Quote from: Jeepney_koh on February 22, 2018, 06:17:51 AM

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

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Know Your Customer (KYC) is actually breaking the rule of financial freedom and privacy in crypto world. I do not agree with the ICOs gathering information, private information, from the investors. I would still prefer the old way that your identity is private. KYC encourages the government to detects those who are involved in cryptocurrency and may lead to taxation.

It definitely makes it a challenge in the US to participate in an ICO unless your an accredited investor. I got a VPN and some friends outside of the states to help me, but it keeps a majority of other regular US investors from joining. Again leading to the richer investors to have an even greater advantage.