KYC is used for taxes. When you cash out your crypto, that is income and needs to be reported, so the government can afford $1,200 benefit claims for scammers.
why? lol why are crypto gains ever to be taxed? government wants a cut of everything these days or something? not a single thing u can earn for yourself that doesnt get fucking demolished by taxes and ravaged by people that didnt do anything to earn it. sounds like a fucking scam to me.
All governments are held by means of tax. why would be crypto excluded from taxes? You can change your current government, but in the end, you will come to pay taxes again. no one is happy about it, but it is an integral part of the game.
I think the default purpose of KYC is controlling money laundering and funding of illegal things. in the beginning, Bitcoin promised anonymity, we have now come to the conclusion that it is KYC needed almost everywhere. sounds paradoxical, doesn’t it?