No. AML/KYC can be done without doing it per-transaction basis. That's just a dumb comment that someone posted on reddit or somewhere and everyone seems to keep repeating it. It's just FUD in my opinion.
Look, when you transfer money to/from coinbase in Bitcoin. Does AML/KYC require you to do extra things EACH transaction? No. As long as you know who the sender/receiver is, and your app that interfaces with the chain keeps track of things, it is fine. Your application keeps track of what it needs to.. it's not low-level handled on the chain itself. There is no overhead. Do yourself a favor and stop posting that..
No. AML/KYC can be done without doing it per-transaction basis. That's just a dumb comment that someone posted on reddit or somewhere and everyone seems to keep repeating it. It's just FUD in my opinion.
Look, when you transfer money to/from coinbase in Bitcoin. Does AML/KYC require you to do extra things EACH transaction? No. As long as you know who the sender/receiver is, and your app that interfaces with the chain keeps track of things, it is fine. Your application keeps track of what it needs to.. it's not low-level handled on the chain itself. There is no overhead. Do yourself a favor and stop posting that..