Will KYC be required for some people in order to activate their tokens and make them transferrable, or would that have taken place before the tokens were issued if it were necessary?
same question, anyone can answer this ?
I answered question about KYC
What KYC info will be required to withdraw our coins?
"Direct Purchasers are required to activate the OAX for OTS issued by the Foundation’s
smart contract by completing the verification process to the satisfaction of the
Foundation. Such verification process includes but is not limited to Know-Your-Customer
(“KYC”) and anti-money laundering and counter-terrorist financing (“AML/CTF”) checks."
"when all KYC and AML/CTF verifications are deemed to have been
satisfied by the Direct Purchaser to the Foundation’s satisfaction.
This requires action to be undertaken by Direct Purchasers (as
stated below) and there is no assurance that verifications will
satisfactorily be completed swiftly or at all, depending on the
circumstances.
OAX Token Sale Information Memorandum.
https://www.openanx.org/en/assets/documents/openANX_Information_Memorandum_ENU.pdfOn practice KYC / AML will be done for very large payouts only.
The team is expecting to implement this to some people only, no more.
Here is the question from Phi on Telegram:
"i have a question from the audit report regarding kyc
Initial post sale token transfers require prior KYC verification of the sender and some consideration needs to be given as to how KYC verification is enacted outside the contract. It is not entirely clear why these initial transfers are KYC encumbered though I’m told it may be a regulatory requirement. The KYC requirement will likely present as a disincentive for token purchase. Many investors who may wish to remain anonymous may not realise this encumbrance exists. Such cases could lead to protracted negative publicity toward the project and frustration on behalf of the investor.
Token holding can become anonymous after the first transfer. KYC verification may make more sense when the owner wishes to redeem their OAX tokens for OpenANX governance powers though contract does not provide for this.
The token itself appears to have no intrinsic value apart from being redeemable for governance power with OpenANX. Lacking in intrinsic value and being burdened by KYC buy in requirements leaves a pessimistic view that the sale will be unattractive and the token may not perform well in the market. The 1 and 2 year locked tokens may be effectively worthless once they are unlocked leading to possible shortfalls in current and future funding.
While these opinions are beyond the scope of the code review, I feel they must be addressed and made public prior to the funding launch."
is that summary above true?"
Also here is the answer from Dave Chapman:
"Hi Phi, and thanks for the question. The Foundation has sought counsel from law firms in Hong Kong and the United States as to the potential legality of conducting the token sale. As there are no established directives or clear polices from regulators, the Foundation has undertaken a prudent approach to conduct the token sale in compliance to relevant legislation and regulations. The counsel has recommended that the foundations complies with established KYC and AML standards and procedures to disincentivize the utilization of the token sale as a vehicle for money laundering or other illicit activity. All KYC information will be collected and maintained in accordance to strict data protection policies therefore the participants and the foundation will be in privity of the KYC information and a disclosure will only be made should it be required by a law enforcement agency as part of a regulatory or criminal investigation. The foundation believes, in openness and transparency and thus it is compelled to follow all relevant legislation and conduct the token sale with the highest level of integrity. Please let me know if this helps."
https://web.telegram.org/#/im?p=@openanxteam
