New KYC rules for crypto wallets

[Upgrade00]

Nevertheless, just spend less than the said amount limit for a transaction to avoid KYC. If its limit is per day or per month, then I guess KYC is going to be ignored.

This is called structuring which is termed a suspicious activity and there are rules to prevent this by financial agencies. This rule is also being proposed along with the KYC regulation.

Rather than doing this, just avoid U.S based centralized exchanges and use peer-to-peer services which are not regulated.

[mersal]

I find it hilarious that they actually proposing to add KYC verification rule to a "Crypto" wallet.

The question in that case would be why use crypto if you're going to give out your personal documents anyway? other than maybe to gain some profit from holding or trading crypto...

Any wallet that implements such a thing as a mandatory rule will have close to no future, at least on a global level.

Its not wallet's choice, if the government implement it then wallet services from these country has to implement it or else they need to move to the different origin where such a rule doesn't exist. But the important fact is adding such a rule is not going to make any big change from the current condition. I think almost every exchanges implemented KYC for US-based customers so already they got data and people also willing to give it out to take the advantage of cryptos.

[Rodeo02]

People want to use crypto to be anonymous. There is absolutely no point in taking documents for wallets. People will surely use the anonymous wallets in this case. How dumb this thing feels.

Other dont want to bother to pass there KYC for the sake of anonymoty thats why theynonly choose those crypto wallets that doesnt require Ids and documents. Though under US regulations were being implemented about crypto wallets compliance with Kyc.

And other countries are also doing some changes like this too and it also somehow change the fact that bitcoin should stay anonymous but with these crypto exchanges with Kyc features, will it maintain that characteristics? It's probably not.

Even here in my country exchange wallet is regulated you need to follow their rules or your account will be blocked for that reason. I only use a wallet that ask for kyc for exchange use only in our local currency other wise I will never use it.  This is an easy way to convert our Bitcoin so we need to follow our government and wallet exchange rules as long as you know you never do anything bad you can free to use that wallet. But most of the time I stored my Bitcoin in a wallet that I have the phrase for my money security.