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Author Topic: Know Your Customer  (Read 4273 times)
sarungmen
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September 04, 2018, 12:07:40 AM
 #541

yes if we deal with banks, even the smallest transaction must have a report, especially to a guarantor institution that is mostly owned by the government, at least the security is guaranteed, but it will be difficult to implement in a BTC transaction because what I know is not guaranteed, the identity of the holders is not accurate
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denuhaqiqi
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September 04, 2018, 09:44:39 AM
 #542

I think if someone participates in the ICO and saves $ 3000 or moves $ 3000 from the exchange market it is not necessary to report to the government. It does not depend on the amount of money used for transactions, such as transactions in banks that require KYC for transactions in a certain amount. In my own country the government has not recommended transacting using crypto currencies because they consider it very risky, and the government has not made laws regarding cryptocurrencies

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yusupjatigumilar
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September 04, 2018, 09:50:50 AM
 #543

I think if someone participates in the ICO and saves $ 3000 or moves $ 3000 from the exchange market it is not necessary to report to the government. It does not depend on the amount of money used for transactions, such as transactions in banks that require KYC for transactions in a certain amount. In my own country the government has not recommended transacting using crypto currencies because they consider it very risky, and the government has not made laws regarding cryptocurrencies
if indeed in your country the government does not have a law governing transactions using crypto currencies, this means that it can be used as a tool for money laundering by irresponsible people because the principle of crypto currency is actually anonymous, and if the government do not make clear laws about crypto currencies the money laundering perpetrators will be freer to carry out their actions

Lucio19
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September 04, 2018, 04:16:20 PM
 #544

I wouldn't like to send my sensitive information to a brand new company doing an ICO, so this is a very good question. Knowing what will be done with that information.
mahfuj7779
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September 04, 2018, 04:56:33 PM
 #545

 it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account. continue to look in some form to ensure the security of my deposit balance. exchange coinbase has to forward all customer data to the authority.
Haimainemy Trung
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September 13, 2018, 03:56:02 PM
 #546

If you submit KYC to an exchange and project, you can be reported to government. Thus you should pay all your taxes.
 Lips sealed Lips sealed
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September 13, 2018, 04:58:58 PM
 #547

If you are in a country that does have a monitoring of accounts, do not worry about that because certainly the government is just doing what is right. Illegal transactions to fund terrorism or any illegal activities can be traced and prevented in this manner. And besides these the movements of money from one country to another is an action that needs a real attention as this could just affect the country economically. But if you don't want to participate in KYC's then choose the ones that don't have these.

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September 13, 2018, 07:11:26 PM
 #548

I think KYC is a polemic that there is a pro and some are contradictory. on one side of the KYC is needed to prevent something that can harm other parties, on the other hand, this KYC does not guarantee the security and confidentiality of our personal data,
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September 13, 2018, 08:21:34 PM
 #549

I think KYC is a polemic that there is a pro and some are contradictory. on one side of the KYC is needed to prevent something that can harm other parties, on the other hand, this KYC does not guarantee the security and confidentiality of our personal data,

Aside from protecting your personal data one of its purpose to know your customer also so you will be to adjust your pacing at least you will be at the same page with your customer.

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September 13, 2018, 09:10:42 PM
 #550

Whether the exchanges are informed by the relevant government agencies about the monetary activity of their clients depends on the particular state in whose territory the exchange is located. With respect to the United States, I'm sure that the government ordered local exchanges and exchangers to inform them about all suspicious customers and making deals for large sums. In each state this will happen in different ways.

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peter_coin
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September 13, 2018, 09:48:41 PM
 #551

In as much as man is very knowledgeable we lack regualation and the ability to conduct ourselves properly without messing things up badly. The know your customer approach is a way to help check the very many excesses that can occur in cryptocurrency as such it is a welcomed development.
Menawi12
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September 14, 2018, 12:48:35 AM
 #552

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

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

Caladonian
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September 14, 2018, 12:55:59 AM
 #553

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

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
They must followed government rules if they want to continue facilitating their business from that place, government can't control crypto itself but the exchange can be controlled and that's why government wanted to have some control and knowledge about their costumers, it can avoid money laundering and also can help implementing taxes.

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tintinbongs
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September 14, 2018, 02:31:48 AM
 #554

To ensure security purposes especially if you are trading or withdrawing big amount as exchange then it needs KYC. That's a companies ensuring if their clients are real.
#davidnugroho
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September 14, 2018, 03:05:13 AM
 #555

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?

I don't understand this because I have never had $ 3000 in value, there is too much value to be exposed to tax fees, or a deduction from the transfer of wallet or exchange of money, so is this government permission, should the government know that every exchange and transfer of money is organized and transparent better.
Nucunsimeo
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September 14, 2018, 08:21:00 AM
 #556

Being anonymous is one among the best that the virtual currency provides to the investors. Now due to the hard regulations from different governing bodies around the globe investors were asked to follow KYC similar to the centralized operations. This will change over the period of time when more people start to be a part of the network.
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September 14, 2018, 01:02:00 PM
 #557

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 don't that's right. Buy coins and show who I am. It's enough that they can track the history of my wallet. Me really like to see crypto remain anonymous. Because every year the state controls people more and more.
Starting with video cameras on each post, ending with how much you earn and how much you spend money. In fact, it is a violation of an important rule in the Constitution. Freedom!!!

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Jaemouns
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October 01, 2018, 02:30:49 PM
 #558

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?
Know your customer first before trusting and even you investors . You must know and investegate all there background to avoid bad things .

mcTether
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Alfa-Enzo:Introducing the First Global Smartmarket


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October 01, 2018, 02:48:22 PM
 #559

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

Truth be told, no ICO sends KYC information to any government. They most times dump the information after the ICO stage of the project.

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RadjorBlade
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October 04, 2018, 01:43:36 PM
 #560

I think KYC is a polemic that there is a pro and some are contradictory. on one side of the KYC is needed to prevent something that can harm other parties, on the other hand, this KYC does not guarantee the security and confidentiality of our personal data,
I have the opinion that KYC is needed, to minimize the negative impact of transactions, such as criminal acts and donations to terrorist. Someday when bitcoin becomes global money, KYC is needed for monitoring.
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