The reasons for KYC in crypto are
- The government does not want people to run their own money system free from taxation.
- Banks were jealous crypto was unregulated, eating into their profit. They had a lot of regulations forced upon them after the financial crisis of 2007, the result of years of deregulation.
- Banks again. They want to slow down crypto adoption to catch up and corner the market with their own tech.
- Officially to prevent crime and terrorism, but in reality FUD to get public support for regulations for the reasons above.
Depending on how crypto friendly the country is the steps to take can range from trivial to making your life a hell. Just look at the US IRS, requiring people to declare tax on every crypto transaction.
My guess is that banks will fuck up that nr3 on that list so bad it's going to be hard to watch without cringing. There will be a meeting with full of buzzwords, and people who make the calls don't know what they are doing.
in fact I think the official excuse is the number 4 to avoid criminal acts, actually they do so in order to tax and slow down the development of the crypto as a method of exchange, but I think all this can be avoided by using only the crypto dusk part
like binance and then change to fiat in another way, sooner or later the domination of the banks will end...
The big question about the end of this domain is, when? As long as the crypt is under risk of certain penalties, we will be limited and oppressed by a system that even distant, if present, and this is depressing