I’d like to Know if this forum is helping to solve the problem. And if there is any news on this issue. Or can Etn even find a different way to sidestep KYC/AML? and maybe even patent that.
In many countries KYC is an actual Legislative requirement and can not be sidestepped. Here in Australia for example, there is the AML/ CTF Act. KYC is the procedural application of the act and any means that seeks to avoid compliance is illegal.
Why would they sidestep it?
The only way for mainstream commercial companies to have enough confidence to fully embrace crypto is to make compromises and work WITH regulation not against it… Do just enough so that the industry is not ostracised.
Now there is certainly a fundamental discussion to be had on how effective KYC is, but for the moment, its necessary for crypto to start being adopted in mainstream.
I understand why some other projects look to avoid it at all costs… but Electroneum are not following a purist methodology focused on decentralised anti-establishment concepts. They are just trying to utilise the benefits of crypto currencies and do something no-one else has done yet…break down barriers and become a household name with mass adoption.
I guess my wording could have been better, but it is my understanding that in order for etn to meet the terms of contracts already signed with mobile phone companies and others that they must be fully compliant with KYC laws. These laws are not universal globally. That is why there are independent companies and projects that can solve the issue on behalf of etn. This what I meant by ‘sidestep’ a decentralized solution to the complex KYC issue. All I really want is some reassurance that etn can and will solve this very soon I guess… Thanks
ahhh i see. Thank you for the clarification.
Interesting point. I’m not sure that the mobile phone companies are the ones requiring KYC. The relationship between user and mobile operator is already in place for those partnerships and dont deviate into FIAT jurisdiction.
I think these regulatory steps solves other issues and open up other opportunities. I suspect we will see a more detailed explanation of the steps being taken and reasons at some point from the team.
Anti Money Laundering/ Counter Terrorist Financing measures are an outcome of 9/11 and has approx. 192 countries as signatories in agreeance that they will have legislative controls to track the flow of currency. Organizations required to comply are Banks, Deposit Taking Organizations, Credit Unions, Money Transfer Services, as well as any third parties they use in distribution processes. Its pretty much global. Countries that dont comply are subject to sanctions by signatory members.
Indeed. But as i said, it doesn’t cross into the realm of FIAT. … thus the driving overlap is likely in other areas.
You’re correct. I do believe I heard Richard use the term “Institutional Investors” at least once in the Michael Ambrose video series, so they obviously have something they’re keeping on the quiet right now.
He did also seem to suggest in that video series that they are having problems progressing with the signed agreements until they figure out KYC. etn, would need to work closley with these mobile operators to ensure KYC compliance on their side rather than etn. Is what I’m guessing. I’d like to understand the actual stumbling block.
@Rachel know anything about this?
wow that was a great understanding of ETN…
Fancy term for fat HODL accounts from ICO?
@Latroy i also think that the partnerships they announced so far aren’t the only ones in place it wouldn’t surprise me if there are a couple big ones that we don’t even know about yet that are a secret until they are ready to announce them maybe those partners want KYC and such first in place before they will be a full partner of ETN and then they will probably also announce them when time is right
I believe it. Cards played close to the chest.
I found the latest vid. was gunna recommend one of the 3rd party KYC solutions lol. But I’m sure they knew. And they have made a good choice there. I’m sure it wasn’t cheap. But hey, they’ve got plenty of money to play with. Carry on.
Its also the best way for Electroneum to play their cards right and and hold them as long as possible till the time is right to show them to us