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?
In general, these arguments are correct. Only the numbers will be slightly different. On June 21, the Intergovernmental Organization for Financial Action (FATF) adopted recommendations according to which everyone who sends or receives transactions worth more than one thousand dollars will be forced to pass a verification, and if the amount exceeds, it seems, $ 15,000, then all such Exchange transactions must be reported to the appropriate state authorities. In my opinion, the conditions are quite acceptable.