Topic: KYC challenges - page 4. (Read 973 times)

In Estonia, the citizens have a kind of Digital Identity, (working with a 2FA or a card with private keys) They can use it for everything needed for administration, banking, or whatever.
We could imagine similar, each citizen has an ID number and private keys and when a KYC verification is needed the citizen will just need to enter a code (keys or 2FA code)

Well in order to solve that problem we must know what ICOs are backed up by the government and what ICOs are not. Some ICOs are really just here to gather some data in order to solve this information to other people, this ICOs are really not here to comply with the requirements of the government but to earn money from your data. Easiest to avoid this one is to participate on ICOs you know that the are locally allowed to sell because participating a pre-sale internationally without any good background is a big risk for your personal info.

Although, anything that have an advantages must have disadvantages but I think KYC is needed in the Crypto community because the cryptocurrency business is already flooded and only way to keep it on track is KYC. However, the US SEC still need to do something you preventing investors interest either by implementing a process to stop scam ICOs from operating.

You make a good point about the KYC issue which I also support and believe it solve the issues of money laundering but to be honest KYC issues also make cryptonier to be vulnerable because of the issue of data linkage which could expose people to hacker, theft and fake id users.
Nevertheless, i have a bad feelings about the whole KYC things because the FBI nab some people involve in money laundering and illegal right before the implementation, why didn't they use the same process?

the majority factor using KYC is for the case of money / asset laundering to be more controlled, the obligation to validate user data on the exchange market or ICO is set to the user account, but it is better to still be subject to a value limit and nominal above 1 btc because below that nominal still considered feasible for middle to lower transactions.

For exchange markets and ICOs, they have been required fairly according to their fund allocation. However, for the smallest value / transaction, it should not be needed

Thank you sir! You are very much comfortable with kyc then!

What's your general take then!!..you support kyc or not?
Any effective ways you can recommend to making kyc procedures effective??

Here, I dug a few threads about KYC. Its been a subject for quite some time so I'm sure that you can find interesting cons/pros.

Are You Afraid of KYC?
Why most ICOs ask for KYC?
Attention: KYC for Bounties
Is it safe to provide passport details for KYC?
Do you join ICOs that requires KYC?
KYC of bounty hunters

Bottom line, if you're not comfortable handling out your personal information, then by all means do not do it.

That's a legit fact that we can't be sure of it if our identities are being stored and secured on their database. One of their staff can even do something crazy that the management won't notice with our ID's.

We need to understand of putting our identities at risk specially if you are investing to those ICOs now. Most of them can't be trusted anymore due to the growth and high number of scammers who are using ICO scheme for their shady act.

Lastly, if you don't agree with their terms then simply don't agree and don't send your ID's.

For Legal Purposes .............................. Yes
For People trying to Abuse your Bounty ... Yes
For collecting KYC just to sell it to others...No

KYC is something most countries are trying to require now as it is there way to combat the people who is using ICOs to do criminal activities, it is also there way to give their own citizens protection from some potential scams if they try to invest in the cryptocurrency market. You also need KYC in order to avoid people abusing your bounty with their multiple account registrations, this will ensure you that the person will only receive what you are willing to give to just one person.

Now on how you can effectively ask for KYC, you should have a team or department that is meant for verifying that the documents your customers are sending are legit, KYC will only work if what they are giving you are not false data as some users tend to send fake documents in order to participate and abuse your ICO.

Lets see how it plays out in the future

Just make sure that you're giving your KYC  to some site or project that important for you.

So let say if you play dice on gambling site that require KYC to withdraw, maybe you can stay away if your law can track down your activity through them.
Personally, I will give KYC to the exchange because I'm usually convert btc into fiat as long as they are trustable !

First you need to find out on what legal basis the KYC check is carried out and which categories of people fall under this check. Of course, existing regulations, if any, should also state and for what purpose such an inspection is carried out.
As far as I understand, its main task is the prevention of money laundering and all other illegal actions that can be carried out using cryptocurrency. This check covers only investors, that is, people who buy a cryptocurrency, if an ICO is held, as well as persons who make any transactions when trading on the exchange.
I especially want to draw attention to the fact that KYC checks should not be carried out against participants of the ICO generosity campaign, since they are not investors.

I remember when i do make some investment with some good ICO's in the past where i do comply KYC which i know its really a risky decision but that thing do succeed and give out some good returns.
Giving out information neither on exchangers or ICO teams doesnt really guarantee you that your informations is completely safe because we wont know on where those info's being stored up after such transaction.There still risk of leak out where it would still lead into possible illegal usage of those info.

I complied to a KYC requirement of an exchange so I would increase my limits and they can verify that I'm a legit customer. Don't just send your pictures holding your ID's to a very unpopular site that you are investing.

But if the site you are sending and complying KYC is trusted and fair, I guess there's no problem with it. With projects, I don't comply with those requirements and won't join any of them. There are incidents that our identities are being sold and used for different activities that's why I no longer trust those projects.

So true sir!!....i agree with u sir!

yes its needed now that projects are excluding investors from some countries like US and china.
 but a photo of us holding a projects name would really be too much, they could use it to make you appear like you are part of the team. that is going to be the most scary thing. the Id card adn a photo of you holding the ID i think is enough.

Thank u sir!!....i think kyc is a great thing!! So ICOs platforms should employ new technologies and techniques to secure data as much as possible!!!

I sincere think that KYC is needed; in other to reduce financial fraud and money laundering....thanks for the idea of KYC in my own humber opinion it has really help in monitoring the movement of financial...just that am in total support for the need for ICOs platforms to collect less data as possible but must be accurate and containing some key details incase of subsequent cases of fraud...more than a regulatory requirement, the KYC has become an essential component of the customer experience. The digitization of company / customer exchanges requires that customers be given an easy and fast accreditation or identification experience. At the same time, the reinforcement of identification rules forces the company to manage and control an increasing number of channels, making the customer journey more complex. Solving this equation is therefore strategic!
For the end customer, this procedural burden of collecting and processing identification documents can be perceived as a real challenge, which can lead to a reduction in satisfaction associated with the complexity and length of registration which could lead to abandonment.
For the company, this abandonment is catastrophic: the identification becomes a position of costs, consumer of human resources, in constant growth.
On the basis of this finding, the outsourcing of KYC to specialized providers deserves to be examined - but i think is ok!!

In my opinion, KYC is needed to filter individuals who would want to take advantage of laundering money in the name of ICO. But has KYC been efficient? No. Even after KYC process, investors risk there personal information to third parties.
There are many crypto projects trying provide real world solutions to solve KYC issues such as Ontology, Civic, Bridge Protocol, TheKey etc whereby you authenticate your identity using your private keys m/smart contracts. With blockchain, it will help improve KYC in so many ways