Topic: Is it neccessary to do KYC for ICO? (Read 423 times)
Many ICOs want KYC verificarion lately. I'm not sure if they are trustable. And some of them don't even give enough infomation about how do they handle verifications.
Of course because the SEC's regulation prohibited u.s citizens from joining any of these ICOs.,and if these ICOs accepted u.s citizens there will be a conflict and it wont be a hassle for them because the SEC will sue them,i have seen a lot of ICOs that was cancelled because a lot of u.s citizens have joined their ICOs even they got warning from not accepting u.s citizens.
With the huge amounts of money involved in crypto and ICOs nowadays, it is getting more and more difficult not to do KYC. When it was all small, the rules weren't strictly enforced yet as it was not worth the effort. Nowadays, this has changed and it is worth it for governments to put effort into enforcing the KYC laws to prevent money laundring.
To me it is actually one of the reasons not to join ICOs anymore. Not because I don't want to comply to KYC, but because I don't want to hand my information to unkown and unproven parties.
I also have the same opinion with you, because I feel less agree if giving personal data to people we do not even know To me it is actually one of the reasons not to join ICOs anymore. Not because I don't want to comply to KYC, but because I don't want to hand my information to unkown and unproven parties.
Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
In many projects, you will not be able to participate if you do not pass KYC.
This is to prevent money laundering
i'm not sure about KYC verification. I'm worried about this data. some ICO must verify KYC with passport, and you know the passport is the most important data person around the world. how about if these data that used to money laundry? how do you think about this?
An interesting question that really requires a lot of thinking. If you could see at least those lines of the law that someone had entered there, then you can talk about it. Nobody has yet seen any lines and no law, just only words.
Yes, it’s necessary to prevent money laundering and accordance with the laws of each country
It's as simple as it is, but your data sail into the Internet and you do not even know whose hands it is, but if the project is scam, they asked for your data!
Even scary to imagine what can be beat if this information gets into the wrong hands!
Even scary to imagine what can be beat if this information gets into the wrong hands!
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I know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo anonymous. However, for serious companies that hold an ICO to be a legitimate partner to public bodies and large companies — or even just to their bank — they need to be sure that the sources of all funds raised in their token sale are legitimate. No funds can come from illicit sources, people under sanctions, or organizations with terroristic links. I know not people agree with this, but KYC will be more and more present while the crypto market further matures.
Okay and to be fair there is nothing wrong with them doing that, but what if we flip the script? I want to make sure the organization I am handing my funds to is not terrorist or malcious in any way, would they agree to a reverse KYC? I think not, and that is the bigger problem at play here.
I know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo anonymous. However, for serious companies that hold an ICO to be a legitimate partner to public bodies and large companies — or even just to their bank — they need to be sure that the sources of all funds raised in their token sale are legitimate. No funds can come from illicit sources, people under sanctions, or organizations with terroristic links. I know not people agree with this, but KYC will be more and more present while the crypto market further matures.
Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
If there are limited quotas or the ICO is oversubscribed, yes, it is required. The thing is that many times is just done without much justification, just to exclude US residents really.
ICOs are just complying to U.S's SEC that is why most of the new ICOs are requiring most of the invest to undergo KYC Verification so they could identify those investors from restricted countries like U.S and China that arent allowed to join any of these ICOs.Its for their own protection,so you can be sure that your ICO investment wont be end up to scams,ICO KYC is acceptable but bounty hunters shouldnt undergo with this verification because we arent investors.
it depends on the marketing policy of a particular ICO. However, in my opinion, this procedure is mandatory for large investors. This should be done to prevent token speculation and market manipulation. 
What do you think?
What do you think?
Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
actually KYC verification is aimed at legal provisions within the ico developer country. yes, we are always required to verify this kind of like KYC, because many ico now make payments like credit cards.
for that purpose, KYC verification is currently always present in every campaign
If the country's legislation requires ICO to conduct KYC, there is no choice in this company. It can only register for the conduct in a country that does not require such verification. However, this applies to investors. How, then, should we look at ICO companies that require such a check in the participants of the signature campaign? Here the meaning disappears, since the campaigners of the signature do not invest their money. Therefore, I am absolutely against the fact that the participants of the signature campaign, like the other participants in the campaign of generosity, passed KYC.
With the huge amounts of money involved in crypto and ICOs nowadays, it is getting more and more difficult not to do KYC. When it was all small, the rules weren't strictly enforced yet as it was not worth the effort. Nowadays, this has changed and it is worth it for governments to put effort into enforcing the KYC laws to prevent money laundring.
To me it is actually one of the reasons not to join ICOs anymore. Not because I don't want to comply to KYC, but because I don't want to hand my information to unkown and unproven parties.
To me it is actually one of the reasons not to join ICOs anymore. Not because I don't want to comply to KYC, but because I don't want to hand my information to unkown and unproven parties.
Recently, there are lots of company doing KYC for ICO.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
However, it is kind of akward that doing KYC on blockchain technology.
Do you think is it neccessary to do KYC for ICO??
Plz share your opinion.
For me personally this is problematic. I do not like superfluous red tape. All these registrations .. only spend time. But I think it's for the best. All the same, there must be certain guarantees.
Well if they ask for that then it's necessary. Nothing scary in it, just send them your driver license or something like that.
You must be careful sending your id, and take precautions (eg ID-fraud)
- Only provide the information which are relevant.
- Mask details which are unnecessary to know (eg your social security number).
- Describe on the copy of your ID: It is a copy, the date, the reason of the copy
In the Netherlands you have guidelines from the authorities how to copy your ID in a safe way:
https://www.rijksoverheid.nl/onderwerpen/identiteitsfraude/vraag-en-antwoord/fraude-voorkomen-met-kopie-id-bewijs
I am sure other countries have the same guidelines, check it first before you copy and send your ID!
In fact, this is a very controversial issue, because it turns out that the crypto currency is beginning to be legalized in this way, but since they require verification of investors, then let the developers be fully verified, but somehow it's not fair.
Well if they ask for that then it's necessary. Nothing scary in it, just send them your driver license or something like that.
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