Comment by disgruntledphd2
9 months ago
Honestly, probably not for long. Like, basically any Western headquartered crypto company will have (at least in theory) KYC/AML checks.
And I'm not sure how you plan to get your crypto into fiat without hitting a bank/financial institution which will have these checks.
Like, this is part of society (for some good and some bad reasons, like a lot of other things).
This is one of the US political instruments, and not part of the society. Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money.
> This is one of the US political instruments, and not part of the society. Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money.
I wish you the very best of luck in colonising mars, as this is basically the only way you'll avoid KYC/AML in the long-term.
More seriously, I'd probably start making provisions for taxation of your crypto as it would really suck to have that happen unexpectedly (and it will, as governments start forcing financial/crypto institutions to report to them).
> Money existed for like 4,000 years before KYC/AML, and the society was just fine in regards to money.
As an aside, money is relatively recent, debt is the thing that's existed for much longer. And unfortunately, society determines what is important, and apparently society (well actually the US government) has decided that KYC etc matters to society.
> colonising mars, as this is basically the only way you'll avoid KYC/AML
Not really.
As it is customary with financial law, it only exists to make hard working people suffer, while leaving all the ways for criminal enterprises to continue business. Being Ukrainian person I can tell you with confidence that legalizing personal 1000 USDT made on a freelance job is harder than laundering $1m made by corruption by government officials.
Also, KYC/AML is not binary, it's a scale. I have no problem KYCing at my local Polish bank and sending my crypto transactions to my bank account and they are fine with it as well as long as they know who I am.
> in the long-term.
True. Operating a legitimate (!) clear business, say, in Singapore remotely from Ukraine was a routine thing like ten years ago and became almost impossible in 2020s - specifically due to American regulatory pressure. Again, we're talking about lawful businesses. Criminal enterprises have no problems opening bank accounts anywhere they want.
> (well actually the US government) has decided that KYC etc matters to
...American political interests. KYC/AML is detrimental to economic growth and harmful to the society as been demonstrated time and again.
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