US KYC Rules-Wallets & Mining Pools- Consequences?

[thorbob]

Has anyone heard or have a clear idea if the KYC rules for US banking will create issues with mining pool payouts to US based exchanges? Is this going to result in multiple wallet transfers in order have compliance with the rules? Pool->Your KYC Wallet->Exchange?

Any updates on rulings yet?

Thanks!

[Novatech8]

Mining pool payout to US based exchanges? If you are one of those that always use exchanges wallets to receive mining payouts you need to stop that habit right now, it's complete stupidity, what you are doing here is mining and sending your mining rewards to a Centralized exchange wallet that you have no control over? No wonder you are talking about KYC rules, seriously?

[Mighty_crypt]

Regulated US based exchanges have no business with mining pools mate, and moreover I haven't seen any minable centralized coins around or have you? If you drop your centralized exchange wallet address for mining reward deposits you will surely receive but if the US exchange shows no mercy and ask you to do KYC before you can trade well that's your problem, it's always a bad idea using centralized exchanges wallet address for mining though

[cabron]

Mining pool payout to US based exchanges? If you are one of those that always use exchanges wallets to receive mining payouts you need to stop that habit right now, it's complete stupidity, what you are doing here is mining and sending your mining rewards to a Centralized exchange wallet that you have no control over? No wonder you are talking about KYC rules, seriously?

Exactly, Its suppose to be valuable because of virgin coins but if its sent to an exchange, it can be linked to someone already.

But I suppose he meant wallet app being KYCed. Lets say a wallet downloaded from googleplay will ask mandatory KYC to its users. Not sure how they can force users to do so unless they can stop the apps from sending coins til the owners can submit KYC docs.

[Ryushin]

Mining pool payout to US based exchanges? If you are one of those that always use exchanges wallets to receive mining payouts you need to stop that habit right now, it's complete stupidity, what you are doing here is mining and sending your mining rewards to a Centralized exchange wallet that you have no control over? No wonder you are talking about KYC rules, seriously?

Exactly, Its suppose to be valuable because of virgin coins but if its sent to an exchange, it can be linked to someone already.

But I suppose he meant wallet app being KYCed. Lets say a wallet downloaded from googleplay will ask mandatory KYC to its users. Not sure how they can force users to do so unless they can stop the apps from sending coins til the owners can submit KYC docs.

Wallet apps been KYC? That's never going to happen as that already is going again crypto and their decentralized part, KYC on wallet apps will only happen on Centralized wallets like coinbase and others that requires email and password to log in

[figmentofmyass]

Has anyone heard or have a clear idea if the KYC rules for US banking will create issues with mining pool payouts to US based exchanges? Is this going to result in multiple wallet transfers in order have compliance with the rules? Pool->Your KYC Wallet->Exchange?

Any updates on rulings yet?

Thanks!

nothing yet. those proposals are still in limbo. re the self-hosted wallet regulations, the public comment period was reopened for another 45 days.

if passed, many of the existing mining pools (especially those in china) won't comply anyway. if you use a pool that does comply, they might enforce KYC on you, have you declare ownership of a self-hosted wallet/address, and then only allow withdrawals to that wallet. from there, you can send your coins to an exchange.

[hatshepsut93]

Do those proposed rules say anything about depositing to exchanges and other services that are subject to this regulation? Because as I remember, it was only about withdrawing to your address. But if there will be more rules about KYC and moving coins, than it won't really matter if you withdraw to your wallet first or send directly from pool - financial monitoring will either way want to know the origin of your coins.

[JeromeTash]

Is this going to result in multiple wallet transfers in order have compliance with the rules? Pool->Your KYC Wallet->Exchange?

Any updates on rulings yet?

Thanks!

It won't really matter, If the Exchange is US based, it will still want to know the origin of your coins even if they passed through your KYC wallet. So whether you directly deposit the coins into an exchange or through other addresses, you might still be subjected to the same checks.

[RabbiTANK]

Has anyone heard or have a clear idea if the KYC rules for US banking will create issues with mining pool payouts to US based exchanges? Is this going to result in multiple wallet transfers in order have compliance with the rules? Pool->Your KYC Wallet->Exchange?

Any updates on rulings yet?

Thanks!

If you are from US you can't escape all this checkings, I see some advising you to use decentralized wallets instead but the fact is you will want to sell your coin for FIAT, that's inescapable mate as you will surely need to go through verifications to get your btc to FIAT straight into your bank account

[virasog]

Has anyone heard or have a clear idea if the KYC rules for US banking will create issues with mining pool payouts to US based exchanges? Is this going to result in multiple wallet transfers in order have compliance with the rules? Pool->Your KYC Wallet->Exchange?

Any updates on rulings yet?

Thanks!

It was proposed by the former Secretary FinCEN but as soon as Biden took the charge he has postponed this proposal for the time being. Obviously he has to deal with many other things right now and will not have time to look in the cryptocurrency regulation thing. You can read the details here Joe Biden Freezes FinCEN's Crypto Wallet Rulemaking

[figmentofmyass]

Do those proposed rules say anything about depositing to exchanges and other services that are subject to this regulation? Because as I remember, it was only about withdrawing to your address.

it's not about depositing to an exchange in this case, but withdrawing from a centralized mining pool, should they choose to comply with the proposed law. in that case, they would need to verify that they aren't transmitting cryptocurrencies to third parties (like exchanges) by implementing KYC on their miners and whitelisting withdrawals only to verified self-hosted wallets.

only from there could he withdraw to an exchange.

[thorbob]

Has anyone heard or have a clear idea if the KYC rules for US banking will create issues with mining pool payouts to US based exchanges? Is this going to result in multiple wallet transfers in order have compliance with the rules? Pool->Your KYC Wallet->Exchange?

Any updates on rulings yet?

Thanks!

It was proposed by the former Secretary FinCEN but as soon as Biden took the charge he has postponed this proposal for the time being. Obviously he has to deal with many other things right now and will not have time to look in the cryptocurrency regulation thing. You can read the details here Joe Biden Freezes FinCEN's Crypto Wallet Rulemaking

Thanks for the note. I didn't catch what has happened.