Topic: Why KYC is important? - page 9. (Read 3333 times)
To me i see kyc important to investors not bounty or aidrop hunters. Since we work to promote your work so we aint customers but workers and the full meaning if kyc states ( know your customers)
KYC is vital just for those fake ICO ventures that, together with speculators' cash, will likewise take their distinguishing proof information, and additionally recognizable proof information and duplicates of identifications of unsophisticated members in the ICO liberality battle. With respect to abundance seekers, the necessity to finish a KYC test for them is by and large unlawful, as they are not financial specialists, but rather just people publicizing particular ICO ventures.
This is the fundamental technique for Both the trade and the venture must conform to the law. A few nations have to impose, at that point when you fill the KYC frame they can track you effortlessly. for an answer that can help in unraveling this personality. KYC usage would truly be a useful thing since a few nations effectively directed the digital money trade so in coming days the KYC will be essential to take an interest any ico. Utilizing your data for awful goal and this is the inconvenience of KYC framework actualized. We know not every person is glad about KYC and a few people don't concur with it ideologically, particularly with regards to digital forms of money, where exchanges are unknown.
A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.
1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We 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 the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io
The crypto world can go on without KYC. No debate about this. 1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We 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 the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io
I think in the future most ICO projects will use KYC to cut off the fake participants and bots, but the technology should be more developed to protect participants and investors.
thanks for your information dude.
it's very important for new user like me.
sometimes I doubt to sent my personal information to someone else.
it's very important for new user like me.
sometimes I doubt to sent my personal information to someone else.
I think that the procedure for KYC should be held only by the organizers who manage the ICO. They must pass the KYC because they must be responsible for the funds that investors invest in them.
Why should market participants pass KYC?
Why should market participants pass KYC?
Fully agreed with your opinion that if each ICO applies KYC then they have the option to go to many countries which have strict laws regarding it and more investors can participate in them. KYC is just an identification of the investor that he is a real person so that no fraudulent people come to the system. Don't know why people afraid to give their KYC as it is just identification and nothing more than that.
this KYC thing adopted as fraud protection from financial institutions should be properly regulated as to protect the security of both parties involved. though the intention is good, privacy is still very important, especially in the cyber world.
The statements that can be read from this topic is actually true and some users actually bypass it but for me it is the most important part of some registrations and if it is required in some bounty campaigns we can make sure that the campaign we have joined is not planning to run away from its users. We just need to be mindful on where we send our credentials because some of them might use it for some illegal doings which might give the users a bad name so we need to make sure that it is safe to send some KYC.
In most cases, KYC is conducted to counter money laundering. Now we are seeing how investing through token purchase becomes more legal, in contrast to 2015-2016 years. Now, institutional investors are showing increasing interest in the crypto industry and in this regard, crypto projects want to conduct the most transparent ICO's to protect themselves.
KNOW YOUR CUSTOMER is important for the team of ICO to have.
to make sure and have evidence that all investors are not from the restricted country.
this will give them assurance that they are safe.
though! KYC is not 100% secure, as many people are using fake identities and documents. we all know that even without ICO.
to make sure and have evidence that all investors are not from the restricted country.
this will give them assurance that they are safe.
though! KYC is not 100% secure, as many people are using fake identities and documents. we all know that even without ICO.
I think this is to avoid getting their project on getting shutdown since they are getting money from people all over the world and only avoiding the country has strict on laws.. this is the reason why some project needs KYC and we dont know if our personal information is really protected.
seems nowdays alot ICO require KYC before investing in their project , probably they using it for verify each investor for avoid cheating using multiple-account for bought their token.
the other reason is , some country is blacklisted for investing in ICO , so they want make sure their investor not from blacklisted country for investment in ICO.
but , provide KYC is high risk , because we dont know , our identity use for what in future after the ICO complete.
the other reason is , some country is blacklisted for investing in ICO , so they want make sure their investor not from blacklisted country for investment in ICO.
but , provide KYC is high risk , because we dont know , our identity use for what in future after the ICO complete.
Because in our time, in connection with the popularity of crypto-currencies, cases of fraud are more often observed. KYC is a reliable monitoring system for tranzaktsy many platforms kriptovalyut, exchanges, purse platform for funds transfer.
I do not think kc is important. I think it's a scam and forced investors make it difficult for us. At KYC we can get false information from people who are not real to confirm but it is necessary to fix
It seems to me that KYC is used mainly to reduce the number of participants - scammers!
I believe kyc is important for security purposes. Also to avoid scammers and using multiple account to abuse airdrops or bounties. This is important also to for companies to know their customers are really them.
I think the know your customer verification is important because the company are able to have some valid data about the person buying into their project. Data like the country of origin and residence is really important because some countries are against ico
Yes you are right the KYC is important to participate any ico because of some countries already regulated the crypto currency exchange so in coming days the KYC willl be important to participate any ico.
When we do talk about lessening the risk of scam then KYC implementation would really be a helpful thing but we do all know this would really remove the decentralization or the true essence of cryptocurrency because identity has been already revealed which means there would be different opposing parties would really be like or don't like such implementation or decision made by putting up KYC on ico investments.KYC is somehow related to anti-money laundering. KYC is needed to block unwanted transactions from inadequate people. In general for security purposes. But you're right that KYC is somewhat against the primary goal of decentralization. However, in every aspect of marketing, security is a must. So we just need to balance every field.
In terms of KYC among ICO team of developers, I'm 100% with it. Hoping for this to happen.
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