China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

[sosobtc-Regina]

Well it can be helped, bitcoin are not accepted in some stores, we still need to convert them to real money. Here in the Philippines we are required to give them informations and some papers to prove our identity, it also helps avoiding other crimes.

I see.Thank you for your answer.

[AjithBtc]

China is clear in its stand. It needs to be working perfectly without making complications or acting as a threat to the economy of the country. It's been said China never opposes digital growth, but we need to have our economy move in the right way without making any collapse. So KYC is a must for exchange activities.

[megynacuna]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

It's all the better, so that money launderers, drug dealers and Bitcoin deviants wouldn't use it to perpetuate illegalities around the world. Verification can scare off potential bad people and minors from using Bitcoin for what it shouldn't be used for.

[talkbitcoin]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

It's all the better, so that money launderers, drug dealers and Bitcoin deviants wouldn't use it to perpetuate illegalities around the world. Verification can scare off potential bad people and minors from using Bitcoin for what it shouldn't be used for.

all those people are using fiat and will continue to do so because it is much more convenient for them and their purposes. and even if someone wants to do any of these things with bitcoin they will continue to do so without exchanges like before.
this seems more like taxes to me.

[YuginKadoya]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

I think it will not affect your earnings on bitcoin even if you give your identification I think it is just for security measurements that they required something like this I think that they are giving importance more on bitcoin that they would need to trust first the users for transaction to be confirm and I think it would be OK if it would be applicable with other countries.

[novemberwoah]

I think require exchanges to verify the identity of clients aim to avoid criminal activities such as money laundering and to clarify the identity of their clients. I think it would be excellent for use bitcoin there because crime with bitcoin can be minimized. Bitcoin exchanges will be wholly compliant with legislation this country. I do not know if it will negative impact on use of bitcoin in other countries, but I do not think there is a serious negative impact.

I hold the idea that long-run develoment is based on the strict supervision.

Long-term development is based on strict supervision? Like what it is, I do not understand? To my knowledge the Chinese government do like that because to oversee the circulation of bitcoin in China to avoid money laundering or other abuse. Because China is very firm on things like that. Maybe, this corresponds to which you say "strict control" but "long-term development" I still do not understand

[iamTom123]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

what is the source of this? is it a guess or is it actually a news?

How do you think of that?

nothing really. that means bitcoin exchange platforms would finally be regulated.
and in the end bitcoin exchanges would be like stock exchanges or Forex exchanges or .... nothing big really!

in fact i even say that is a great news because it simply means a lot of other people can trust these platforms and start trading bitcoin. and that means price going much higher because of all this new adoption.

This is quite expected. As long as the one dealing with Bitcoin are people and not robots...somewhere somehow the government has to come in and require some regulations to avoid human nature to go berserk. The only debate here is that Bitcoin was born precisely to battle regulations and centralization...will it mean that Bitcoin has failed or is it us humans who failed Bitcoin? Personally, I sometimes hate regulations but in some cases we need regulations because of greed and manipulative self-interest but when regulators are questionable it would be a big problem then.

[Phyton76]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

It was already implemented in various bitcoin currency exchanger in China. In their trading site such as okcoin and btcc, they would required your number, passport number and other informations. Also, some of their trading sites aren't open for other country but only their country. However, you can see their market as spectator you still need to give some of your identity information to make trade on some of their trading sites.

[kelsey]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

No problem because the comunity of bitcoin are not criminal it is good for growing bitcoin,
if the users wanna be anonymous they can buy bitcoin on localbitcoin​.com paxpul.com
and they can use bitcoin mixing service are like bitmixer, cryptomixer and other bitcoin mixing service.

localbitcoin   anonymous, i don't know a single btc trader on local bitcoins that doesn't ask for full Verified ID to trade any decent amount of bitcoin.

add to that the crazy level premiers buyer and sellers charge kinda makes bitcoin pointless to average joes.

[pooya87]

i really hope they do it!
not only because it will eliminate illegal actions through their exchanges and can potentially bring in more people but also because once and for all we can see an end to all the weird nonsense that we hear about China and them wanting to control bitcoin and "ban" it!

[panju1]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

No problem because the comunity of bitcoin are not criminal it is good for growing bitcoin,
if the users wanna be anonymous they can buy bitcoin on localbitcoin​.com paxpul.com
and they can use bitcoin mixing service are like bitmixer, cryptomixer and other bitcoin mixing service.

localbitcoin   anonymous, i don't know a single btc trader on local bitcoins that doesn't ask for full Verified ID to trade any decent amount of bitcoin.
add to that the crazy level premiers buyer and sellers charge kinda makes bitcoin pointless to average joes.

The premiums on local bitcoins is definitely a killer. In some cases, selling it on an exchange, paying the fees and the taxes involved would give you a better deal than trying to sell it on local bitcoins and evading taxes.

[QuestionAuthority]

How is this news? All large countries uphold AML/KYC laws.

[lionheart78]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

This is no news.  Every exchanges that is under the government noses requires us to submit our personal documents and identification.  Be surprise if China do otherwise.  This is for Anti money laundering and know your customer procedure so it is obvious that not only China will do this kind of stuff.  Even in my country we need to submit our Identification documents in order to process our transaction.

[kelsey]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

No problem because the comunity of bitcoin are not criminal it is good for growing bitcoin,
if the users wanna be anonymous they can buy bitcoin on localbitcoin​.com paxpul.com
and they can use bitcoin mixing service are like bitmixer, cryptomixer and other bitcoin mixing service.

localbitcoin   anonymous, i don't know a single btc trader on local bitcoins that doesn't ask for full Verified ID to trade any decent amount of bitcoin.
add to that the crazy level premiers buyer and sellers charge kinda makes bitcoin pointless to average joes.

The premiums on local bitcoins is definitely a killer. In some cases, selling it on an exchange, paying the fees and the taxes involved would give you a better deal than trying to sell it on local bitcoins and evading taxes.

or just choosing fee free fiat banking that's readily available in my country 

[gribble]

I agree with China bitcoin rules, it will makes nice image for bitcoin, so bitcoin will not be considered as place for money laundering everything will be clear how much people who use bitcoin on China also the users of bitcoin from out of China and this rules is nice for us I guess.

[CraigWrightBTC]

China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity

How do you think of that?

No problem because the comunity of bitcoin are not criminal it is good for growing bitcoin,
if the users wanna be anonymous they can buy bitcoin on localbitcoin​.com paxpul.com
and they can use bitcoin mixing service are like bitmixer, cryptomixer and other bitcoin mixing service.

localbitcoin   anonymous, i don't know a single btc trader on local bitcoins that doesn't ask for full Verified ID to trade any decent amount of bitcoin.

add to that the crazy level premiers buyer and sellers charge kinda makes bitcoin pointless to average joes.

Well so you buy bitcoin use payment gateway, why you don't looking for the sellers of bitcoin from one country with you,
and you meet them on local area and pay with cash money or bank transfer, it will not needs ask for full verified your identity. I don't know what is mean localbitcoin in your mind, in my mind localbitcoin​ we buy bitcoin from the sellers in one area.