“Tightening the regulations on cryptocurrency exchanges will push more people into self-custody.”
“If you try to make payments from a regulated exchange they will require additional verification and will report your transactions to the government.”
“If you use your own wallet … they can’t and won’t control or report on you … This will encourage users to withdraw immediately upon exchanging and often, as any money they let accumulate in a hosted wallet becomes less liquid and more bureaucratically bound.”
there is a company called Clear that helps “pre-screen” passengers taking airplane trips so you don’t have to wait in line and get TSA screened with the sweaty masses.
I’m all for reporting my crypto income, I just hate this “trying to control” stuff - maybe something like Clear could be used in the Crypto world - I can voluntarily let people know I’m not a terrorist doing money laundering in Bitcoin, and they in turn can leave me alone to make money trading. Just an idea.
For deposits & withdrawals > $3k involving a non-custodial wallet, VASPs would have to record the name & physical address of the wallet owner … VASPs would also have to report any deposit or withdrawal > $10k to FinCEN in the form of a currency transaction report (CTR).
Looks like if we just keep our transactions below the $3k level it’s business as usual. which is annoying, but that’s life in 2021
and it looks like self-hosted wallets are still ungrabbable by The Man, so I guess it’s Broker>my own wallet>less than $3k to an exchange per day so I can spend it
Good laws should be easy to abide. If laws are draconian, they force non-criminals to use more privacy methods and stealth coins, which provides cover for bad hombres. Plus, bringing money into the country is beneficial. The best laws and taxes are simple making compliance easy. Let’s hope they do the right thing.
The ownership of this brokerage is strange, to say the least.
Fair Forex Ltd (SVG) is operated by a “sister company” registered in Delaware USA called BellaBlanc LLC. BellaBlanc – About us – Bella Blanc – is a manufacturer and seller of baby furniture.
Both companies (Fair Forex and BellaBlanc) are owned by a London company called Fair Global Prime Group Ltd, which has been in operation for less than 2 months, according to Fair Global Prime Group Ltd - Company Profile - Endole
The Terms and Conditions of Fair Forex Ltd, as linked to on their website, are almost verbatim, word-for-word, identical to the HugosWay Terms and Conditions. This could mean that Fair Forex is a spin-off of HugosWay, subsequently acquired by the companies mentioned above. Or, it could simply mean that both Fair Forex and HugosWay (plus a couple other SVG brokers) have bought “boiler-plate” T&C documents from the same SVG attorney.
The sign-up page on the Fair Forex site offers “United States” as one of the countries of residence which new applicants can designate, implying that Fair Forex accepts U.S. residents. The Fair Forex T&C document has the same list of restricted jurisdictions as the HugosWay T&C document. Neither mentions the U.S. as a restricted jurisdiction.
Which defeats the original point of it. However if they want it to go mainstream this is the world we live in. Shame if it becomes less disruptive as a result.
They cant stop the progression of it, but they will control it any way they can. US residents are already cut off from the majority of the crypto space as a result.
if these anti-terrorism laws are working how are these terrorist groups getting massive amount of weapons and small arms getting into conflicts around the world? clearly the criminals are not using the normal payment gateway everybody else is using
Yeah US residents are getting a reall hard time of it if they want to get involved with crypto. Thing is all it does is force it underground and then it becomes the menacing force they think it is to begin with!
Brace yourselves. All of this started the last time the Democrats controlled Executive and Legislative Branches. And that was before Communism became all the rage. Hoping for the best here and preparing for the not so good… Using several brokers and probably going to start an AMP demo to try futures. Good luck all. We’ll probably need it.
Longtime participants in this thread will remember the name Gary Gensler. Ten years ago, he presided over the transition from a free and unfettered retail forex market, to the severely restricted and over-regulated situation we have today.
We can thank Gary Gensler for chasing more than 80% of U.S. forex brokers out of the country, or out of business. And we can thank Gary Gensler for slashing free-market broker leverage to the pathetic 50:1 maximum allowable leverage offered to us today.
In my first post in this thread, back in September 2010, I heaped as much scorn on Gensler as I could, without running afoul of the Babypips moderators.
When Gensler’s term as Chairman of the CFTC was up, and he moved on, I lost track of him. Now, apparently, he’s coming back to the financial sector, as Chairman of the Securities and Exchange Commission (SEC).
I guess some people just love to tell other people how to live their lives – in this case, their financial lives.
The news that President-Pretend Biden will nominate Gensler to head the SEC has not been confirmed, either by Biden or by Gensler, as the following article mentions –
Assuming that Gensler ends up as head of the SEC, he won’t have authority over retail forex – not directly, at least. But, evidently, he has definite ideas about the regulation of cryptocurrencies, which could have ramifications for those of us who trade forex offshore. (And, yes, the SEC has authority over cryptos, which is just about as stupid as the CFTC having authority over retail forex. But, I digress.)
One of the greatest – some would say the greatest – challenges we face in offshore trading is moving funds to and from U.S. bank accounts, into and out of offshore forex accounts. Very few options are available to us, in that regard.
Out of the few, less-than-ideal options we have, cryptocurrency transfers have proven to be the least bad, and many of us have come to depend on cryptos to facilitate money transfers to and from offshore.
But now – considering what Gensler did to retail forex ten years ago, and considering how he hates offshore trading, and considering our dependence on cryptos to move money efficiently to and from offshore – I am not thrilled that Gary Gensler will shortly get his hands on cryptocurrency regulation.
