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0 pointsbsclifton6y ago0 comments

The tokens get set aside (tracked only in the user's browser) but nothing happens until you verify on https://creators.brave.com/

Once you verify, the tokens will leave the user's wallet and are put into a wallet (called a card) with Brave partner Uphold. If you want to convert the tokens to your local currency and put into your account, there's a "Know Your Customer" process that the government makes sure is enforced

Tax-wise, I'm not sure how that works (great question). Besides manually converting to your currency and depositing to your bank, Uphold has a debit card that will automatically do the conversion if you use it when shopping

0 comments

mkl6y ago

> there's a "Know Your Customer" process that the government makes sure is enforced

Which government, the US one? Who is the customer here, the person being paid?

jimmydorry6y ago

All first world countries and many others with developed financial systems put laws in-place on their financial institutions (like banks) and all money transmitters. They are required to get specific licenses and one of the key parts of these various licenses is "Knowing Your Customer". The intent is to prevent money laundering. Essentially, governments regulate these financial institutions and require them to know who exactly they are dealing with (sometimes there is a minimum amount that is interesting for them, other governments require it for everyone regardless of value).

johnmaguire20136y ago

According to Wikipedia: Australia, Canada, India, Italy, South Korea, Namibia, New Zealand, South Africa, United Kingdom, United States, Luxembourg, Singapore, and Japan

https://en.wikipedia.org/wiki/Know_your_customer#Laws_by_cou...

ascorbic6y ago

I don't think that's supposed to be a comprehensive list

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