Topic: KYC if the ICO is not based in the US (Read 147 times)
we have the right to maintain our identity, what if we invest ICO using KYC and the project was a scam? is it a bit like our data theft? think 2x to use KYC
I don’t think you’re looking at the wider picture. KYC is not solely a US requirement. You also need to consider what happens if the ICO wants to list on a US-based Exchange. US citizens are subject to their investment laws, regardless of where in the world they send their funds, so ICOs are cognisant of these issues and are doing their best to maintain legality for their fund raised endeavours.
I think you can, if you provide ICO service to the citizens of the United States, so I think the United States can request extradition you to your country, you may be arrested, so in order to avoid unnecessary trouble, do not provide service for citizens of the United States.
I think it's to be one the safe side, for if they plan on doing business in the United States.
I don´t know why companies that are not based in the USA have to comply with US laws regarding investment. If the ICO and the company are based on a jurisdiction that does not require a KYC, why would the have to do it? And, why would the US residents be subject to their own country rules when investing in a different country? And finally, if I launch and ICO in Bermuda or the Cayman Islands, can the US government prosecute me if I have no business in the US?
Because Kim Dotcom. He has never set foot in the US, no offices in the US and broke no New Zealand laws with his Mega service, yet the US tried to have him extradited. The US has far-reaching abilities. ICO's are doing this to prevent future Kim Dotcom situations.
Maybe to avoid money laundering 
I agree every ICO with KYC, every purchase of ICO with a large nominal.
I agree every ICO with KYC, every purchase of ICO with a large nominal.
I don´t know why companies that are not based in the USA have to comply with US laws regarding investment. If the ICO and the company are based on a jurisdiction that does not require a KYC, why would the have to do it? And, why would the US residents be subject to their own country rules when investing in a different country? And finally, if I launch and ICO in Bermuda or the Cayman Islands, can the US government prosecute me if I have no business in the US?
Actually we already know,that KYC implementation in the world of digital system especially when joining the ICO campaign is implemented first in U.S and there reason is to prevent some of exchange trading bussiness to used this crypto coins in money laundering or some illegall activities like using it in fund in terrorist attack or drug syndicate,but being using this KYC implementation in all aspect even you doing only bounty huntings or faucet is not right because we works only for promoting the platform project ,to become successfull and marketable.
I think it's because of current KYC trend . Nowadays ICO's which do not require to do KYC is perceived like a scam , which is not correct . In addition it's a good opportunity to save some bounty budget , because a lot of bounty hunters will not pass KYC .
KYC is not actually require in some part of the ICO but that doesn't mean that if they don't require KYC its a scam because I already attended some campaign that they dont require those but I received a payment after its a case to case basis
I don´t know why companies that are not based in the USA have to comply with US laws regarding investment. If the ICO and the company are based on a jurisdiction that does not require a KYC, why would the have to do it? And, why would the US residents be subject to their own country rules when investing in a different country? And finally, if I launch and ICO in Bermuda or the Cayman Islands, can the US government prosecute me if I have no business in the US?
sec not regulated about ico
ico is not accepted in US country, so all people us county can't join ico project
I think it's because of current KYC trend . Nowadays ICO's which do not require to do KYC is perceived like a scam , which is not correct . In addition it's a good opportunity to save some bounty budget , because a lot of bounty hunters will not pass KYC .
I don´t know why companies that are not based in the USA have to comply with US laws regarding investment. If the ICO and the company are based on a jurisdiction that does not require a KYC, why would the have to do it? And, why would the US residents be subject to their own country rules when investing in a different country? And finally, if I launch and ICO in Bermuda or the Cayman Islands, can the US government prosecute me if I have no business in the US?
That is legit, as SEC may kind of ask the documents anytime. Last news that they will ask documents from top 100 hedge funds, so better to be more careful, that's why projects are asking KYC.
I sometimes am baffled by the requirements of ICOs. I don't like kyc personally but seems the issue is gaining ground now.
many ICOs are following the kyc runs now even when there is no legal requirement to do so
many ICOs are following the kyc runs now even when there is no legal requirement to do so
I think it's due to their partners that have to comply with the Unites states laws. They prefer to comly with the laws to not have any issue such as exchange listing in future.
If the ICO are serious on their technoloty then KYC is really needed for future regulations. Of course we all want to be more secure especially our money but the real risk here is that, if those ICO is just a scam.
It is overkill to make the KYC for every ICOs that you intend to invest in. You can send your documents to project where they can steal your identity for committing a fraud.
In what ever country you invest as long you still US residents you have to do KYC. Token Sale contributors need to go through a separate KYC process.
Recent Token Sale regulations have become more strict in USA, China, and Singapore. The implementation of KYC is to protect contributors outside of USA, China, and Singapore.
There are actual cases where the SEC prosecutes and demands refunds for Token Sales that have not implemented KYC. Also, Tokens without a proper KYC process are obstructed from being listed on cryptocurrency exchanges.
But if you have different bank account at that country, you dont need to do that KYC thing cause they didnt require it. And if you allready have balance in ethereum you dont need to do KYC if you want it that way ( its illegal if you dont report all your income to IRS)
Recent Token Sale regulations have become more strict in USA, China, and Singapore. The implementation of KYC is to protect contributors outside of USA, China, and Singapore.
There are actual cases where the SEC prosecutes and demands refunds for Token Sales that have not implemented KYC. Also, Tokens without a proper KYC process are obstructed from being listed on cryptocurrency exchanges.
But if you have different bank account at that country, you dont need to do that KYC thing cause they didnt require it. And if you allready have balance in ethereum you dont need to do KYC if you want it that way ( its illegal if you dont report all your income to IRS)
You have talked about two points :
Firstly, regardless of their aims ,companies have the right to impose their own laws & instructions for those who want to take part in ( they may use users data illegally , so be careful ) .
It's better to see with law professionals
Firstly, regardless of their aims ,companies have the right to impose their own laws & instructions for those who want to take part in ( they may use users data illegally , so be careful ) .
if I launch and ICO in Bermuda or the Cayman Islands, can the US government prosecute me if I have no business in the US?
I don't think, because any country doesn't have the right to prosecute persons ( humans & establishments ) outside its territories .It's better to see with law professionals
I think it's due to their partners that have to comply with the Unites states laws. They prefer to comly with the laws to not have any issue such as exchange listing in future.
I don´t know why companies that are not based in the USA have to comply with US laws regarding investment. If the ICO and the company are based on a jurisdiction that does not require a KYC, why would the have to do it? And, why would the US residents be subject to their own country rules when investing in a different country? And finally, if I launch and ICO in Bermuda or the Cayman Islands, can the US government prosecute me if I have no business in the US?
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