I agree with what you say, but I still think people should push back on this. It shouldn't be convenient for governments to abuse their citizens.
However, a bad actor (depends on how well funded/connected they are) would still have a harder time getting information.
As for the KYC thing, right now it's mostly to ensure you're not funding terrorist/criminal enterprises (at least it was the case for one of my previous companies). The data isn't just readily available to any political party who asks for it (I guess most companies will comply under certain conditions, but the legal friction is the point I think).
However, a bad actor (depends on how well funded/connected they are) would still have a harder time getting information.
As for the KYC thing, right now it's mostly to ensure you're not funding terrorist/criminal enterprises (at least it was the case for one of my previous companies). The data isn't just readily available to any political party who asks for it (I guess most companies will comply under certain conditions, but the legal friction is the point I think).