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I'm pretty sure that all crypto payment processors that deal with fiat <-> cryptocurrency exchanges are doing AML/KYC routines including chain analysis. That's not only true for BitPay and Coinbase but Circle et al. too. As soon as you're trying to move value between crypto and fiat you're going to have to deal with different levels of privacy invasions ...


5

In the US, these are called "Know your Customer", and "Anti Money Laundering" (KYC/AML) laws and is enforced by FINCEN (financial crimes enforcement network) in the US for any businesses that qualifies as a "Money Service Business" or "Money Transmitter". This guidance published on March 2013, http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001....


3

TL;DR Businesses in the Bitcoin space face no special challenges to implement KYC regulation, except the privacy oriented mindset special to some bitcoin users. However, it is impractical to enforce KYC regulation on the entirety of the bitcoin network itself. Long version below Know Your Customer (KYC) regulation applies to financial institutions and ...


3

While I think the project as some merit, I am concerned about any legal liability I could hold. That's a good thing to think about. The company that wants to hire me has declared to me that the ICO would be available to US residents and that I shouldn't worry about kyc or aml. Do they mean that you shouldn't worry because someone else in the company is ...


2

If your (UK) business is in an area where you have specific regulations to follow for anti-money laundering, and you do, you will already know the answer. (If it is not in the UK, you may have to find out if dealing with UK-registered Bitstamp means you'll have to start complying with UK law and its requirements like KYC: Know Your Customer.) Otherwise, the ...


2

https://www.irs.gov/businesses/international-businesses/list-of-approved-kyc-rules These are the KYC rules for each country. Do not let places take advantage of you. I had one trader ask for a phone call verification from a country where that wasn't even the required law according to their KYC. So, work out your limits and what you feel comfortable with ...


2

however payment reversals are a problem with bank wire transfers. "Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserve's FedWire system in the United States, are more ...


1

The usual way to do this is to use an escrow service that holds the crypto until the bank transfer or payment is deemed complete and irreversible - if the buying party attempts to reverse the payment, the escrow service would release the BTC back to you. There are organized services that do this, such as LocalBitcoins, LocalEthereum, Paxful, Counter Network,...


1

For absolute clarity, you should consult the appropriate lawyer / tax professional in your jurisdiction. However, in general, accepting bitcoin for payment should be no different than accepting any other form of payment. Think of it like accepting a foreign currency, and apply the appropriate accounting practices. There are even services out there which ...


1

I am in the process of buying bitcoins and am being required to put in a lot of personal details. The Bitcoin network itself requires no identifying information from users. In fact, efforts have been made to make transactions / addresses as indistinguishable from one-another as possible, in order to provide the best fungibility and privacy for users of the ...


1

The way you track payments is to hand out unique addresses to each customer. This way you know who to attribute payments to. However the customer could always ask someone else to pay to your address. There is no way to be sure that he made the payment himself. And BTW I mean your addresses not the buyer's. You never ever track payments based on the sending ...


1

KYC and AML are required if the entity is moving money from A to B. Those entities are referred to as MSB (Money Services Business). However crypto exchanges are are not truly MSB's but they still do KYC and AML. See this insightful article: https://hackernoon.com/bitcoin-is-not-money-if-you-seek-compliance-you-are-asking-for-trouble-cbe9107e5298?source=...


1

Jumio is used by a few companies, including SnapSwap, CoinMKT, etc. Their notable products include NetVerify and BISON. miiCard is used by Bylls and Bittylicious. Sphonic is used by Bitnet.


1

According to Ripple the url https://ripple.com/wiki/Gateway_Integration_Manual for the Gateway Integration Manual is "DEPRECATED". Ripple says "This page has been replaced with the new Gateway Guide on ripple.com. Please refer to that document instead." Here is their newer doc: https://ripple.com/build/gateway-guide/ Ripple does not prohibit those who are ...


1

You got the answer in the question : the fees are higher on Instawire because it is a service, not an exchange. The fact is also that (until Bitcoin is legally considered a currency) sales of Bitcoins are subjected to European VAT which instantly adds 19.6% to the price. (If Paymium buys a Bitcoin at 10 EUR, it must sell it at 11.96 EUR to start breaking ...


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