KYC is it mandatory for security tokens ?

cutesgirl

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Quote from: HappyZeref on June 06, 2019, 03:06:43 AM

I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.

They state they are financial institution and compliant with Swiss laws ,etc.

Anyway is there always the need to pass KYC in order to invest in an STO?

Maybe you can miss KYC with your Blueshare exchange account if withdrawal under 2 btc in one day, many exchange account have submit KYC but you can miss it if your withdrawal not reach above 2 btc in one day, just for bittrex exchange account have pass KYC because there are not available withdrawing without pass KYC and look not available trading without have submit your data first.

zahed

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Yes, KYC is of course required for the the security tokens. You have to must be pass KYC in STO. In many projects ICO,IEO both of asking KYC.
KYC isn't mandatory for all of the countries i mean it's depend on your country basis. But don't try to submit documents in everywhere without legitimate projects.

jaocoincrypto18

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It is mandatory per regulation policy of the country that legalized Crypto currency but i wonder of some projects that they will not required KYC to their participants so i doubt if the project is legit or not so i decided not to join their projects to ensure the safety of my investments.

Schirer

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Yes, it is!
Securities are strictly regulated in all countries.
This fact is why it makes me curious, how in the earth those projects who claim to be securities are giving out security tokens without kyc for bounty.

DoublerHunter

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Quote from: phamminhtan on July 11, 2019, 05:41:41 AM

For the token, KYC is absolutely mandatory, Strictly obey the laws of the host country and against money laundering criminals.

^ That was completely mandatory, and the companies like IEO, CEO or STO should obey to implement KYC/AML which KYC means Know Your Customer and AML means Anti-Money Laundering. AML is very strict even anywhere in the country they should implement that law to those companies related to an investment to avoid money laundering. KYC/AML implementation is becoming more and more common in the ICO space, and for good reason. Also, there's no way to avoid if you feel you are safe on that company then submit your personal data if not then, avoid and find another one.

phamminhtan

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For the token, KYC is absolutely mandatory, Strictly obey the laws of the host country and against money laundering criminals.

Ozero

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Quote from: yohananaomi on June 29, 2019, 07:31:28 AM

It should be early to read the rules that have been made by them when launching a project. we can be sure that they will inform you that later they need a kyc at the end of the project. if we feel that we are not very profitable for us, because the personal data we provide without our knowledge will be for what to use. can it guarantee the security of the confidentiality of personal data in them. better to be avoided from the beginning so as not to harm later.

Of course, it is better to shy away from transmitting your identity. However, after the last FATF decision comes into force, no one has the right to demand to undergo a KYC check if the cryptocurrency transaction is less than one thousand dollars. These rules should also apply to exchanges. In my opinion, they are not so bad. It will be necessary to do more tranzaky, but they will not have to exceed thousands of dollars each and no KYC check will not have to pass.

yohananaomi

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It should be early to read the rules that have been made by them when launching a project. we can be sure that they will inform you that later they need a kyc at the end of the project. if we feel that we are not very profitable for us, because the personal data we provide without our knowledge will be for what to use. can it guarantee the security of the confidentiality of personal data in them. better to be avoided from the beginning so as not to harm later.

lepbagong

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Quote from: urab1004 on June 16, 2019, 05:40:07 AM

Kyc is indeed needed for regerstrasi if the project that is being done is so brilliant.
but you have to be careful too much that is used for theft. try to learn more about the project

It is very wise what you say, that you must be careful with the theft of personal data from the requested KYC results. but we do not know who is asking for and whether it is accountable for the confidentiality that we have given. so far I have avoided KYC even though you may say a very diamond project can be given for registration.

imstillthebest

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Quote from: jhongzjhong on June 14, 2019, 06:24:22 PM

KYC is for the security of the user and the company that holds the STO.

only sto's ? what about ico , exchange , gambling sites , etc... ? kyc if for everyone or for every kind of business .

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KYC is actually a good thing for both parties.

it depends . it depends on the site/company because not all are legit ,this is why some people are doubting to the a kyc .

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it is up to you if you will trust your private information to the investment firm you are choosing to.

if you found out that the company or the site that you will be using is legit then you should not hesitate to do a kyc .

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If the thing that is holding you back is the thing that your not comfortable for you to share your personal information then I would advise you not to join the firm.

yeah . there are still many oppurtunites out there that can be done privately without the need of kyc .

urab1004

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Kyc is indeed needed for regerstrasi if the project that is being done is so brilliant.
but you have to be careful too much that is used for theft. try to learn more about the project

jhongzjhong

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KYC is for the security of the user and the company that holds the STO. KYC is actually a good thing for both parties. However, it is up to you if you will trust your private information to the investment firm you are choosing to. If the thing that is holding you back is the thing that your not comfortable for you to share your personal information then I would advise you not to join the firm.

goaldigger

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Quote from: HappyZeref on June 06, 2019, 03:06:43 AM

I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.

They state they are financial institution and compliant with Swiss laws ,etc.

Anyway is there always the need to pass KYC in order to invest in an STO?

If i had a doubt to a site and registered with a sub-platform or third party sites then i probably would not give all my personal informations or KYC in that most specially if they ask for more than your name and age. Emails, passwords, birthday will be such a solid tandem to hack or stole all your valuables in the internet. We should always be careful because even those legit sites have counterfeits.

marcbitcoins

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It will depend of the country you belong in which the certain project was facilitated. Every nation has their own draft of Crypto regulation so maybe some countries will not require KYC or some may require KYC but only to the project owners in which investors will do KYC depend of the amount they will going to invest.

joniboini

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Quote from: gustavung on June 11, 2019, 01:39:48 AM

If the startup project conducts a IEO sale phase, they will not ask you for personal information. Especially if the exchange is decentralized. You should also pay attention to where the project plans to add its tokens before deciding whether to invest there.

You guys are making it off-topic now. We're clearly talking about STO from the beginning, so I doubt any legitimate STO would do the same like Binance IEO.

It's even more interesting to see that one of the (claimed) STOs that run their bounty campaign stated that the hunters don't have to undergo KYC to get their tokens while investors have to do that. If that's true, maybe there are different laws that apply to STO. I always assume that hunters would be considered as investors too.

gustavung

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All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations.
[/quote]If the startup project conducts a IEO sale phase, they will not ask you for personal information. Especially if the exchange is decentralized. You should also pay attention to where the project plans to add its tokens before deciding whether to invest there.

lucyfermornin

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Quote from: dlanruei21 on June 11, 2019, 12:53:33 AM

Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

All the concerned parties in an ICO that has the KYC process have a better chance of receiving recognition from banks and other financial institutions. The ICOs are also more likely to follow the anti-money laundering regulations.

dlanruei21

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Fraudsters can also provide kyc verification for users, so I would not call it a clear indicator of the legitimacy of a startup. And for a long time I could not understand why it was necessary at all for them to submit my documents when it was not known where they would use them. But apparently it was just an attempt to deceive investors and show themselves as a real ICO project, and not a scam

Harlot

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Quote from: fortunecrypto on June 10, 2019, 08:41:11 AM

Quote from: CryptoEnthusiasts on June 06, 2019, 03:19:36 AM

KYC is absolutely mandatory and required by law for all sorts of securities around the world.

A company is required by law to always know all of its shareholders.

This of course includes security tokens.

I second that, STO is very much different that ICO we can consider this as a safe way to invest because they are compliant and they are regulated check this article it has all the answer to all your question
https://hackernoon.com/know-your-customer-kyc-regulations-for-stos-43c55132f196

Even normal ICOs requires KYC, if they want to launch their token sale locally in a country that requires KYC they will be ordered to do so in order for them to make the ICO happen. STOs on the other hand are much more on a stricter level since they act mostly like shares of a company, it will be like a stock for the investors that is why regulations for STOs are much more heavily enforced.

fortunecrypto

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Quote from: CryptoEnthusiasts on June 06, 2019, 03:19:36 AM

KYC is absolutely mandatory and required by law for all sorts of securities around the world.

A company is required by law to always know all of its shareholders.

This of course includes security tokens.

I second that, STO is very much different that ICO we can consider this as a safe way to invest because they are compliant and they are regulated check this article it has all the answer to all your question
https://hackernoon.com/know-your-customer-kyc-regulations-for-stos-43c55132f196

magneto

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Quote from: HappyZeref on June 06, 2019, 03:06:43 AM

I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.

They state they are financial institution and compliant with Swiss laws ,etc.

Anyway is there always the need to pass KYC in order to invest in an STO?

If they are fully compliant and they are literally calling their own token a security, then yes, most likely they are required by the relevant regulations to conduct verification on their customers or investors.

It also depends on who and which regions they are offering their tokens to, if they bar people from the U.S. or other sensitive areas where tokens are treated as "securities" and as such regulated by the SEC and other bodies from participating, then there could be a chance that they can legally offer their tokens without KYC.

At the end of the day, it's up to their discretion. You as an investor has really no control. If you aren't comfortable with providing your info, don't.

squatter

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Quote from: aioc on June 08, 2019, 07:28:36 PM

If they are compliant and they have proof that they really are, why not, I always say that if the company can show that they are compliant and they are fully registered company, they can make their users comfortable and make them think that their investments are safe.

Get ready to have your identity stolen. Undecided

A company being registered and compliant with all data protection laws isn't enough to guarantee the safety of your documents. Database compromises are happening everyday at major companies. The more companies you volunteer your information, documents and selfies to, the more likely your data will be hacked and sold on the dark web.

You should always consider that risk and weigh it against the potential benefit. Is this STO really that promising -- will the profits be large enough to justify this risk? Do you really want to hand your documents over to company named "Altcoinomy?" Because yes, KYC will typically be mandatory with security tokens. They are subject to various securities laws.

aioc

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Quote from: HappyZeref on June 06, 2019, 03:06:43 AM

I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.

They state they are financial institution and compliant with Swiss laws ,etc.

Anyway is there always the need to pass KYC in order to invest in an STO?

If they are compliant and they have proof that they really are, why not, I always say that if the company can show that they are compliant and they are fully registered company, they can make their users comfortable and make them think that their investments are safe.

jvdp

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Quote from: HappyZeref on June 06, 2019, 03:06:43 AM

I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.

They state they are financial institution and compliant with Swiss laws ,etc.

Anyway is there always the need to pass KYC in order to invest in an STO?

Keep the KYC secondary in this matter, first you need to check the legitimacy of the site you reffered. You need to clarify the problems what you faced in that site and confirm that trustworthy to use.

Then KYC details can shared the site which is legit and if you are safe only you need to share that. In crypto industry, you do not need to share the personal details for unwanted reasons.

dothebeats

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For tokens, no, I wouldn't suggest anyone giving out their KYC documents in exchange for a few dollars and hopes that one day, the coin/token will amount to something. Sure, one company/team can always say that they are compliant to AML/KYC regulations, but nowadays anyone can claim that, and by doing exactly that they are having a free pass on anybody's KYC documents, all they need to do is ask and they'll get it.

Quote from: CryptoEnthusiasts on June 06, 2019, 04:37:33 AM

You have to do some DD on the KYC provider, but keep in mind that in one way or another you have to give your ID in order to buy securities.

Would you trust some clerk in an investment firm office with your ID information ? It has the same risk factor.

Exactly this. Not that I have something against rank-and-file workers but handling them sensitive information for the most part is just scary.

Theb

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STOs are much more regulated compared to ICOs as compared to them they more act as stocks or shares of a company that is why KYC is more heavily enforced to them. STOs are more likely to be offered by companies which has already been allowed by their SEC to do so that is why anything regulated or somehow involve by SEC this will guarantee that they will somehow have a KYC process as a requirement. So the only thing for you to do now is to knkw if these blueshare.io is running a legal STO.

Kemarit

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I'm not familiar with STO, but the thing for me though, if I'm not comfortable giving out of personally info then I won't do it, simply as that. I mean, we know that sooner or later, every exchanges will require us to comply for AML/KYC compliance, but I will still wait for that day and weight my options, just saying. So it's really up to you if you wanted to take that risk or not.

CryptoEnthusiasts

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You have to do some DD on the KYC provider, but keep in mind that in one way or another you have to give your ID in order to buy securities.

Would you trust some clerk in an investment firm office with your ID information ? It has the same risk factor.

HappyZeref

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Yeah, but should i entrust my Private information to a another website which has redirected me to?

CryptoEnthusiasts

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KYC is absolutely mandatory and required by law for all sorts of securities around the world.

A company is required by law to always know all of its shareholders.

This of course includes security tokens.

HappyZeref

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I tried to register in Blueshare.io and they re-routed me to another platform called Altcoinomy.

They state they are financial institution and compliant with Swiss laws ,etc.

Anyway is there always the need to pass KYC in order to invest in an STO?

Topic: KYC is it mandatory for security tokens ? (Read 585 times)