Quote from: louie69 on January 09, 2018, 07:24:46 AM

Quote from: alisafidel58 on January 09, 2018, 05:33:27 AM

Quote from: zoom_rich on January 09, 2018, 01:29:08 AM

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government?

Once you join and ICO with a KYC it will be reported to the government,i think they pass all the participant after the ICO,i dont know about the law but some countries are banning its citizen from joining ICO.

Quote from: zoom_rich on January 09, 2018, 01:29:08 AM

Or if you move $3,000 out of an exchange, that gets reported?

Weather you move your funds or not once you join the ICO the government has the info on your transaction, this is their way of tracking their citizen who can potentially be evading taxes.

Know your customer is a process of identifying a business and verification of clients if this involves illegal transactions like money laundering wherein they may able to control the flow out of illegal activities. Knowing your customer for me is important because we will be able to know the one that you are dealing with is legitimate in their dealings when doing bitcoin transactions.

This is the law we have to follow even bounty hunters were required to go with "Know Your Customer" in some of the bounty campaigns. Usually an ICO based on US required KYC. It has affected bounty hunters in some countries(at war) they cannot claimed their reward because they cannot provide the document, as per what I had read in telegram. The good side of KYC is that it filter spammer and those that have multiple account in this forum.