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It kind of depends on what financial products you are talking about right? You can, today, do high margin longs and shorts (dYdX), collatoralized loans (Maker,
by Sargos 6y ago
It kind of depends on what financial products you are talking about right?
You can, today, do high margin longs and shorts (dYdX), collatoralized loans (Maker, Compound), buy and sell derivatives (Synthetix), and buy into funds run by fund managers (Set Protocol) without any KYC. Even as an American, though these services will be more important to South Americans, Africans, and Southeast Asians.
KYC will still be used by old firms in rich countries, but it's not a given for the future of finance and most people will likely opt out as it's more trouble than it's worth and exposes you to identity theft when one of those firms is hacked and your personal data is stolen by criminals. It's just easier, faster, and safer to not use KYC.
- InTheArena 6y agoThis statement is not correct. Southeast Asia and South America are highly focused on KYC, and while in the past, you could opt out, increasingly opting out is not a option. If anything, they are going in the other direction. I can't speak to Africa, but I can tell you that India, China, Vietnam, Thailand do not treat KYC as "optional" and are planning on only tightening restrictions past what the US and EU require. Source - work with Asian and American banks on KYC.
- Sargos 6y agoWell, yeah. That's my point. People in those countries not only have to deal with the friction of KYC when even identity documents can be a problem sometimes but they also have to deal with corrupt banking systems and governments where their money and information might not even be safe to give out. These people always have the option of using the services I listed. Anyone can. They are free and unstoppable for anyone who needs them regardless of nationality, race, status, etc.