Stronger AML Enforcement Might Actually Save Crypto

[Ryan Dugan]

KYC is a scam. Not even if I buy a car I need KYC now here everything needs KYC for what reason?

KYC is being abused and is not helping. Stop believing these lies articles. If telling people where you live is ok then ok can I have your KYC? I just start an ICO tomorrow and demand KYC and money.

It doesn't even make sense since most projects fail or are scams and never even get to the part they have to worry about the law. Maybe they should run a decent project before they worry about the law?
Like maybe stop scamming...

[chaoscoinz]

https://www.forbes.com/sites/yayafanusie/2019/05/29/stronger-aml-enforcement-might-actually-save-crypto/?utm_content=92934236&utm_medium=social&utm_source=twitter&hss_channel=tw-3972254294#73d10bfb7e78

Saw this article today and made me really think about this topic. What are your thoughts?

I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto

I think that the more regulatory policies introduced the better! I'm just happy to be at the fulcrum of the Bitcoin movement. Clearly the more the governments accept Bitcoin, the higher the price will rise and the less volatile the market will become.
   For those that think regulation is bad, surely they are sadly mistaken, but not without reasonable doubt. Freedom without order is anarchy, as order without freedom is tyranny. When the freedom of cryptocurrencies converge with the order of governmental regulations, everyone profits. As long as the order doesn't stifle the innovation.
  

[figmentofmyass]

I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto

Who wants to make the government feel better? Satoshi doesn't. Dissolves the entire point of holding crypto. You either run decentralized & anonymous or pay taxes and get tracked. I choose the obvious one.

there's such a stark contrast between old school bitcoiners and these get-rich-quick late adopters. the second group is just greedy and desperate for prices to rise, either so they can recover from 2018's losses or so they can get rich quick. they don't give a shit about decentralization or privacy. so they're happy to cheer on the rise of blockchain analysis companies because they think it means government legitimacy = price pump.

where have all the cypherpunks gone?

[Thirdspace]

I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto

they are in it for the money they can generate from selling out their data mining and analysis
I feel what they are doing is more like invasion on people's privacy, similar to what google does on its users' online activities
what governments want is the ability to control cryptocurrency, also to know who and what people do with crypto

[pooya87]

anybody who says this and believes in that, has not understood what decentralized cryptocurrency means. bitcoin doesn't need saving, and AML KYC is not going to solve anything in the altcoin shitshow market either.
as for bitcoin it will continue operating and be adopted more and more even without government intervention. because that is exactly what bitcoin is designed to do and that is the main reason why it was  created in first place.
as for altcoins, the scams will continue to happen, the shitcoins will continue to be created and the fund raising shenanigans will repeat with different names such as IEO, GSIO (government sanctioned initial offering) while scamming people all the same.
the only thing AML does is help government have more information what people do with their money and also tax them on it. nothing else.

[caffu chino]

which is my question how to do that, while crypto is an anonymous currency. very difficult for now because of the many decentralized exchanges such as Idex and Forkdelta. so I think AML is difficult to fully implement.

[CryptoBry]

Personally, I have no problem with the KYC requirement which many projects and platforms are implementing in the name of being compliant with the laws of the country. However, I also understand that we can never be sure that our information is actually safe as anybody can decide anytime to monetize them for any reason. I think the best solution for this is to use a platform which utilize the blockchain technology for our data for safeguarding purposes and where we only have to do one time submission of pertinent data and documents. I know there will always be people who are not comfortable with any form of KYC...and for now the best solution for them is to avoid any service that requires such instead look for other alternatives.

[Mike Mayor]

https://www.forbes.com/sites/yayafanusie/2019/05/29/stronger-aml-enforcement-might-actually-save-crypto/?utm_content=92934236&utm_medium=social&utm_source=twitter&hss_channel=tw-3972254294#73d10bfb7e78

Saw this article today and made me really think about this topic. What are your thoughts?

I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto

I think that the more regulatory policies introduced the better! I'm just happy to be at the fulcrum of the Bitcoin movement. Clearly the more the governments accept Bitcoin, the higher the price will rise and the less volatile the market will become.
   For those that think regulation is bad, surely they are sadly mistaken, but not without reasonable doubt. Freedom without order is anarchy, as order without freedom is tyranny. When the freedom of cryptocurrencies converge with the order of governmental regulations, everyone profits. As long as the order doesn't stifle the innovation.
  

Go back to sleep. You are delusional. Why are you here please tell me? You obviously have very little understanding of what liberation is. Good luck to you paying tax to a government that wastes it. Regulations just make things harder and give more control to the government. The government has nothing to do with crypto, it was made for the people by the people and there is nothing you or anyone else can do about it, so seriously dude go to sleep. THis isn't the place for pro-government and pro regulations. If you want that sell all your crypto and use fiat. Regulation doesn't mean safe. I bet you one of the people that have given out your KYC. WHen exchanges get hacked and your personal info is leaked good luck to you.

Even as a small child yo utqaight not to give any personal info to anyone no matter who they say they are. Would you give your KYC to a stranger in the street? Please man get real they use this regualtion crap to hide behine what they really do. It isn't the holders they need to worry about its the people running the exchange. I will never give my personal info out because legally I don't have to. Please learn the law. If an exchange wants my KYC that's fine but then I want the KYC of every single person working at that exhange or guess what?? They hiding something.

Personally, I have no problem with the KYC requirement which many projects and platforms are implementing in the name of being compliant with the laws of the country. However, I also understand that we can never be sure that our information is actually safe as anybody can decide anytime to monetize them for any reason. I think the best solution for this is to use a platform which utilize the blockchain technology for our data for safeguarding purposes and where we only have to do one time submission of pertinent data and documents. I know there will always be people who are not comfortable with any form of KYC...and for now the best solution for them is to avoid any service that requires such instead look for other alternatives.

Ok... YOu think its safe?? Can I have your KYC please? WHy not?? I can just run an ICO and claim to follow laws that are made up to begin with. Can you not understand its all bullshit. Go to your local authorty and ask them if you should be giving your eprsonal info to strangers. You are insane. Exchanges are not safe. No KYC is safe. Echanges get hacked and you lose your cryprto and your identity.

Go do some research about identity theft. People can destroy your life. YOu think its safe? Sorry but my family and their safety is more important then any law. I know I am not a crimanal so I don't need these regualtions.
They ask KYC when you move hundereds of dollars. Its a hostage tactic. YOu sound like you bow down to authorty. I bet if I pulled you over while you were driving you would stop just because I have a uniform on. Hell you would probably do anything I say. Slaves to the system.

[Ucy]

"Central" Regulation = Central takeover of crypto.

By the way, why request for all these when you can just use fiat currencies? Besides, most centralized crypto companies are already kyc/AML compliant.

Excessive "Central" regulations will effectively turn Bitcoin & other cryptocurrencies into fiat currencies.
Currency seizure, Privacy violations, Centralizion, price manipulations,  censorship, economy manipulation, fund mismanagement, shared debt, will become a norm in crypto. Is that what you want?

[blackhawkeye1912]

Reading through the comments, it seems a lot of us here don't really believe that KYC-AML laws is not the key to unleash the real purpose of cryptocurrency. However, one issue of the governments has to be resolve, and it's about money laundering! We know that illegal money has been laundered here in cryptocurrency with ease that no one can ever trace. My point here is, while cryptocurrency hasn't been performing as it was designed to, which is decentralized in a sense independent of the fiat money, the government has to something. Just as they said, there are only to options: ban or set up AML laws.

[ccryptopark]

I think people fear that with regulation there will be major shift in crypto as we know it but honestly I think with regulation there will be a change in cutting out any scams or bad actors. We might not necessarily need government but cyber security firms like Ciphertrace that are pro-crypto and the government trusts.

[darylalban]

AML really just watches major movements of money that look super suspicious. My thoughts are this is actually super positive for the overall ecosystem in terms of volatility and distribution

[jjbanks994]

Having pro crypto cyber security firms like ciphertrace is what we need to help with proper aml

[jdarren]

I honestly think there will be AML regardless of whether people want it or not. There has to be common stomping grounds between the public and different governments. I hope privacy coins will stay around but honestly the compliant blockchains are going to be the ones that persevere through the years

[Kakmakr]

Most of us do not give two shits about what the government feels about Bitcoin, because their agenda will never match the needs of the public for Bitcoin to succeed. They want total transparency and zero financial privacy for their citizens, which is a Win for them and a loose for the public. 

It would be nice if they can meet us somewhere in between, but I think that will not happen soon, because they have enough power to force whatever they want on to public citizens. 

So we continue trying to bypass centralized government control and allow oversight. 

[jdarren]

I justify your words right. I also feel the same thing as you. If cryptocurrency can be brought about a little transparency, then it is really good to be among all the company's companies. If you mention the names of all the company's names, "KYC and AML companies such as Ciphertrace and Refinitiv", then these companies could refer to the company's definition of cryptocurrency. So hopefully Government will allow Bitcoin and use cryptocurrency in addition to the currency of their own country. If this is the case, then I would say that KYC is not operational but there is no problem. This link you posted is quite valuable for everyone.
"https://www.forbes.com/sites/yayafanusie/2019/05/29/stronger-aml-enforcement-might-actually-save-crypto/?utm_content=92934236&utm_medium=social&utm_source=twitter&hss_channel=tw-3972254294#73d10bfb7e78".
And on the other hand, when KYC is launched, I think SCAM might stop this big name. So whoever I like KYC.

You said it right. It's transparency that we need especially if the transactions are already on a public ledger why wouldn't we want to explore transparency of illegal movements of money? Especially if there are cyber security companies that work to do this that are pro-crypto. They aren't trying to take down the system...... just take out the bad guys

[graylexstamit]

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

[buwaytress]

Making governments feel better about crypto? Sure. Making banks and businesses feel safer (and not about making the world a better place, but about keeping their licences!) about dealing with crypto-related enterprise? Absolutely.

But saving crypto? From what? People have been using and trading Bitcoin for as long as it's been around, and not because of AML enforcement, but despite it!

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup.

Other than exchanges with licences, yeah, this is my thinking actually. Someone asks me for verification and I'm suspicious. Mind thinks = you're using Bitcoin, why're you asking?

[krewbfu]

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

Kyc and AML are necessary procedures for investors to ensure that the project complies with financial legislation. If you do not know how to choose a ico I would advise you to study the educational section for crypto investors on the taklimakan platform. There are training courses for beginners where explains all the difficult moments of cryptocurrency functioning and tips on how to choose the best ico or sto project for investment

[waitlevvy37]

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations.