Quote from: Faeton on June 16, 2018, 02:36:18 PM

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?

Yes, most likely, that's the way it is. Only in different countries there are their own rules and their conditions for providing such information about transactions in the crypto currency, which is transferred to the state authorities. Therefore, if you are required to provide identification information on exchanges and exchangers, it is clear that such information will be sent to the appropriate authorities on a regular basis, or on individual requests.

I think why KYC is needed in some ICO for the safe records of investors and for their information to be considered by the specific country that the ICO is allocated.