Know Your Customer

[usorin]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Probably in this situation your personal information are collected and sent to the authorities because we are talking about countermeasures for money laundry.

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[peter0425]

KYC right now become usual and i think its good for cryptomarket. I think doing KYC is good to comply with government regulation. Most people and government think cryptocurrency is for money laundering and i think with KYC, people can erase negative thinking about cryptocurrency

For me as long as our personal data will not be abuse then I guess it will be ok. But the problem is that those custodian don't know how to protect our data and there are numerous reports that it been sold underground. Not good for everyone, so just be careful who you send your KYC for, either exchanges or bounty ICO's.

[BennyK]

If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.
 

Most government right now trying to regulate crypto market to collect taxes from crypto transaction. I think exchange will keep asking KYC because they should following government regulation

As cryptocurrency is evolving and meeting the mass adoption, the issue of KYC and AML cannot be forgone. Governments are getting interested in crypto and regulations must be put in place to check the inflow and outflow of funds. KYC is just for verification purposes and to eliminate the entry of bots in some projects.

[wahyu wida]

If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.
 

Most government right now trying to regulate crypto market to collect taxes from crypto transaction. I think exchange will keep asking KYC because they should following government regulation

As cryptocurrency is evolving and meeting the mass adoption, the issue of KYC and AML cannot be forgone. Governments are getting interested in crypto and regulations must be put in place to check the inflow and outflow of funds. KYC is just for verification purposes and to eliminate the entry of bots in some projects.

indeed the goal is true as long as it is used correctly too. but at the moment that requires Kyc not the government but from the project side, hopefully there is nothing to be misused for the wrong interests

[indrakusumaindra]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Well i believe KYC could be use to prevent money laundry and the goverments could take that information if necessary. Ya you could be right after all goverments wanted to track the money flow to prevent money laundry and tax evasion.

[biskitop]

I don't think so, because the crypto industry has no legal basis. so whatever happens in the crypto market, the government has not participated in it. Kyc only aims for airdrop and bounty participants not to use multiple accounts in one ico, so they cannot do scams.

[andriarto]

Know your customer is more important thing for purchase at some ICO project investment because keep away from some people and investor come from United stated country, for bounty campaign will give space who use multi account or not by joining at bounty campaign project.

this is indeed the policy of the project team, but the confidentiality of the data must be maintained, so as not to harm investors. for that I think there must be another party who regulates it so that investors are also comfortable giving up their data. here I feel the role of government will be useful to regulate it according to policy

[reality18]

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc

You have a point but KYC is for projects to know their clients and be sure their platform is not filled with bot. Due to the uprising issues coming from the governments and security agents, most of the projects prefer to do KYC and AML especially with the security tokens which do STO instead ICO.

[NewRanger]

For me im not supporting kyc. Because your inform can be use in illegal transact or etc that can make you arrest. Kyc also limited the investor because lot of investpr didnt want kyc

You have a point but KYC is for projects to know their clients and be sure their platform is not filled with bot. Due to the uprising issues coming from the governments and security agents, most of the projects prefer to do KYC and AML especially with the security tokens which do STO instead ICO.

passing KYC and AML actually as preventing action from developers team if there are investors that come from countries that prohibit investment in ico..for example US and CHINA.if they investes in ico projects developers team worry they will have serious problems in future.

[Kuchiyose]

Know your customer is more important thing for purchase at some ICO project investment because keep away from some people and investor come from United stated country, for bounty campaign will give space who use multi account or not by joining at bounty campaign project.

this is indeed the policy of the project team, but the confidentiality of the data must be maintained, so as not to harm investors. for that I think there must be another party who regulates it so that investors are also comfortable giving up their data. here I feel the role of government will be useful to regulate it according to policy

It depends on how the government regulates the existing projects in the country. But it is very good to keep and keep news news for investors and other people who participate in it.

[Tylev]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Of course, any amount of financial transactions in excess of a certain amount determined by specific states is reported to certain state bodies. It depends on the requirements of a particular state. After all, there are different laws and regulations in each state. However, I do not think that all states require the stock exchanges to inform them of the financial operations carried out by their citizens. As well the sums on which these operations are made, can be different. In addition, some states do not require exchanges to collect information about the financial operations of their citizens. It all depends on the national legislation of a particular country.

[wendiar19]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Probably in this situation your personal information are collected and sent to the authorities because we are talking about countermeasures for money laundry.

not only to avoid money laundering, the exchange keeps the platform from being used as a place for committing crimes such as terrorist funding and storing money from stolen property and also when there is a problem with your account at the exchange it will be very easy to resolve .

[randyg29]

I agree with having a KYC documents to provide by the participants and I think it would make the projects of the platform to showcase their security services. But my concern is for those participants who just participated in a airdrop campaigns because it is not that big to amount of rewards unlike the bounty hunters that really needs to have their personal informations.

[Tervelatuk]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Probably in this situation your personal information are collected and sent to the authorities because we are talking about countermeasures for money laundry.

not only to avoid money laundering, the exchange keeps the platform from being used as a place for committing crimes such as terrorist funding and storing money from stolen property and also when there is a problem with your account at the exchange it will be very easy to resolve .

that's why we should follow developers team.i think they already thinking about it before.they will not take important decision without any strong reason behind it.so dont be problem is any project have rules to passing kyc.

[Bostraticus]

I don’t think that KYC is a cryptocurrency problem, at least it’s not a problem for traders. There are plenty of ways to avoid KYC legally if you do not want to share your data with anyone. I mean limited exchanges that do not exceed 1 BTC, although each service has its own equivalent. In any case, I do not see a problem with this.

[iMark]

KYC right now become usual and i think its good for cryptomarket. I think doing KYC is good to comply with government regulation. Most people and government think cryptocurrency is for money laundering and i think with KYC, people can erase negative thinking about cryptocurrency

Not everyone agrees about this, actually. in terms of third parties, of course KYC is profitable, but for users and customers,
of course we are harmed by expose our identity. maybe that doesn't matter to users who aren't too concerned about anonymity

[pieppiep]

KYC right now become usual and i think its good for cryptomarket. I think doing KYC is good to comply with government regulation. Most people and government think cryptocurrency is for money laundering and i think with KYC, people can erase negative thinking about cryptocurrency

Not everyone agrees about this, actually. in terms of third parties, of course KYC is profitable, but for users and customers,
of course we are harmed by expose our identity. maybe that doesn't matter to users who aren't too concerned about anonymity

if for the bounty campaign some people do not approve of the existence of KYC because such sensitive identities should be able to have high privacy and such identity is very prone to be used for criminal acts.

[babysweetTiger0401]

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

This is very simple, the logic about the question you had in this thread was that once you apply in the ICO project and has a KYC needed to participate, it means that project was centralized based business and it is obviously under by the government registered too.

[andrei56]

KYC right now become usual and i think its good for cryptomarket. I think doing KYC is good to comply with government regulation. Most people and government think cryptocurrency is for money laundering and i think with KYC, people can erase negative thinking about cryptocurrency

I have the opposite view governments are seeing that cryptocurrencies are a threat because there is a small chance that people will choose a form of money that is free of their intervention and they are deciding to take action against all of those that are taking the risk to adopt such volatile coins, in my opinion KYC is bad for the market and the governments know this.

[Best Dreams]

KYC right now become usual and i think its good for cryptomarket. I think doing KYC is good to comply with government regulation. Most people and government think cryptocurrency is for money laundering and i think with KYC, people can erase negative thinking about cryptocurrency

Not everyone agrees about this, actually. in terms of third parties, of course KYC is profitable, but for users and customers,
of course we are harmed by expose our identity. maybe that doesn't matter to users who aren't too concerned about anonymity

if for the bounty campaign some people do not approve of the existence of KYC because such sensitive identities should be able to have high privacy and such identity is very prone to be used for criminal acts.

Yes same as you ask I personally has no issue with such KYC process but at sometimes I ask and I want to know what kindda measures so they casually take to safe the confidential information from hackers or any other criminal activity it is surely our right to know where our money goes and at the same time for me security matters allot.