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When government try to regulate things expect that mandatory KYC and other strict regulations will happen. Some may say its harsh actions done by their government but I think if their purpose is to fight money laundering and other financial schemes then I don't see anything wrong with their intentions. Since some its for our own protection from bad actors spreading in this space.
Although we cannot deny that we are going to lose privacy due to requirements that we submit, but this will became normal since government can always set rules. I'm starting to adapt with the changes they made and I'm fine with those things they implement as long as they let us use Bitcoin and crypto.
As a law-abiding citizen, regulations, including the implementation of KYC on every exchange, can raise suspicions of the government, even if their intentions are sometimes positive.
This suspicion arises because in certain countries, governance systems are still poor, with many inequalities. Furthermore, KYC involves personal data, which can be misused, given that security has not been tested for its effectiveness or vulnerability to breaches.
I still doubt their system because I believe they want to control the transaction history of their citizens, while personally being reluctant to have their sources of income revealed.
They make rules for the people, but they never account for their money to the people, as their salaries also come from the people.
In my opinion, this is just a ploy to subtly ban Bitcoin. Like it or not, we have to follow them.
