Crypto Debit Cards and KYC

[MacInTheNet]

Hi guys,
I have a question about these cards and hope someone can help me understand 
Today we have some cards that work anonymously, some that don't and some that do both.
Obviously without the KYC thing, limits are low and that's ok.
I was wondering though:
when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?
Or are those info only stored in the company where you required the card from?
That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance 

[LeGaulois]

KYC is something know and stored by the company only (or a 3rd party when it's 'prepaid account'). Sharing information isn't allowed. So no, it's not something shared each time you pay with your card.
And yes in case of an ongoing investigation the companies are forced to give anything asked, name, address, IP, and so on...

[MacInTheNet]

Thank you very much  

edit: I assume you knew about this of course
https://www.coindesk.com/beyond-kyc-global-regulators-appear-set-to-adopt-tough-new-rules-for-crypto-exchanges

[thesmallgod]

You have already answered the question. The KYC documents are not transferred to the third party but rather remain with them. Many of the providers are subjected to AML and just in case you are found wanting by the third party for money laundering, your identity can be requested from them in order to prevent them from been sued. In such a situation, your identity will be made known and you will be fetched out just like water from the well . However, I will like you to mention any of the crypto debit cards you have particularly tested and works.

[Fred3030]

From my own understanding, the docs and other information submitted during kyc process remains private and not shared with anyone, but in a case where by an individual is found wanting and needs to be investigated, the AML company is bound to release your data for proper investigation.

[jak3]

Yes, KYC means Know Your Customer and it is implemented by RBI. they say that doing KYC is very essential and it is only for tracking the users and maintaining the economic balance. Crypto Debit Cards are still an experimental system but the principles are same as banks are trying to track users involved with cryptocurrencies. but I do not think that is very much possible as that needs a lot of physical ATM's.

[MacInTheNet]

However, I will like you to mention any of the crypto debit cards you have particularly tested and works.

I ordered a TenX card (and I knew it worked).
I received it but as soon as I did, that mess happened and everything stopped.
I should receive the new one in the second half of 2019.

I don't know about other cards and was gathering informations right now because I would like to buy a couple of those...

So guys, please, if you already have a good impression regarding any of those cards, please share (European customers in particular   )

Yes, KYC means Know Your Customer and it is implemented by RBI. they say that doing KYC is very essential and it is only for tracking the users and maintaining the economic balance. Crypto Debit Cards are still an experimental system but the principles are same as banks are trying to track users involved with cryptocurrencies. but I do not think that is very much possible as that needs a lot of physical ATM's.

So, according to you, when you use an ATM you are identified through the card? Why? Perhaps you are talking about visual identification and artificial intelligence because if you're not, that means things are not anonymous at all...
That's exactly what I mean... If I withdraw some cash, am I identified or not?

Of course I'm talking about those cards "in which you added your ID" (when you requested it, sorry for my English) because with low limits, you can also decide not to give any data.

Usually, after 1000$, they die.

p.s. if you are asking yourself if anonymous cards for ATM already do exist... yes they do... (UNHCR cards for migrants and refugees for instance...)

p.p.s. it seems John McAfee's gonna release some sort of anonymous card too...

[Payme21]

I think your analysis is goods as regards to your question at least, as much as I'm aware of. Most of the exchanges respect your privacy except of cause, there are investigations to be carried out

[BTC Future]

I don't understand why we need debit cards. This is old money and old technology.

Banks have already created mobile wallets, with tap and pay technology, so you can transact with your mobile phone with all modern POS.
Banks already understand that plastic cards are a thing of the past. Any service offering a crypto-debit card is moving backwards.

[vlad06]

The proliferation of Crypto Cards by established and regulated companies like Coinbase makes we worry about proper un-monitored and BTC adoption. I can foresee a scenario where only cards by companies such as Coinbase are allowed to be used in stores (because Coinbase has done the KYC) but payments through a wallet app where the Bitcoin is anonymous are banned.

[avikz]

when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?

Precisely no! When you make a purchase and pay through debit card (be it crypto or not), no identity data travels to the merchants. The merchant only cares about the money and that's it!

Or are those info only stored in the company where you required the card from?

Yes! The card providing company is the only responsible party to store your data!

That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance 

When at least one party maintains your details, how it can be anonymous?? If you do something illegal, enforcement authorities can ask your provider to provide your details! There isn't any anonymity!

[CryptoBry]

I was wondering though: when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do? Or are those info only stored in the company where you required the card from?

As far as I know, there are approved procedures that financial firms have to follow in gathering and storing data from their customers and there are penalties that can be imposed when those procedures are not followed and if data is leaked to other parties. This is very important so that there will be trust between parties. In the face of the risks associated with data leakage (like what happened with Facebook recently and the many hacks affecting many online companies), we are expecting tighter regulations and stricter implementation to protect data privacy.

[joniboini]

I'm not surprised if your company who's supposed to be the one who has your data leak it somehow though. I mean, who knows what they're doing in your back, like what Facebook did in the past. Pretty sure there are other companies who do something like that.

Anyway, at least you can sue them if something bad happens and it's proven that your data was leaked from them (or sold). Unlike when you do KYC to an unknown provider for participating in ICO.

[pieppiep]

Hi guys,
I have a question about these cards and hope someone can help me understand 
Today we have some cards that work anonymously, some that don't and some that do both.
Obviously without the KYC thing, limits are low and that's ok.
I was wondering though:
when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?
Or are those info only stored in the company where you required the card from?
That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance 

I think your KYC information will be stored in the company which is not inside the cards. The card will contain your name, the ID card, but the complete identification will be in the office. But the other people could use your debit card as long as they have your PIN so they can access the debit card to buy anything they have. But if you don't have much balance in that card, then they cannot buy an expensive product.

So when you want to apply for the debit card, you need to make sure that the card will always be on your side, so you know how much your expenses monthly.

[Nnuego]

Demanding for your kyc is nothing bad because the want to know who they are dealing with or whether have committed any crime that have gotten you wanted before. Albeit your details is always confidential to them

[Bunsomjelican]

Hi guys,
I have a question about these cards and hope someone can help me understand 
Today we have some cards that work anonymously, some that don't and some that do both.
Obviously without the KYC thing, limits are low and that's ok.
I was wondering though:
when you send your information to them, verify your identity and obtain your higher limits, do your KYC data "travel" beside every payment you do?
Or are those info only stored in the company where you required the card from?
That would mean that the payment is still anonymous but if something happens (if you are a criminal and do something bad for instance) the authorities can ask them who you are.
Can anyone clarify this to me please?
Thanks in advance 

As far as I know mate, it will still be confidential to keep your identity by the company. or it could happen that it depends on the owner of the company if they will give or not. But I am pretty sure they won't give u it as much as possible so you are still anonymous.

[geerus]

Although cryptocurrency debit cards have not yet come into full use, I have often heard about ICO projects that offer this. What is the difference electronic assets or classic debit card - money is money

[MacInTheNet]

Demanding for your kyc is nothing bad because the want to know who they are dealing with or whether have committed any crime that have gotten you wanted before. Albeit your details is always confidential to them

Well... let me be blunt...

You buy 1000$ of crypto.
Those crypto become 1500$.
If you sell and do a bank transfer, you are obliged to be taxed.
If you spend directly for groceries, theoretically, you are not because you haven't had any capital gain.

Are you?

[bitbunnny]

KYC can't be avoided anymore and everyone who gives any kind of financial services, no matter crypto or fiat, and wants to run legitimate business should performe it. The same is with crypto debit cards. I.use one for a very long time and so far didn't have any isssues.
But these are very sensitive personal data and shouldn't be shared with third party or used for any other purpose. That is why it's very important that company or service provider that requests KYC is trustworthy and strongly sticks to law and regulations. KYC is also a platforme for various frauds so be very careful when you provide your data.

[americanreamt]

I agree that cryptocurrency cards are the money of our future. Take a situation where you need to go to another country. First, you change Fiat to the local currency, then back. So much time spent, so many commissions. A cryptocurrency is universal, it solves the problem of exchange in a few seconds. And there is no doubt that credit and debit cards for digital assets are distributed throughout the world.