Do cryptocurrency exchanges implement CRS/FATCA?

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369

Entrepreneur
The beauty of crypto wallets is that you still don't have to provide any KYC and can hide behind all types of things to avoid to be traced. Only when you need the crypto exchanged to FIAT it will be needed to provide KYC - most often you want to apply for a business account in that case.
That is not true.
Based on a fbi report they were already in 2011 able to trace owners of 98% of all transaction done via bitcoin.
The trace doesn't need to be done via KYC.Its done somewhere else where noone thinks about it. or even thinks to hide.
 

369

Entrepreneur
Cannot say for sure.
Do they allow you to hold fiat? If yes, then probably report.
Did you provide full kyc? if yes, then probably report.
Hk is a reporting country, so probably also yes.

However you cannot be sure about the data quality and effectiveness.
But I would avoid this stress and look for other methods and or move to a banana republic or tax haven.

If you cannot afford tax havens, then at least go to a banana republic. They can also be nice.
If you want to make sure to not have to provide KYC or get yout assets frozen for whatever reason i recommend usind decentralized exchanges where non custodial trading is offered.
You high probably need to place your oder with a margin for a trader who will execute it for arbitrage between your order and a centralized exchange.
 

4br

Active Member
Leger Nano is a solution ? or which decentralized exchanges ? Thank you

The best exchange is: pancakeswap.finance
The best yield farms: autofarm.network, beefy.finance and acryptos.com
The best (and only?) margin farm: alpacafinance.org

Get a safepal.io wallet to deal with them. Ledger is very poor.

I am currently making about 4X my normal income on crypto farming. 100s of percent APYs. What could go wrong? Crypto is perfect. How long until every dogsbody is making big money like me?!?


There is a fairly good exchange called Bilaxy. When I signed up they asked for my name and national ID. And by that I mean they just asked me to type them in. I have sent no documents. After I gave them that I was able to deposit/withdraw $xxx,xxx in crypto per day. No fiat.
 

DavidS

Active Member
Bringing your attention to this; g20 report tax ministers - https://www.oecd.org/tax/oecd-secretary-general-tax-report-g20-finance-ministers-april-2021.pdf

“The OECD will continue to work on the detailed technical proposals for the new tax reporting framework for crypto-assets, with a view to delivering a proposal to the G20 later in 2021.”

There will be a NEW reporting framework, and it will come sooner than we think.
Dear god please no god no.

How to fix this? Just close all the exchange accounts? Convert your fiat in exchanges to stablecoins?
 

FastPony

New member
How to fix this? Just close all the exchange accounts? Convert your fiat in exchanges to stablecoins?
Not sure what you're trying to hide (if anything), but I think a lot of cryptocurrency activity is going to move off of centralized exchanges in the near future. Instead, we'll see people use decentralized crypto-to-crypto protocols/exchanges more frequently (UniSwap / ThorChain / etc.). Besides, the use of peer-2-peer transactions to convert to/from fiat is going to increase; coordinated via decentralized, uncensorable mechanisms like Bisq.

Besides, mixing/obfuscation techniques are going to become much more user friendly and more widely adopted. This will make it more difficult to trace these types of transactions. Ultimately, governments will have no alternative but to go after developers of these decentralized systems. The most democratic jurisdictions will hopefully find it difficult to justify such extreme measures. Ideologically motivated developers will take risks and find ways to stay anonymous.

Ideally, the world will eventually become less reliant on fiat money as people realize that their governments patronize and surveil them like underage children. The Internet has given people access to knowledge and means to coordinate themselves across borders. I think the endgame is that governments will have to surrender to technology and acknowledge that they are no longer adding much value in the modern world. But that's just what my crystal ball is saying. We'll have to live in the current system for a bit longer, and the transition won't be smooth.
 
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DavidS

Active Member
Not sure what you're trying to hide (if anything), but I think a lot of cryptocurrency activity is going to move off of centralized exchanges in the near future. Instead, we'll see people use decentralized crypto-to-crypto protocols/exchanges more frequently (UniSwap / ThorChain / etc.). Besides, the use of peer-2-peer transactions to convert to/from fiat is going to increase; coordinated via decentralized, uncensorable mechanisms like Bisq.

Besides, mixing/obfuscation techniques are going to become much more user friendly and more widely adopted. This will make it more difficult to trace these types of transactions. Ultimately, governments will have no alternative but to go after developers of these decentralized systems. The most democratic jurisdictions will hopefully find it difficult to justify such extreme measures. Ideologically motivated developers will take risks and find ways to stay anonymous.

Ideally, the world will eventually become less reliant on fiat money as people realize that their governments patronize and surveil them like underage children. The Internet has given people access to knowledge and means to coordinate themselves across borders. I think the endgame is that governments will have to surrender to technology and acknowledge that they are no longer adding much value in the modern world. But that's just what my crystal ball is saying. We'll have to live in the current system for a bit longer, and the transition won't be smooth.
How do you exchange crypto for fiat on a DEX?
 

Jerry1911

Entrepreneur
Not sure what you're trying to hide (if anything), but I think a lot of cryptocurrency activity is going to move off of centralized exchanges in the near future. Instead, we'll see people use decentralized crypto-to-crypto protocols/exchanges more frequently (UniSwap / ThorChain / etc.). Besides, the use of peer-2-peer transactions to convert to/from fiat is going to increase; coordinated via decentralized, uncensorable mechanisms like Bisq.

Besides, mixing/obfuscation techniques are going to become much more user friendly and more widely adopted. This will make it more difficult to trace these types of transactions. Ultimately, governments will have no alternative but to go after developers of these decentralized systems. The most democratic jurisdictions will hopefully find it difficult to justify such extreme measures. Ideologically motivated developers will take risks and find ways to stay anonymous.

Ideally, the world will eventually become less reliant on fiat money as people realize that their governments patronize and surveil them like underage children. The Internet has given people access to knowledge and means to coordinate themselves across borders. I think the endgame is that governments will have to surrender to technology and acknowledge that they are no longer adding much value in the modern world. But that's just what my crystal ball is saying. We'll have to live in the current system for a bit longer, and the transition won't be smooth.
I completely agree and just want to add that there were even talks about crowdfunding (CCS) physical protection for Monero devs for example. It's definitely possible govts will go after devs themselves.
 

FastPony

New member
Woah, that's next level. But a great idea. Love the Monero community's resiliency and ideological alignment.

I wish more of the developers would have stayed pseudonymous in the first place. It's what saved Satoshi. Governments would certainly have harassed him for something.
 

James Spader

Forum Moderator
Staff member
That is not true.
Based on a fbi report they were already in 2011 able to trace owners of 98% of all transaction done via bitcoin.
The trace doesn't need to be done via KYC.Its done somewhere else where noone thinks about it. or even thinks to hide.
You correct with a statement arguing for something different to what I answered ns2

As I said the beauty of crypto is that you don't need to provide any KYC for most wallets, whether you can trace BTC to a anonymous wallet or not I don't question, but guarding your own privacy can let the FBI trace as much as you like they won't find you if you know what you are doing.
 

369

Entrepreneur
Woah, that's next level. But a great idea. Love the Monero community's resiliency and ideological alignment.

I wish more of the developers would have stayed pseudonymous in the first place. It's what saved Satoshi. Governments would certainly have harassed him for something.
Oh men satoshi please stop spreading false information.Bitcoin is a bankers product and you still don't get it.
 

369

Entrepreneur
You correct with a statement arguing for something different to what I answered ns2

As I said the beauty of crypto is that you don't need to provide any KYC for most wallets, whether you can trace BTC to a anonymous wallet or not I don't question, but guarding your own privacy can let the FBI trace as much as you like they won't find you if you know what you are doing.
Only OTC is secure.
Everything which is using internet is traceable.They analyse the traffic on routers at the backbones and there it doesn't help if you are encrypted or not.

If you use internet an idea could be using a device which emei can't be traced to you and making the transactions in a mall with free wifi which doesn't need registration
 

FastPony

New member
If you don't know at all what you're doing, you indeed can't assume privacy. Even if you know what you're doing, you won't stay anonymous if a government is staffing a cyber intelligence team to find you. Look at the Eastern European cyber crime gangs who only operate over cracked WiFis with Tor tunneled through own botnets, and who have triple encrypted hard drives with one layer self-developed (to avoid backdoors).

Even they get caught, because at some point someone makes a mistake. Could be as stupid as reusing a password that you also use somewhere with your real identity.

Just don't do any illegal stuff and you will be fine. There are many legal ways to make money and still be smart about it.
 

Jerry1911

Entrepreneur
If you use internet an idea could be using a device which emei can't be traced to you and making the transactions in a mall with free wifi which doesn't need registration
Even then the mall has security cameras and deep packet inspection for the free wifi...
 

James Spader

Forum Moderator
Staff member
Okay, following idea:

You setup a mobile WIFI in your car or boat, use a SIM without name for connecting to the net or you drive around in a city until you get connected on someone else home lan.

Now you can do whatever you want and it will not be traceable to you, or did I miss something?
 

azb1

Mentor Group Gold
Okay, following idea:

You setup a mobile WIFI in your car or boat, use a SIM without name for connecting to the net or you drive around in a city until you get connected on someone else home lan.

Now you can do whatever you want and it will not be traceable to you, or did I miss something?
No Name SIM, You get a sim in so many countries without any document.
 
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