AML/KYC Dash address

yocko

Member
Feb 7, 2017
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Dash Address
XqWRVQSoUyrMQ7TDHqz5zcFd1xxdQEDR3D
We seem to be hitting a sticking point with legacy banking integrations due to our optional privacy feature.
People are talking about removing privacy and all sorts of drastic crazy measures to gain acceptance from exchanges and payment gateways.
Maybe we can approach this differently without losing our privacy option or the integrations. This is just thoughts, and I'm not looking for arguments or criticism, let's try and build a solution.

I propose we have core develop or we fund a proposal to establish an optional KYC/AML address section for the DASH Core wallet or a separate wallet. This would be a gateway wallet for users wanting to send money through the legacy banking system.
The legacy banking system will then know who the funds came from and can report as they are needed too.

Users who don't want to be linked don't use these wallets and the services that require them.

Ideas?
 

tungfa

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Masternode Owner/Operator
Apr 9, 2014
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not sure where is the point
u can be AML as much as u want and still accept coins from anywhere
mix them and send on !
so ... ?
 

yocko

Member
Feb 7, 2017
154
64
88
behind you
Dash Address
XqWRVQSoUyrMQ7TDHqz5zcFd1xxdQEDR3D
not sure where is the point
u can be AML as much as u want and still accept coins from anywhere
mix them and send on !
so ... ?
Yes but the exchange can pass on the information about where the DASH came from so passing the responsibility of explaining the mixed coins to the customer. This is the whole point, not to hinder the crypto anonymity but to make it work with the banking system.
If a user cannot explain where they got the coins then they have to answer to that rather than the exchange. It's like depositing cash into a bank if you put in large amounts of cash you need ID to ensure a person is nominated relinquishing the bank of liability.
 

tungfa

Grizzled Member
Foundation Member
Masternode Owner/Operator
Apr 9, 2014
8,902
6,739
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Yes but the exchange can pass on the information about where the DASH came from so passing the responsibility of explaining the mixed coins to the customer. This is the whole point, not to hinder the crypto anonymity but to make it work with the banking system.
If a user cannot explain where they got the coins then they have to answer to that rather than the exchange. It's like depositing cash into a bank if you put in large amounts of cash you need ID to ensure a person is nominated relinquishing the bank of liability.
yes
but that is on the banking side , not on my personal side
as exchanges need KYC , not Dash wallets
 

yocko

Member
Feb 7, 2017
154
64
88
behind you
Dash Address
XqWRVQSoUyrMQ7TDHqz5zcFd1xxdQEDR3D
yes
but that is on the banking side , not on my personal side
as exchanges need KYC , not Dash wallets
But isn't it a verifiable backtrack for them? They can say they know full well where the coins came from and give the KYC address in their reporting.
It currently works with cash so why would you argue it won't work with mixed or not mixed DASH?