g20 FATF regulations to demand kyc for recipient

[rosezionjohn]

Most likely this is going to lead to the point, that each wallet will need to be registered (just as a bank account) to a specific person who will need to be verified in order to use it.

Yup, this is what I expect to happen also. Basically, all user data will be stored on centralized servers. If this will be implemented, I will not be surprised to hear some news about data leaks or hacks.

And unfortunately - for privacy cryptocurrencies to go fully underground.

The glory days of the privacy coins will be back.

[stompix]

<…>

What I meant is that there are cases that are fully traceable, and those that are not. By trace I means not just the addresses used on the blockchain, but the identification of the individuals on both ends of the TX (which is what this is really about):

   If User A on Exchange X sends BTC to User B, and User B us using for example a Ledger Nano S, then User A is identified, but User B is not (the TX identifies the addresses involved, but not one of the nominal end User – User B).

Nope, they don't care about that, they need only the first link, the addresses from which the funds entered or to which they went, as user B will have no choice if he wants to use those BTC to try and exchange them where he will have to come to the surface himself.

They need only the recipient of the funds, when you withdraw btc from an exchange to your address you're the recipient of the funds. If you're stupid enough to withdraw to someone's else wallet, acting as a mule, then you deserve it.

As I said before FATF is not an enforcer of the law and it does not have prosecutors, they are interested only in getting the first link in the chain confirmed via KYC, they know all to well that large operations won't be able to weasel out of this, at one point addresses will collude, identities will link to some bank accounts, mistakes will be made with fake identities or reused sim cards, and they are pretty damn good at tracking.

[kaya11]

Maybe in future we will have to do kyc on most sites ți use crypto, but i think for now we don't need to be worried and i think never will have to do kyc if we have a hardware wallet to use it.

Everything seems to go as they please, nothing escapes even the tiniest crypto that is existing. They sure how to do their jobs and if this happens then it will be a total chaos for the people like OP. There are just people that want to be tracked especially if they are avoiding someone in the government. In our case,I have nothing against our government and in fact our leader has little concern about it.

[buwaytress]

Now on to the certain part of the wallet identification, this is only to custodial wallet services (think Coinbase, for example). They know, even if they wanted to, that if they wanted to verify the identity of non-custodial wallets (sorry to use the term I really just mean standard Bitcoin wallets AS IT SHOULD BE but to provide context!) they couldn't enforce it.

Also, these are interpretive notes, and it will generally be up to the jurisdictions to enforce their own laws compliant with these guidelines.

Trust me, it's not as bad as it sounds - I agree it could be worse than we think of course but we as typical users should not need to worry, just as much as we can still use plenty of money senders and remittance services without that much kyc if we wanted to.

[franky1]

I am really shocked at how little this is being spoken about online. There's going to be a deep amount of chaos over this. They dont even have the technology to enforce it. What they are basically saying is that they are going to force you to associate your hardware wallet with an identity if you want to use it to receive funds from any FATF country regulated exchange, which is basically every meaningful country on the planet. That's not safe, and that's not what crypto was meant for.

1. little talked about?
theres atleast half a dozen topics on this forum talking about it

2. if your connecting your hardware wallet and spending direct to an exchange. you already lost anonymity. to avoid the 'hold funds hostage until ID given' .. most exchanges ask for ID upfront before you even moved any funds.

3. not what crypto was made for?
this is about using FIAT exchanges. these days even buying a car for more than $1k involves some kind of tax/income declaration. so what this is telling you is that FATF are clamping down on what people can do with fiat.

[figmentofmyass]

Why are you worried?? Are you a terrorist?? Are you a tax evader?? Do you launder money??

If you are not doing anything illegal, then why do you think it's not safe? What and whose safety you are referring to??

Crypto is being seen as a big threat to the current economy because governments can't track transactions. If a person is not doing anything illegal then why that person would be worried? You can make millions in crypto trading, but if you are paying your taxes diligently, what the problem??

there's surely lots of tax avoidance happening in crypto. the stats from the IRS speak for themselves. if it makes avoiding taxes (by obfuscating ownership of crypto funds) more difficult, of course people are gonna complain about it.

even if your activities are 100% legit, this sounds horrible for privacy and data protection. this will require massive data sharing among exchanges about their users. and the fact is, $1000 is an insanely low threshold. $10000 is the threshold that banks use for currency transaction reporting. why the hell are crypto users being targeted for reporting for 10x smaller transactions? this doesn't seem like equal treatment.

I am sure governments would not take any such drastic step because that would be considered as an interference in personal life, but even if it happens, why a law abiding Citizen would be worried?

because the exchanges will start asking for metaphorical blood samples just to do business with them. it's not just simple KYC anymore. they will require increasingly invasive information---where your money comes from, where your money is going, KYC information on the recipient of any aggregate payments totaling $1000..... why should we put up with this? my bank doesn't require this information for payments this small!

hopefully this will prompt a move back to p2p trading. let's make p2p cash trading great again!

[Broly46]

All these kyc are getting very annoying, btw I think it’s a good time to prepare ourselves for the upcoming trade war, load up foods, load up guns, load up crypto, also load up anything that’s made in China, why China? Because the tariff will no doubt push that’s product to a new level, also remember to blacklist the internet traffic that come from these annoying kyc group, filtering all incoming info so that we don’t want to be the victims of these trade war.