

I did not get the multi-sig address part. Will the addresses starting with "1" be considered invalid? What will happen to the funds in those wallets too? Or is this applicable only for Chinese exchanges?

Everything starts off innocuous. This was always going to happen at some point. It's rather amazing how little of a shit the rest of the market gave about all of this when it spent years cowering in the face of Chinese bots.

I wonder where it would be now if China had gone all the way in 2013.

Now all they need to do is cut the Chinese mining cancer out and we might actually get somewhere.

It sounds like they're trying to turn OKCOIN into a corrupt financial transfer service like paypal that is known to freeze funds and rob people for no reason.

Regulation carries no benefits for end users of exchanges.

Regulation was not needed before and isn't needed now.

Regulation is the reason the united states is $20 trillion in debt.

Regulation does nothing as we all know banks have been laundering money for terrorists, drug cartels and other illegal groups for years & continue to launder money for them til this day.

Nobody can control Bitcoin.

If the day would happen that Bitcoin can be regulated, then it will goes against the main objective of Bitcoin and people will go away to another cryptocurrency that is not regulated.

Only the exchanges can be controlled by the government.  They will never control the direct transaction of two person.  So I guess China is not trying to regulate Bitcoin but rather implementing their law towards AML and KYC when it hits an exchange platform.  Beyond that, China government cannot regulate.

the western exchange site, such as the coinbase has been applied earlier. It's quite silly to see the exchange site will make bitcoin get close to the centralized which the coin must still have a decentralized aspect to be the main feature of the coin. Looks like the government will steer the market to his own way. We know the market is a key while that thing was connecting the buyers and sellers which it becomes central of the bitcoin ecosystem.
The government tries to erase that privacy aspect

you are trying too hard!

this has nothing to do with what you said.

when you want to use FIAT you have to obey the laws of FIAT WORLD.
sometimes you use that fiat to buy regular goods, groceries, a house,... and follow the fiat rules and sometimes you buy bitcoin with that fiat and follow the fiat rules.

Bitcoin will not be centralized though there are some efforts to make it centralized but it has not succeeded and it will never be. Bitcoin will not be regulated but the regulation will be place on exchanges and not on bitcoin itself. The purpose simply is that the Central Banks wanted everything to be transparent to avoid money laundering and of course to track down people using bitcoins in illicit activities.

Lol,I'm always fascinated by such claims-how can you exactly regulate BTC-like how exactly will you find a way to regulate it because in my mind it's really hard to find a way to do it-BTC isn't something you can control-or at least not to a such big level.All these claims for me are just attempts to somehow bring BTC down.

another rubbish news about regulating bitcoin exchanges here and no surprise that it is again coming from China and is written by a well known click-bait news site.
Chinese may be a tad bit more strict about regulations but the same thing is going on in any other place in the world that is working under the law and is using fiat and goes through banks.

bitstamp (Luxemburg): https://www.bitstamp.net/privacy-policy/
https://www.bitstamp.net/aml-policy/

Coinbase (San Francisco/US): https://support.coinbase.com/customer/en/portal/articles/1220621-identity-verification
https://www.coinbase.com/legal/privacy

Cex.io (UK): https://support.cex.io/hc/en-us/articles/215744957-Identity-Verification-Guide
https://blog.cex.io/news/kycaml-policy-and-identity-verification-at-cex-io-14576

Kraken (San Francisco/US): https://support.kraken.com/hc/en-us/articles/201352206-What-are-the-Verification-Tiers-

QuadrigaCX (Canada): https://www.quadrigacx.com/faq (Ctrl+f: "How does your verification process work?")

here is Forex exchange same process: https://www.trulioo.com/blog/foreign-exchange-need-know-anti-money-laundering-compliance/

I would consider this news as an internal issue and it has nothing to do with the rest of the world and if they are regulating bitcoin to avoid the bad apples then it is their choice to counter illegal transaction of currency and i do think more countries will start regulating bitcoin and starts taking tax for every transaction because every government do like money.

this topic seems more like a racial attack and mis-information than a real bitcoin information topic, for these reasons.

1. any exchange in any country that touches FIAT needs to follow fiat regulations of that country
2. just because half the business relates to bitcoin does not make the fiat side magically not require fiat regulations
3. if an exchange doesnt want to follow fiat regulations then just fo bitcoin-alt exchanging without any fiat involvement
4. its not just china its near on every country.

This will only concern Chinese exchanges. And in case this affect all the exchanges, some day or another, a decentralised exchange will pop-up and will end all this debate.

Im sure that China won't let their citizens to exchange and use bitcoin without any kind of regulations and control.
They might want to create centralized bitcoin in China, just by using law that affects crypto exchanges.
If they would suffer because lack of any exchanges, how it is possible to convert them into fiat?
The only possibility would be to do it on street, personally- face to face.

The thing is that the exchange needs to be somehow connected with the banking system, to transfer the money to their customers right?
I doubt there are buildings where you can personally send btc to the company and recieve cash.

Once again China have demonstrated its Communist tendencies, but it is unfortunate Bitcoin is not subject to the territorial integrity of China. This is how they unwittingly undo thenselves and relinguish the little grasp they maneuvred and held on Bitcoin. In recent times, Japanese exchanges have been recording increase in volume of transaction and I see it getting huge from now on. Bitcoin is like air, don't bother to control it, because it goes wherever it would.

Looks like they are narrowing the illrgal transactiion.
This is more like a prevention not a regulation. There is too much requirements to be able to use it. Although I do admire that they are taking a bigger step.
But, it is like only those who are residents can use it. There will be holes in this strict rules that they are implementing. It is like telling people not to use bitcoin with that hard tasks.

haha, again bitcoin price went up and some people missed the chance to buy cheap coins and news like this from China and the old drama of "China wants to control bitcoin" bullshit is starting.
this is old news dude, from day one when PBoC started investigating the Chinese exchanges everything has been clear and as Franky and others mentioned it is the fiat part of the business  that is being regulated.

I dont see any good thing if goverment try to mixed up into bitcoin business, china government really try to control the bitcoin user, we will see the dropping number of bitcoin user from china if this regulation being implemented, I prefer all of the people in the world can used bitcoin without being interfere by government

what you don't understand now is that the news about China is a very great and positive news. if they regulate bitcoin trading that means  a huge step forward for them and anyone else involved with bitcoin and that will increase the adoption easily.

right now a lot of news users are staying out because government has not yet regulated bitcoin and they are afraid because of it. and when they regulate it they will all rush in and buy bitcoin with a big fear of missing out on bitcoin rise and we see moon :)