India's KYC procedure has become much more thorough

[Kayzzy3]

If there is a tax that is implemented later on into exchanges and the crypto world then I am guessing that this will likely be in terms of crypto and not fiat currency because you are generally taxed in the currency that you are using. So perhaps it will be a percentage of the crypto that you have or something of that nature. Tax however shows tracking of crypto and so forth which kind of may defeat the purpose for which it was created.

That is the main aim of the government, they plan to know everything about the citizens they care very less about all for their selfish gain.

Although I don't have a problem with taxing, because it will curb the incidences of fraud, money laundry etc, I do have a problem with government's regulation of how people spend their money or what kind of money they should posses.

 

[Bookwormlux1]

That is the main aim of the government, they plan to know everything about the citizens they care very less about all for their selfish gain.

Although I don't have a problem with taxing, because it will curb the incidences of fraud, money laundry etc, I do have a problem with government's regulation of how people spend their money or what kind of money they should posses.

That's the main issue and it seems they do not care to let citizens have freedom to trade In any Currencies they want to use. Government is obsessed with controlling everything.

 

[Good-Person]

As far as I know dealing in cryptocurrency trade and even storing cryptocurrencies in wallets is considered an offense in India and such a person might get jailed. I am not sure if anyone in India is legally eligible to trade in crypto or store crypto in wallets. I just hope countries start to realize the importance of crypto and unban crypto soon.

 

[Senator]

KYC's procedures and verifications have become quite common in exchanges and the reason that they have become necessary is so that criminal activity can be identified and as a result the correct legal action can be taken against these people. This criminal activity includes stuff like tax evasion and money laundering. To prevent this India has introduced a much more intense KYC procedure where you also have to provide proof of residence in addition to the proof of identification, and what is more is that you have to deposit funds into the exchange from your bank account.

You cannot use a third party application to deposit funds. By doing so this leaves a money trail that can be followed in order to prevent fraudulent activities. Do you think that this is a good idea?

This practice has been adopted by many popular exchanges for quite a long time now and it's no news to some of us from other countries. If India is doing it now, you should have no worries. It's okay

 

[Dowenship]

KYC's procedures and verifications have become quite common in exchanges and the reason that they have become necessary is so that criminal activity can be identified and as a result the correct legal action can be taken against these people. This criminal activity includes stuff like tax evasion and money laundering. To prevent this India has introduced a much more intense KYC procedure where you also have to provide proof of residence in addition to the proof of identification, and what is more is that you have to deposit funds into the exchange from your bank account.

You cannot use a third party application to deposit funds. By doing so this leaves a money trail that can be followed in order to prevent fraudulent activities. Do you think that this is a good idea?

I think this is a good idea in general because it well reduce the fraudulent activity in the country because all this scammers are heartless....

 

[BrolySSJ]

I think this is a good idea in general because it well reduce the fraudulent activity in the country because all this scammers are heartless....

It is a good thing in retrospect and will help with the legalization of cryptocurrency as well, however it may result in the reduction of people that are using crypto.

 

[Bookwormlux1]

As far as I know dealing in cryptocurrency trade and even storing cryptocurrencies in wallets is considered an offense in India and such a person might get jailed. I am not sure if anyone in India is legally eligible to trade in crypto or store crypto in wallets. I just hope countries start to realize the importance of crypto and unban crypto soon.

Also hope so too. El Salvador has adopted Bitcoin as their legal tender and I must say that it would really help them to grow their economy .

 

[ahmedo24]

KYC is a major security measures that can be used to limit criminal activities such as Money laundering, hacking of wallets and other vices in cryptocurrency.

 

[Bookwormlux1]

KYC is a major security measures that can be used to limit criminal activities such as Money laundering, hacking of wallets and other vices in cryptocurrency.

I believe adopting this method is much more better than just banning crypto currencies generally as other countries have decided to do.

 

[Fizzy_boi]

Actually I know nothing about this KYC procedure of a thing .But if it were actually for the betterment of the people it's ok and it will reduce criminal involvements .

 

[ahmedo24]

Actually I know nothing about this KYC procedure of a thing .But if it were actually for the betterment of the people it's ok and it will reduce criminal involvements .

KYC simply means know.your Customers which is by having sensitive information about a person that can be used to access the person when the need arises.

 

[Good-Person]

KYC is a major security measures that can be used to limit criminal activities such as Money laundering, hacking of wallets and other vices in cryptocurrency.

I am sure not everyone will be comfortable with KYC process when it comes to cryptocurrencies. Not everyone would want to provide their sensitive information. I know KYC is important but the anonymity is one of the key features of cryptos. KYC would make crypto non-anonymous

 

[ahmedo24]

I am sure not everyone will be comfortable with KYC process when it comes to cryptocurrencies. Not everyone would want to provide their sensitive information. I know KYC is important but the anonymity is one of the key features of cryptos. KYC would make crypto non-anonymous

Anonymity is actually the key and interesting part of cryptocurrency but the high level of abuse of that feature.has called for KYC as condition for operation.in most countries to avoid money laundering.

 

[Good-Person]

Anonymity is actually the key and interesting part of cryptocurrency but the high level of abuse of that feature.has called for KYC as condition for operation.in most countries to avoid money laundering.

I know that money laundering is a big issue and I think this is one of the biggest reasons why many governments have banned cryptocurrencies. The sad thing is that many people abuse this great feature of cryptocurrencies and many good people who do not want to reveal their identity while conducting transactions would suffer because of this KYC process. As I said earlier, KYC is disliked by many good people.

 

[GIFTMICHAEL]

For exchange sites adopting KYC verification process means they're simply protecting your interest as an investor in order not to accept members that will cause scam around the exchanger in the future.

 

[ahmedo24]

For exchange sites adopting KYC verification process means they're simply protecting your interest as an investor in order not to accept members that will cause scam around the exchanger in the future.

That's the primary reason but some are scared of the exchange platforms selling out their data to organisations that could use them illegally.

 

[GIFTMICHAEL]

That's the primary reason but some are scared of the exchange platforms selling out their data to organisations that could use them illegally.

Lol, no one is selling out their data it is stored in a secured way, and it isn't leaked to any third party provided you're doing it with a legit exchange site and not scamming ones.

 

[Aaron625]

Actually I know nothing about this KYC procedure of a thing .But if it were actually for the betterment of the people it's ok and it will reduce criminal involvements .

KYC is usually done to avoid multiple accounts from the same person and also to curb the illegal activities done by people. Kyc procedure differs with different countries.

 

[ahmedo24]

Lol, no one is selling out their data it is stored in a secured way, and it isn't leaked to any third party provided you're doing it with a legit exchange site and not scamming ones.

You never can tell, if you have been following trend, Facebook was recently accused of selling members data and it was more reason why libra project failed.

 

[Josemendez]

KYC's procedures and verifications have become quite common in exchanges and the reason that they have become necessary is so that criminal activity can be identified and as a result the correct legal action can be taken against these people. This criminal activity includes stuff like tax evasion and money laundering. To prevent this India has introduced a much more intense KYC procedure where you also have to provide proof of residence in addition to the proof of identification, and what is more is that you have to deposit funds into the exchange from your bank account.

You cannot use a third party application to deposit funds. By doing so this leaves a money trail that can be followed in order to prevent fraudulent activities. Do you think that this is a good idea?

I believe that they are doing this as a way of putting security measures to avoid the high rate if scams associated with cryptocurrency investment.