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KYC/AML is going to be the biggest bone of contention going forward. Given the rising complexity of online transfers lot of countries are now rolling out laws w
by thisisit 9y ago
KYC/AML is going to be the biggest bone of contention going forward. Given the rising complexity of online transfers lot of countries are now rolling out laws which require banks to track source of funds. Any transfers which happen outside known sources is promptly reported to government authorities.
Then there are transfers from high risk companies. Coinbase seems to be one of them. With the bitcoin prices going through the roof, IRS and DHS will be keenly interested in the flow of money.
- nerdponx 9y agoContact your bank first. Be prepared to provide the full history of every crypto you’ve ever touched and where the money for it came from. Be prepared to give enough information to your tax office that they could reconstruct you from a nail clipping. If it’s any substantial sum, get a proper accountant. Exchanges, at least in countries like the US, could add a lot of value by offering IRS- and KYC/AML-friendly transaction history reports.
- solotronics 9y agoall the more reason for me to use Bitcoin as a store of value and other cryptocurrencies for quick anonymous payments ( DASH, monero, zcash )