Dorky (OP)
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April 10, 2017, 03:24:49 PM |
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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... ‘Level 2 verification will require a copy of your passport, a copy of your ID /driving license, and additionally, a copy of your proof of residential address (e.g. bank statement, utility bill) issued within 3 months when needed,’ reads an excerpt from the new KYC procedures, asking customers to be prepared with the above-mentioned paperwork in front of a camera.
‘Video verification will require a device that has video recording function and access to the internet (e.g. cellphone, laptop, tablet). You will be required to show your legal documents in front of the camera,’ the notice added.
The other notable guideline informs users that single-signature wallet addresses created before today, starting with “1” and “L” for Bitcoin and Litecoin respectively, will stop functioning on April 23, 2017. Multi-signature addresses will not be affected. |
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harizen
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April 10, 2017, 04:57:09 PM |
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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... ‘Level 2 verification will require a copy of your passport, a copy of your ID /driving license, and additionally, a copy of your proof of residential address (e.g. bank statement, utility bill) issued within 3 months when needed,’ reads an excerpt from the new KYC procedures, asking customers to be prepared with the above-mentioned paperwork in front of a camera.
‘Video verification will require a device that has video recording function and access to the internet (e.g. cellphone, laptop, tablet). You will be required to show your legal documents in front of the camera,’ the notice added.
The other notable guideline informs users that single-signature wallet addresses created before today, starting with “1” and “L” for Bitcoin and Litecoin respectively, will stop functioning on April 23, 2017. Multi-signature addresses will not be affected. 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. |
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gentlemand
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April 10, 2017, 05:01:44 PM
Last edit: April 10, 2017, 05:32:50 PM by gentlemand |
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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.
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Dorky (OP)
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April 10, 2017, 05:22:17 PM |
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And those people want a mass bitcoin adoption without thinking that for bitcoin to be massively, it must be regulated and centralized.
You're the 1st person that shares my understanding. |
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LoyceV
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April 10, 2017, 05:31:07 PM |
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From the article... The other notable guideline informs users that single-signature wallet addresses created before today, starting with “1” and “L” for Bitcoin and Litecoin respectively, will stop functioning on April 23, 2017. Multi-signature addresses will not be affected. 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. |
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avikz
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April 10, 2017, 05:34:42 PM |
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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.
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xIIImaL
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April 10, 2017, 05:36:52 PM |
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Same as pretty much everywhere else then.
What's the story with the wallets stopping functioning? Will all accounts be new from scratch? I hope they made a careful note of whose coin is whose.
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. |
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Yakamoto
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April 10, 2017, 05:40:05 PM |
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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.
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erikalui
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April 10, 2017, 05:43:40 PM |
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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?
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gentlemand
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April 10, 2017, 05:47:54 PM |
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I thought something like Bitcoin would be mostly innocuous for a country that big, but apparently not.
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. |
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Hydrogen
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April 10, 2017, 08:41:03 PM |
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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. |
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P4ndoraBox
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April 10, 2017, 08:46:12 PM |
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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.
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cryp24x
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April 10, 2017, 09:21:11 PM |
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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.
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shinratensei_
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April 11, 2017, 01:20:42 AM |
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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
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Money Maker Shaker
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April 11, 2017, 03:53:13 AM |
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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.
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Shake it baby!
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Xester
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April 11, 2017, 05:32:52 AM |
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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... ‘Level 2 verification will require a copy of your passport, a copy of your ID /driving license, and additionally, a copy of your proof of residential address (e.g. bank statement, utility bill) issued within 3 months when needed,’ reads an excerpt from the new KYC procedures, asking customers to be prepared with the above-mentioned paperwork in front of a camera.
‘Video verification will require a device that has video recording function and access to the internet (e.g. cellphone, laptop, tablet). You will be required to show your legal documents in front of the camera,’ the notice added.
The other notable guideline informs users that single-signature wallet addresses created before today, starting with “1” and “L” for Bitcoin and Litecoin respectively, will stop functioning on April 23, 2017. Multi-signature addresses will not be affected. 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. |
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asuryan180
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April 11, 2017, 06:17:56 AM |
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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.
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Pursuer
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April 11, 2017, 07:09:00 AM |
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Only Bitcoin
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OliynyK
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April 11, 2017, 07:12:36 AM |
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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.
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franky1
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April 11, 2017, 08:10:30 AM |
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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.
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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