About 2 years ago, I stopped participating in the Brave Ads program and no longer watch or allow Ads to be viewed on my desktop, you may ask why?
Because Brave created an internal wallet and yet they force people to for to third party custodial services that are pain to use and unnecessary. So until they change the strategy NO BRAVE ADS FOR ME! I have BAT tokens sitting in some virtual account within my browser but I will use none of the 3 custodial services because I find it necessary and i some cased like Uphold a crappy service!
I think that is. An excuse but don’t a good one! They can use a 1099 of US citizens and a W-8BEN. Everyone uses the government as an excuse. Do you mean a Few cents are a threat to OFAC? I can see oligarchs praying to get ads for a few BAT tokens!
Its a few cents to each person. But given there are hundred’s of thousands of users if not millions, it is quite a big amount, therefore needs to adhere to Government regualtions. Also, it is in everyone’s best interest to follow them, since if Brave didn’t, I wouldn’t be surprised if Brave was banned by governments for not following regulations.
@Manthank BAT itself is a cryptocurrency and in order to exchange for something like a gift coupon, that would mean an exchange is happening. Any exchange would require KYC/AML.
That said, you would be right in saying Brave could have transitioned vBAT to instead let it be “rewards points” that could have been used to particular things, such as their VPN, Brave Talk, etc. Then only have it set to where those who wished to use it outside of Brave’s closed system, such as to convert to cash or gift cards, would just have to sign up and do the KYC/AML. Unfortunately, Brave didn’t want to do that and instead is transitioning the way they are.
I fail to see why KYC is mandatory. They can add a rule stating unverified users could only use vBAT to buy Merch, VPN etc. This would help both the user and Brave, instead as of now it’s getting randomly tipped(Idk what happens when tipped to unverified creator)
It’s all a sham, it has nothing do to with regulation and an American centric mentality that has killed most of the Fintech industry in the usa. A way to keep banks and exchanges afloat while they collect personal data. And old game that ultimately the participants will dry up.
I literally said that in the comment you’re responding to. If it’s just for Brave’s services then they could have set it up for “loyalty” or “rewards” points you could redeem. But for some reason, the people in charge decided not to go that route.
To clarify, when I mentioned the KYC/AML as mandatory, I was referring to the idea of for gift cards and all. People have suggested before they be able to exchange it for things like Amazon, Walmart, Google, etc or even for things like Visa or American Express gift cards. That’s where I mentioned that if it went that route, it would be a monetary exchange and they would be required to gather more information.