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This 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
by InTheArena 6y ago
This 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.