$1.30 0.89%
ADA 1w

Is KYC Possible On Cardano?

To anyone who understands how Western governments work, and have been following the trends, it's obvious that sooner or later we'll have to de-anonymize all our wallets. It's a pipe dream to think that governments will let us own anonymous money. Since self-hosted wallets are by definition anonymous, I can see governments forcing exchanges to prohibit transfers to and from anonymous wallets (the IRS might even require you to provide your wallet addresses in the coming years). This means that if it's not possible to tie an identity to your wallet, the mainstream on/off ramps will not allow you to withdraw your crypto (or even send it to the exchange). This isn't a problem for blockchains/cryptos where wallets are associated with a single address (i.e. BTC/ETH), or blockchains that have KYC built in (i.e. XRP/XLM), but might become a huge issue for blockchains like Cardano, where each transaction generates a new address and there is no single address that can be used to identify a wallet. Am I missing something here? Is it possible for Cardano to be KYC compliant? Is there a single address that can be associated with your wallet? Or, will it be required to somehow re-identify a new address, every time you're looking to withdraw crypto from an exchange (or send crypto to an exchange)? I fully realize that there are plenty of people in this space who do not care about compliance, but you should understand that most cryptos that can't comply will most likely not be able to go mainstream, and thus likely fail in the long term. Again, crypto anonymity is a pipe dream, and compliance is absolutely a requirement if you want to see your blockchain/crypto succeed. This "I don't care about the IRS" mentality is entirely counter-productive. Most people will do everything they can to not be "criminals", so you are the exception to the rule.
Go to self.cardano
Recent news
ADA +0.89% 2h

exciting new updates from YoroiWallet

A @YoroiWallet dApp connector will allow interactions between users and blockchain-based dApps on the Cardano blockchain. We are excited for you to read our new blog on our upcoming release and what i...
ADA +0.89% 2h

Cardano 360 July Mini Edition

Welcome to the Cardano 360 Mini - July Edition! This is your quick recap on all the things we talked about inside our regular Cardano360 monthly show!Registe...
ADA +0.89% 6h

Cardano Ecosystem News - July 2021

These are the main news from July 2021 Cardano 360 Update, which you can watch as a video in聽 full version 聽and the mini version will be available soon. 1 . Global Cardano 2021 Summit Goguen Editi...
ADA +0.89% 15h

Cardano & the Crypto Armageddon

Cardano (ADA) may soon find itself in a crypto armageddon where a brand new comprehensive regulatory framework is imposed on the entire space. This framewor...