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?
KYC is good if the project or ICO is a legit one. This will eliminate those cheaters and those who are governed by the banned of the governments from cryptocurrencies. If private data or info of a person will be kept secured, KYC is a good thing.