But you know what i would probably be a multi-millionaire right now if it weren't for all the cumbersome regulation. To buy crypto you generally need to go to an exchange. That exchange has KYC policies which put banks and mortgage companies to shame.
First thing they want is my identity pegged down to the smallest detail. Then i have to …
But you know what i would probably be a multi-millionaire right now if it weren't for all the cumbersome regulation. To buy crypto you generally need to go to an exchange. That exchange has KYC policies which put banks and mortgage companies to shame.
First thing they want is my identity pegged down to the smallest detail. Then i have to provide documentation of all these details. I get quizzed on my financial and criminal history. I haven't a criminal history but by this point i'm certainly feeling more like i'm being booked into jail than trying to open an account. Assuming i successfully complete all the requirements, they'll get back to me. My understanding is they'll be running what's called an "adverse media screening" to search news articles, social media, and legal records to determine if i am a potential criminal risk. Then they'll tell me whether they deign to allow me to pay them for the privilege of paying them. If they say "no" they don't have to tell me why,
And of course if i buy a single fraction-of-a-penny Dogecoin, it is mandatory to report to the IRS.
This is anything but "minimal" regulation. These policies are practically dictated to private exchanges by govt regulators, most notably the SEC but also FinCEN and CFTC and the rest of the global financial police. It's ridiculous because crypto is anything but a "security" and it's arguable if it's even a commodity.
I don't object to regulation. But when it comes to crypto it seems like nobody really knows how to treat it or which regulatory framework applies, so they make it up on the fly and *everything* applies. That's as messed up as the organized crime they use as pretext.
It was all so intrusive and byzantine that as it progressed didn't want to do it, and eventually i gave up. Only i couldn't help myself checking "what might've been" and i can state authoritatively, given the investment i was contemplating, me and my family would be really comfortable right now. Forgive me if i feel a bit of reflexive bitterness to hear someone dismiss this as "minimal".
But you know what i would probably be a multi-millionaire right now if it weren't for all the cumbersome regulation. To buy crypto you generally need to go to an exchange. That exchange has KYC policies which put banks and mortgage companies to shame.
First thing they want is my identity pegged down to the smallest detail. Then i have to provide documentation of all these details. I get quizzed on my financial and criminal history. I haven't a criminal history but by this point i'm certainly feeling more like i'm being booked into jail than trying to open an account. Assuming i successfully complete all the requirements, they'll get back to me. My understanding is they'll be running what's called an "adverse media screening" to search news articles, social media, and legal records to determine if i am a potential criminal risk. Then they'll tell me whether they deign to allow me to pay them for the privilege of paying them. If they say "no" they don't have to tell me why,
And of course if i buy a single fraction-of-a-penny Dogecoin, it is mandatory to report to the IRS.
This is anything but "minimal" regulation. These policies are practically dictated to private exchanges by govt regulators, most notably the SEC but also FinCEN and CFTC and the rest of the global financial police. It's ridiculous because crypto is anything but a "security" and it's arguable if it's even a commodity.
I don't object to regulation. But when it comes to crypto it seems like nobody really knows how to treat it or which regulatory framework applies, so they make it up on the fly and *everything* applies. That's as messed up as the organized crime they use as pretext.
It was all so intrusive and byzantine that as it progressed didn't want to do it, and eventually i gave up. Only i couldn't help myself checking "what might've been" and i can state authoritatively, given the investment i was contemplating, me and my family would be really comfortable right now. Forgive me if i feel a bit of reflexive bitterness to hear someone dismiss this as "minimal".