I just read on their roadmap they are adding the KYC that will basically have all your information. Get ready to get audited after they add that in. KYC- not decentralized. Its on the doing on the road map.
https://trello.com/b/IV0PH2gs/lykke-roadmapCould you please expand this as you seem to have more information than the rest of us. Optimization means simpler and more efficient workflow in my book. Lykke is also one of Civic partners and while I suppose this card doesn't apply to that at all (Civic project is still in very early stages) I would lean into it first instead of saying "they will get all your information/you'll get audited" which doesn't make much sense for a finance company.
Your book is not right. KYC- know your customer (invade our privacy). They audit you. And they are going to find out where your money comes from, what work you do, and how much you make. And if they don't like what they see gl to anyone on here. I went through it on coinbase and even had to send my tax info online to them before they would unlock my account. All I was doing was sending money from the bank to coinbase to put on an exchange to buy crypto. It was only like 400 dollars too. They are like cops doing a investigation. Its part of being legalized in the usa so i get it but its a big hassel that I don't think people in the crypto space want. I see you guys allow people to put in their own price to bid on a crypto. That is nice update to the software. You guys might want to reconsider being legalized to the usa ruins the point of being decentralized. Just my 2 cents.
I understand but keep in mind that Lykke had KYC since the start and always aimed to be fully compliant. I personally think this is inevitable and the days of unregulated crypto exchanges are countered. If you want to transact anonymously then you should stick to privacy coins and localbitcoins or p2p transactions. Even then the risk of doing it over time will result in raising some concerns and even get detained for not using a business license.
We can discuss all day long about this but the fact is that governments only shot to try and "regulate" crypto is to aim at financial institutions and companies. Once you want to "cash" out you need to pass KYC at some point. The same thing happened to cash where now you can't really even buy a car or property with it, it's only used/allowed for day to day items or low amounts.
Would like to hear how lykke is going to optimize the kyc. They need to figure out a way they don't harrass the good customers. Your talking to someone that probably has one of the best credit scores around and i got harrassed like a criminal on coinbase. Maybe they are more strict in the USA cause i never had problem buyiing lykke coins or other crypto outside of the usa. You add kyc from usa I have a feeling it will be coinbase 2.0. Starts with kyc in USA then it leads to stuff like this.
Its just my feedback but I think crypto are better off not trying to regulate in the usa.