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Author Topic: Strategy regarding compliance  (Read 99 times)
paxmao
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June 05, 2018, 09:50:13 AM
Merited by suchmoon (5), bones261 (2)
 #1

One of the main points the NEO promoters argue is that it has "compliance built in". Tokens and chains are also using their ability to be compliant to promote their use.

On the other hand, some exchanges are closing the privacy oriented coin pairs, possible in search of the huge investments from funds and institutions while some others run to tax heavens or favorable territories.

What's the winning strategy for the next years?
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mdayonliner
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June 05, 2018, 12:08:58 PM
 #2

One of the main points the NEO promoters argue is that it has "compliance built in". Tokens and chains are also using their ability to be compliant to promote their use.

On the other hand, some exchanges are closing the privacy oriented coin pairs, possible in search of the huge investments from funds and institutions while some others run to tax heavens or favorable territories.

What's the winning strategy for the next years?

I always thought it's an advantage for NEO. It's an extra layer. For example Ethereum: Digital asset plus smart contract. NEO has both but in addition it also has digital identity. In NEO network everyone has their digital identity.

I always believed in NEO. May be they will have hard time if it happens (exchanges are closing the privacy oriented coin pairs). There are already some good projects built on NEO platform and more are are in progress. NEO should survive, as long as we will see people are using the platform to build their applications.
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June 05, 2018, 04:56:24 PM
Merited by paxmao (1)
 #3

This will probably end up in an ever-deepening split between regulated and unregulated markets. Exchanges and other services in countries like the US, particularly ones dealing with fiat, will be compelled to comply with regulations, full KYC, etc. Offshore / crypto-only services will still exist without KYC - I think there is a demand for that. Regulators and lawmakers don't really grasp the technology so they will simply squeeze the compliant entities as much as they can and declare others as outlaws/terrorists etc. Not sure whether sending crypto from one side to the other can be successfully restricted. You can put any coin through a mixer.
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June 05, 2018, 09:25:22 PM
 #4

This will probably end up in an ever-deepening split between regulated and unregulated markets. Exchanges and other services in countries like the US, particularly ones dealing with fiat, will be compelled to comply with regulations, full KYC, etc. Offshore / crypto-only services will still exist without KYC - I think there is a demand for that. Regulators and lawmakers don't really grasp the technology so they will simply squeeze the compliant entities as much as they can and declare others as outlaws/terrorists etc. Not sure whether sending crypto from one side to the other can be successfully restricted. You can put any coin through a mixer.

Now that you mention mixers, could you point out some that you think a legit and worthy?
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June 05, 2018, 09:34:58 PM
 #5

This will probably end up in an ever-deepening split between regulated and unregulated markets. Exchanges and other services in countries like the US, particularly ones dealing with fiat, will be compelled to comply with regulations, full KYC, etc. Offshore / crypto-only services will still exist without KYC - I think there is a demand for that. Regulators and lawmakers don't really grasp the technology so they will simply squeeze the compliant entities as much as they can and declare others as outlaws/terrorists etc. Not sure whether sending crypto from one side to the other can be successfully restricted. You can put any coin through a mixer.

Now that you mention mixers, could you point out some that you think a legit and worthy?

Chipmixer.com is the one I use.
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June 06, 2018, 04:35:45 AM
 #6

Offshore / crypto-only services will still exist without KYC - I think there is a demand for that.

I'm not so sure of this. Most offshore fiat banks require KYC if you want to open an account with them. They even require KYC for bitcoin cards from very low amounts.
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June 06, 2018, 12:58:28 PM
 #7

Offshore / crypto-only services will still exist without KYC - I think there is a demand for that.

I'm not so sure of this. Most offshore fiat banks require KYC if you want to open an account with them. They even require KYC for bitcoin cards from very low amounts.

Sorry, ignore the slash in my post. I meant crypto-only, non-fiat services.
paxmao
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June 07, 2018, 03:28:28 PM
 #8

Offshore / crypto-only services will still exist without KYC - I think there is a demand for that.

I'm not so sure of this. Most offshore fiat banks require KYC if you want to open an account with them. They even require KYC for bitcoin cards from very low amounts.

Sorry, ignore the slash in my post. I meant crypto-only, non-fiat services.

Maybe Binance moving to Malta is an indication of their stance on this.
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June 07, 2018, 03:36:50 PM
 #9

Offshore / crypto-only services will still exist without KYC - I think there is a demand for that.

I'm not so sure of this. Most offshore fiat banks require KYC if you want to open an account with them. They even require KYC for bitcoin cards from very low amounts.

Sorry, ignore the slash in my post. I meant crypto-only, non-fiat services.

Maybe Binance moving to Malta is an indication of their stance on this.

I don't know what Binance is trying to do with this but I have a feeling their KYC policy will change for the worse. I just hope that they will offer a grace period to withdraw the funds if they lower or remove their 2-BTC-no-questions-asked limit.
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