Kyc is necessary to prevent dirty money (ie money that is the proceeds of crime) from entering the financial system, to prevent funding going to terrorist organizations and to prevent funding going to people on sanctions lists. It doesn’t matter if it’s a security or not. Even banks have to do kyc when you open a plain vanilla bank account at least in the usa, eu,Canada.
I do think it’s necessary because I’m really tired of global terrorism and terrorists can’t carry out their acts if they have no access to money.
Why is it awkward to do kyc on an ico?
Topic: Is it neccessary to do KYC for ICO? - page 3. (Read 423 times)
It depends on the ICO's legal jurisdiction.
In some places you do, in some you don't.
That's why we chose Saint Vincent and the Grenadines to launch the ICO, to make it easier for the investors.
Afterwards, our operations will move to an additional jurisdiction on purpose so we can get regulation for our project but that will be unrelated to the ICO investors.
So it depends on how you want to set it up (as the company) and what the plans are.
In some places you do, in some you don't.
That's why we chose Saint Vincent and the Grenadines to launch the ICO, to make it easier for the investors.
Afterwards, our operations will move to an additional jurisdiction on purpose so we can get regulation for our project but that will be unrelated to the ICO investors.
So it depends on how you want to set it up (as the company) and what the plans are.
From this article here: https://flagtheory.com/successful-initial-coin-offering/
Quote
If you consider your ICO a security – then yes – absolutely KYC needs to be collected and also you need to determine whether the purchaser is an accredited or professional investor. However, if you consider your ICO as a token for use in your product – then typically there isn’t a requirement for you to check each and every customer. This could however be disputed, as while in daily commerce not every transaction is screened against sanctions lists – businesses are not allowed (or not legally allowed) to do business with someone who is on a sanctions list.
You might wanna do it anyways depending on the country of operation. 
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.
Depending on the country where you start your business you have different rules.
Tenx invested ~100k USD into research of local law to build a solid base for their ICO.
I think this is necessary before you start an ICO.
I heard, that in the European Union you have to do KYC if people are investing with fiat - if they invest in crypto currency then you don’t have to do KYC.
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.
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