KYC is the illicit activity, so why does bisq support KYC?

How would you define this though.

I would implement it as an additional field in the account settings:

  • natural person (NP)
  • juristic person (JP)

Filling out this field would be self-declaration. Failing to declare it correctly makes the trade open to penalties in the mediation process.

In this scenario an account would have a country and legal status as well as a list of accepted countries and legal status.

In the offer book the offers will only match if the country and the legal status are matching.

Examples 1:

  • Account setting of maker: Country DE, Legal status: NP, accepted countries DE, FR, accepted legal status NP
  • Account settings of taker: Country DE, Legal status JP
  • Result: Does not match (trade greyed out)

Examples 2:

  • Account setting of maker: Country DE, Legal status: NP, accepted countries DE, FR, accepted legal status NP, JP
  • Account settings of taker: Country FR, Legal status JP
  • Result: Matches, because maker accepts FR and JP

Related to this suggestion is also this thread Trader doesn't fill his full name bei SEPA If a fake name is used in the account setting, then the legal status can not be determined by the trading partners and would end up in mediation as well.

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